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Komfie Manalo, Opalesque Asia: Barnegat Fund CEO and president Bob Treue said that the United Kingdom’s historic decision to leave the European Union has presented an opportunity for his hedge fund and added that he decided to invest again on July 1.
Treue said that while the Brexit initially caused pain to his fund, the decision actually presents good prospects in the long term. The Barnegat Fund lost 2.8% in June but is still up 0.5% year-to-date.
He said, "We have good opportunities. Brexit has hurt us in the short-term, but in general, these bits of chaos are good for us in the long-term. To be clear, this is not like 2008 where we went straight to great opportunities in a flash. Nevertheless, opportunities are appealing enough to me to invest again."
The average hedge fund posted gains in June as global financial markets experienced massive dislocations across currency, equity, fixed income and commodity markets as a result of the Brexit, Hedge Fund Research said in its latest report. The HFRI Fund Weighted Composite Index returned +0.8% in June (+1.63% YTD), the fourth consecutive month of positive performance. Macro strategies posted their strongest monthly gain in over five years, while defensive hedging limited exposures of directional equity hedge and event-driven strategies...................... To view our full article Click here
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