Today's Exclusives

• Opalesque Exclusive: Welton set to launch ESG quant strategy [more]

  B. G., Opalesque Geneva: Basil Williams talks to Opalesque about Welton's new quantitative hedge fund, Welton ESG Advantage fund, due to launch in June 2020. The fund has a core active ESG equity strategy as well as a diversifying trend strategy as an overlay. Williams

• The Corona Fighters Report 35: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge funds and alternative asset managers who are bucking the trend. Short currencies outperform Systematic Alpha Management's flagship Systematic Alpha FX Program ad

• Hedge fund AUM reaches $3.31tn as of 31 March 2020, down by 9.4% from Q4 2019 [more]

  Laxman Pai, Opalesque Asia: The 2020 coronavirus pandemic around the world has severely affected the global economy causing economic distress on the hedge fund industry in Q1. Industry assets under management (AUM) fell by 9.4% from Q4 2019 to $3.31tn as of 31 March 2020, stated Preqin. This

• 80% of asset owners adopted sustainable investment practices [more]

  Laxman Pai, Opalesque Asia: The percentage of asset owners that have adopted sustainable investment practices rose to 80% in 2019 from 70% in 2017, said a survey. According to a new survey by the Morgan Stanley Institute for Sustainable Investing and Morgan Stanley Investment Management reveal

• Legg Mason and ClearBridge launch non-transparent ETF [more]

  Opalesque Industry Update - Legg Mason and its affiliate, ClearBridge Investments, LLC, today announced the launch of Legg Mason's first exchange-traded fund (ETF) using the semi-transparent technology of Precidian Investments LLC, ActiveShares. The ClearBridge Focus Value ETF (CFCV), a series o

Today's Other Voices

• Other Voices: Coronavirus, subscription credit lines and private equity funds [more]

  By:Jonathan Sablone Noah Schottenstein The current economic downturn has impacted virtually every industry and business across the globe. Just like most businesses, private funds, and in particular private equity funds, will not escape unscathed from the one-two punch of a global pandemic and ec

More Exclusives

• 27. May. | Opalesque Exclusive: Institutional Investors plan to stick with private fund managers through the downturn [more]

  Bailey McCann, Opalesque New York: Institutional investors are sticking with their private market allocations despite increased stress from the COVID-19 pandemic. New data from

• 27. May. | Opalesque Exclusive: The Corona Fighters Report 34: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge funds and alternative asset managers who are bucking the trend. Risk management leads the way Balyasny Capital Management's flagship Atlas strategy is up 10.87% year to

• 26. May. | Opalesque Exclusive: The Corona Fighters Report 33: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge funds and alternative asset managers who are bucking the trend. Managing credit volatility Managing credit volatility has paid off for Orchard Global Asset Management. The

• 25. May. | Opalesque Roundup: Hedge funds' total assets dropped more than $300bn in a single month: hedge fund news, week 21 [more]

  In the week ending May 22nd 2020, BarclayHedge said that there were more than $85 billion in redemptions in a disastrous March, when hedge funds also suffered trading losses of $229.

• 22. May. | Opalesque Exclusive: The Corona Fighters Report 32: Asset managers who delivered in the downturn [more]

  B. G., Opalesque Geneva: Amid the current market turmoil, this is our regular report on hedge fund and alternative asset managers who are bucking the trend. AI for low correlation Tungsten TRYCON AI Global Markets, one of the oldest AI-based UCITS around, is up

• 20. May. | Opalesque Exclusive: Institutional investors want to solve the world's problems, if the price is right [more]

  Bailey McCann, Opalesque New York: 96% of institutional investors believe they have an important role to play in addressing the world's most pressing challenges, including climate change, social and economic inequality, and the need for infrastructure development, according to a new Natixis Inves

• 18. May. | Opalesque Exclusive: The Corona Fighters Report 31: Asset managers who delivered in the downturn [more]

  B. G., Opalesque Geneva: Amid the current market turmoil, this is our regular report on hedge fund and alternative asset managers who are bucking the trend. Don't miss tomorrow's webinar: CORONA FIGHTERS - Episode 2 (details below). No trades in April The

• 18. May. | Opalesque Roundup: CTAs and trend-following hedge fund strategies maintain their momentum, hedge fund news, week 20 [more]

  In the week ending May 15th 2020, CTAs and trend-following hedge fund strategies maintained their recent impressive momentum, profiting from continued trends acros

• 15. May. | Opalesque Exclusive: The Corona Fighters Report 30: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge fund and alternative asset managers who are bucking the trend. Rebounds in equity hedge After a harsh first quarter, equity hedge strategies rebounded in April. Swiss firm,Tr

