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Bailey McCann, Opalesque New York:

New York-based value hedge fund Global Return Asset Management has ended the first half of 2017 up +7.04 percent net, according to performance information obtained by Opalesque. The firm's flagship fund is up +59.87 percent since inception in 2013.

The returns are notable despite a rough environment for value investing.

The future of value investing has been in the spotlight this year. Famed value investor Jeremy Grantham used a recent quarterly letter to cede the fight. For him, high valuations are likely the new normal. In a recent research note, Goldman Sachs argued that value is likely to remain out of favor as a factor barring any significant stock market declines. Data in the research note showed that value as a factor has declined in six of the last ten years, amounting to a cumulative loss of 15 percent.

In a letter to investors, Global Return President and CIO Elliot Trexler wrote that the fund ended the half with a significant cash position of approximately 30 percent. Trexler said the large cash positions were in part because of new investors to the fund and a desire to hold off investing much of that capital while valuations were high.

Global Return analyzes equities based on a two hundred page proprietary......................

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