Today's Exclusives

• Opalesque Exclusive: As world carbon markets expand, traders find new opportunities [more]

  Bailey McCann, Opalesque New York for New Managers: 2020 has been a challenging year for carbon investors. As covid-19 expanded worldwide shutting down global travel and economies, emissions plummeted and along with

• Private foundations rebound with 17.4% returns in 2019 [more]

  Laxman Pai, Opalesque Asia: Private and community foundations reported an average return of 17.4 percent in 2019 while participating community foundations reported an average return of 18.2 percent. Both represented a dramatic reversal of 2018's average return of -3.5 percent for private found

• Renewable energy and Telecom are the most pandemic-resilient infrastructure sub-sectors [more]

  Laxman Pai, Opalesque Asia: While infrastructure as a possession course has actually shown to be highly pandemic durable, there are significant distinctions in the performance of various industries, according to a new white paper from investment firm Foresight Group. The new study into the re

Today's Other Voices

• Other Voices: Updated ILPA model LPAs continue to miss the mark(et) [more]

  By: Gus Black, Zachary Oswald, Albert Tse, Thiha Tun, Dechert The Institutional Limited Partners Association has recently released an update to its model limited partnership agreement for private equity funds and other closed-ended funds. One of the stated benefits of the Model LPA and the recent

More Exclusives

• 28. Sep. | Opalesque Roundup: Asia hedge funds hiring up disrupted markets: hedge fund news, week 39 [more]

  In the week ending September 25th 2020, a survey said that hedge funds in Asia have continued to increase their headcount and still have an appetite to hire more talent despite the econom

• 25. Sep. | Opalesque Exclusive: BNP Paribas Capital Partners hits €80 million for first close of Singularity I [more]

  Bailey McCann, Opalesque New York: BNP Paribas Capital Partners, an investment arm of BNP Paribas, has reached the first close of its BNP Paribas Singularity Fund I. Singularity is a new private equity fund of funds that is focused on tying certain investments to the UN sustainable development go

• 21. Sep. | Opalesque Roundup: Hedge funds sit comfortably in the green: hedge fund news, week 38 [more]

  In the week ending September 18th 2020, Eurekahedge reported that global hedge funds recorded their best five-month performance of 12.85% in August after they suffered from their wor

• 17. Sep. | Opalesque Exclusive: Xingtai Capital finds growth opportunities in China [more]

  For Xingtai Capital investing in China is about going beyond the headline names that everyone knows like Tencent or Alibaba. They adopt a value-driven approach to investing in Chinese growth, and believe growth will be driven by the consumer in China. Xingtai has outperformed this year by identifyin

• 16. Sep. | Opalesque Exclusives: A new fund of funds eyes regulated digital currencies [more]

  For New Managers: The pandemic may be creating fertile ground for digital currencies. In a recent speech, Christine Lagarde, president of the European Central Bank, suggested that Europe's central bankers are cl

• 15. Sep. | Opalesque Exclusive: A multi-strategy approach to volatility trading drives Deep Field Capital's year to date outperformance [more]

  2020 has been the year of the long volatility trade. After years of investors being paid handsomely to short volatility, the first quarter of this year reminded investors what realized volatility looks like. For Swiss firm Deep Field Capital, 2020 has been an ideal year to explain why volatility str

• 14. Sep. | Opalesque Roundup: How hedge funds survive and thrive in COVID-19 pandemic: hedge fund news, week 37 [more]

  In the week ending September 11th 2020, a new research from KPMG and the Alternative Investment Management Association (AIMA) revealed that the COVID-19 experience has proven

• 10. Sep. | Opalesque Exclusive: Cayler Capital's Energy Program outperforms during a volatile year for oil [more]

  Bailey McCann, Opalesque New York: 2020 is proving to be a trial by fire year for energy traders. Just when it looked like the rebound in oil prices might have legs, oil suppliers are once again booking tankers to store millions of barrels of crude oil and refined fuels at sea. China's post-c

• 09. Sep. | Opalesque Exclusive: Risk Management in 2020: How gut feelings sniffed out what math couldn't [more]

  Bailey McCann, Opalesque New York: Risk managers are supposed to rely on hard data, but what happens when a gut feeling is more accurate? A new note from consultants at Capital Market Risk Advisors (CMRA) suggests that one of the big lessons of the covid era is that risk managers should follow th

• 07. Sep. | Opalesque Roundup: Hedge funds' AUM rises to $3.58tn in Q2 2020: hedge fund news, week 36 [more]

  In the week ending September 4th 2020, hedge fund assets under management (AUM) have risen in the second quarter of 2020, said Preqin. In a Q1 2020 rocked by poor performance and signifi

• 03. Sep. | Opalesque TV: Meet a Swiss fund manager who hedges with a difference [more]

  B. G., Opalesque Geneva: There is a quant manager in Zurich that does things a little differently, which has helped a lot so far this year. ICON Asset Management, which was mentioned in the

• 02. Sep. | Opalesque Exclusive: ProfitScore's own approach to investing in long-dated US Treasury futures [more]

  B. G., Opalesque Geneva: Today's equity valuations have rarely been higher, and fixed income yields are at historic lows. There's a fixed income manager based in Idaho called ProfitScore that has a solution for that: measure flight-to-q