• 14. May. | Opalesque Exclusive: The Corona Fighters Report 29: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge fund and alternative asset managers who are bucking the trend. Contained volatility Finnish firm Estlander & Partners flagship Glacies Fund is up 4.18% year to date. Th

• 13. May. | The Corona Fighters Report 28: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge fund and alternative asset managers who are bucking the trend. A contrarian outperforms Pennslyvania-based firm Valley Forge Capital's flagship fund returned 11.7% net in Apri

• 12. May. | The Corona Fighters Report 27: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge fund and alternative asset managers who are bucking the trend. Global macro outperforms Said Haidar's Haidar Jupiter Fund is up 59.67% year to date, according to p

• 11. May. | Opalesque Exclusive: The Corona Fighters Report 26: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: Amid the current market turmoil, this is our regular report on hedge fund and alternative asset managers who are bucking the trend. Short bets pay off London-based Gladstone Capital Management, led by one-time chess International Master and for

• 11. May. | Opalesque Roundup: Hedge funds post strongest monthly gain in more than a decade: hedge fund news, week 19 [more]

  In the week ending May 8th 2020, HFR reported that hedge funds jumped about 4% in April, the strongest monthly gain in more than a decade. For the year, the industry is still do

More Other Voices

• 08. May. 2020 | Other Voices: Update on relief under the CARES Act for fund managers [more]

  By: Alston & Bird On April 24, 2020, the Small Business Administration (SBA) released the Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility, which provides additional guidance on the rules governing the Paycheck Protection Program (PPP). Under

• 29. Apr. 2020 | Other Voices: Massive dislocations in the fixed income marketplace creates opportunities for top hedge funds [more]

  By: Don Steinbrugge, Agecroft Partners The massive dislocations in the fixed income markets in March caused huge divergence in performance among hedge fund managers with similar strategies. The first quarter selloff affected most fixed income hedge fund strategies, including structured credit, c

• 23. Apr. 2020 | Other Voices: Tips to navigate a down round fundraising [more]

  By: Dominick P. DeChiara, Winston & Strawn Over the past six weeks, control-oriented private equity funds have been hunkering down with their portfolio companies in light of the COVID-19 pandemic. Any and all tactics have been considered and implemented in order to preserve liquidity, including

• 31. Mar. 2020 | Other Voices: ESMA proposes formal limits to leverage potentially affecting alternative funds [more]

  Bill Prew, CEO of INDOS Financial, a UK-based independent fund depositary and oversight business, has flagged the following new regulatory proposals potentially impacting alternative investment funds: There was an interesting consultatio

• 30. Mar. 2020 | Other Voices: Management fee - you are always on my mind [more]

  By: Robert Seber, Vinson & Elkins This Q&A attempts to answer some questions that may be on the mind of private equity sponsors who are nervous about the reactions of their LPs to the current crisis. Can our LPs terminate our fund? You need to check your fund agreement. According to

• 19. Mar. 2020 | Other Voices: Taking a long-term investment view is the only way to navigate this period [more]

  By Mark Walker, managing partner at Tollymore Investment Partners, London: We can make no clear conclusions on how much further markets may decline. We do know that this panic will subside but don't know if it will accelerate before it subsides. Anyone claiming the ability to be able

• 19. Mar. 2020 | Other Voices: Seven ways the effects of the coronavirus will impact the hedge fund industry [more]

  By Donald A. Steinbrugge, founder and CEO, Agecroft Partners, LLC: The changing landscape caused by the Coronavirus will lead to the largest shake out in the hedge fund industry since the 2008 market crash. Below are some of the ways we believe the Coronavirus will impact the hedge fund ind

• 16. Mar. 2020 | Other voices: Boys and Men [more]

  From Christian Armbruester, Blu Family Office Why crashes are a wonderful way to discern good investment strategies from bad managers. Separating the proverbial "men from the boys" is a great exercise in times like these. When markets come under duress, is when you really find out who has

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GOLD FUTURES (@GC) – Monthly

Currently: Long Looking to: Sell / Short @ 1,809

As of 5/22/20 close: 1,734.70

LAST WEEK: We suggested selling at $1800 and shorting at $1860 with a downside target of $1700.

UPDATE: Gold futures ran into possible resistance (the first of two levels) at 1,738 – 1,740 in the last week and
have backed off initially. However, we still see gold rallying through 1,800 and testing the next projected
target at 1,809.

We would look to get long of gold near current levels at 1,733 or so and would look to take profits and get short of gold up at 1,809. Honor stops on shorts on a close above 1,815 and look to cover shorts down at 1,687.