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Alternative Market Briefing

Saemor's pro-momentum stance resulted in strong input from long book

Tuesday, May 16, 2017

Benedicte Gravrand, Opalesque Geneva:

The Saemor Europe Alpha Fund returned 4% in April, thanks to its Growth and Quality styles as well as its Momentum strategies, while Fair Value and Cyclical Value metrics ended in the red.

According to the managers at Saemor Capital, "these trends indicate that we are moving closer towards the end stages of this economic cycle."

As the fund's performance in April has shown, they add, the latter part of the cycle is typically a good spot for their multi-factor approach, when high risk and cyclical value aren't the dominant styles anymore.

Saemor Capital is a specialist in quantitative investment management based in The Netherlands. The $473 fund is a market-neutral long/short equity hedge fund incepted in June 2008. It is up 5.3% YTD.

The fund's long positions in LVMH and Christian Dior contributed to the returns, just as LVMH announced it was to acquire Dior's shares that it did not yet own and regroup the entire Dior brand within the LVMH group. Longs in BE Semi Conductors and other cyclical names such as Kering, JD Sports, UPM, Michael Page, PEAB and Persimmon were also among the most successful holdings for the month. Negative contributors were mostly cyclicals, namely Indutrade and Cobham.

Among the European sectors, cyclicals dominated last month's performance, with Industrials, Consumer Discretionary and Financials outperforming, according to the man......................

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