• 01. Sep. | Opalesque Exclusive: The pandemic comes for mid-market private equity [more]

  Bailey McCann, Opalesque New York: The pandemic is finally coming for private equity. New data from Capstone Headwaters shows that mid-market deal activity dropped by 21.6% in the second quarter. Overall deal volume in the mid-market has dropped 50% since the start of the year. Debt financing is

• 31. Aug. | Opalesque Exclusive: Otus Capital Management finds new opportunity in European small and mid-caps [more]

  Bailey McCann, Opalesque New York: European stocks have underperformed this year compared to the US, but some managers are looking for and finding new opportunities. London-based Otus Capital Management's Maga Smaller Companies Fund is up 9.66% year to date through May, according to performa

More Other Voices

• 16. Sep. 2020 | Other Voices: The offer of certainty is resonating clearly in US [more]

  By: Philip Pirecki, Jersey Finance The first half of 2020 for the US was a fragmented, disrupted and at times tumultuous period. From an economic perspective, after a period of a few years of achieving

• 09. Sep. 2020 | Other Voices: Hedge fund's mid-year trends and strategies currently in demand [more]

  By Donald A. Steinbrugge, CFA, Founder and CEO - Agecroft Partners, LLCThe hedge fund industry is dynamic, comprising numerous strategies that attract varying degrees of interest over time. Demand for each strategy is impacted by many variables including capital market valuations, expectations of

• 25. Aug. 2020 | Other Voices: Decarbonization and fossil fuel's growing weakness [more]

  By James Jampel, HITE Hedge Asset Management Warren Buffet said in 1999: "Sometimes, incidentally, it is much easier in these transforming events to figure out the losers. You could have grasped the importance of the auto when it came along but still found it hard to pick companies that would ma

• 18. Aug. 2020 | Other Voices: Hedge Fund Indices - A helpful tool, but can cause confusion [more]

  By Donald A. Steinbrugge, CFA, Founder and CEO - Agecroft Partners, LLC Although hedge fund indices can be a very useful tool, indices can also create confusion if their construction and composition are not well understood. Take for example hedge fund industry performance: what does this number r

• 12. Aug. 2020 | Other Voices: CFTC sets final rules for virtual currencies [more]

  By: Andrew Schaffer, Timothy Spangler, Audrey Wagner, Nicholas C.D. Ward, Dechert The Commodity Futures Trading Commission published in the Federal Register on June 24, 2020 its final interpretive guidance concerning retail commodity transactions involving certain digital assets (2020 Guidance).

• 03. Aug. 2020 | Other Voices: Will COVID-19 ignite private equity's dry powder? [more]

  By: Bryan Haynes, Ian Michael, Byron Tse The COVID-19 pandemic has pushed global financial markets into a prolonged period of volatility and uncertainty (see our article on the impact of COVID-19 on M&A deal flow), reminiscent of the 2007-08 financial crisis. Many businesses have languished sinc

• 22. Jul. 2020 | Other Voices: Three things to know about the FTC's scrutiny of private equity roll-ups [more]

  By: Michael Dashefsky, R. Dale Grimes, Lucas Ross Smith - Bass, Berry & Sims In a statement to Congress last week, Commissioner Rohit Chopra of the Federal Trade Commission (FTC) advocated for increased antitrust enforcement against private equity-backed "roll-up" acquisition strategies, especia

• 17. Jul. 2020 | Other Voices: SEC greenlights investment fund delivered in security tokens [more]

  By: Deric Behar, Stephen Wink, Latham & Watkins On July 6, 2020, asset management firm Arca announced that the US Securities and Exchange Commission (SEC) granted it approval under the Investment Company Act of 1940 to issue shares of a closed-end US Treasury fund in the form of digital securiti

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Sea Change Combined Indicators:

Monetary – Determined by US FOMC policy. Dovish, Neutral or Hawkish. Up to 10% long.

Fiscal – Determined by US Fiscal policy. Up to 10% long.

Timing – Long/Short off of wave count / Fibonacci projections. Short, neutral or long. 10% short, neutral or 10% long.

Based on Sea Change Long-Term Indicator:

Global Equities: 30% long or 30% cash

US Small Caps: 10% long or 10% cash

Emerging Markets: 10% long or 10% cash

Technology: 0% - 10% long off of FAANG charts

Financials: 10% long or 10% cash off of XLF chart

Current Read:

Monetary Indicator: Long 8% DJ Industrials proxy

Fiscal Indicator: Long 8% Russell MidCap Growth proxy

Timing Long / Short Indicator: Short S&P 500 proxy with 8%

Global Equities – 14.4% long with SPY slot 9.6% in cash with Europe & PacRim slots

US Small Caps – Cash with 8%

Emerg. Mkts – Cash with 8%

Technology – Long 8% FAANG proxy (QQQ)

Financials – Cash

Energy – Short 5% in XLE and 5% in OIH

Gold – Short 5% in GLD and short 5% in NUGT

Net 10.4% long exposure

Sea Change Opportunistic Indicator:

The current reading is 1.03. Waiting for next “buy” signal (north of 1.20 is the primer). When it does give us a “buy” signal, we’ll go “all in” with equity money.