Today's Exclusives

• Opalesque Exclusive: Update: Eschler long/short equity hedge fund returns 19.5% in 2019 [more]

  B. G., Opalesque Geneva: Thanks to a contrarian investment style and heavy allocations to metals and mining, Eschler Recovery Fund (ERF) retuned 19.5% (net) in 2019, compared to the Credit Suisse Long/Short Index's 10.9% return, and has annualised 6.2% since its October 2012 inception. The fu

• Family office allocation to hedge funds slips in 2019 [more]

  Laxman Pai, Opalesque Asia: Family offices allocation to hedge funds suffered a drop from 28% in 2018 to 22.4% in 2019, said a study. According to Peltz International Survey, in comparison to the 2018 survey results, the allocation to equities and fixed income increased while the allocation to

• HarbourVest Partners beats $2bn target to close its Fund XI at $2.61bn [more]

  Laxman Pai, Opalesque Asia: The global private markets asset manager closed its latest alternative investment flagship fund, HarbourVest Fund XI, with $2.61 billion, exceeding its $2 billion fundraising target. The new fund is also 74% larger than its predecessor, HarbourVest Fund X, which cl

• Lexington Partners raises record $14bn for its newest alts fund [more]

  Laxman Pai, Opalesque Asia: New York-based global alternative investment manager Lexington Partners closed Lexington Capital Partners IX (LCP IX), an alternative investment fund that invests on the secondary markets, at $14 billion, surpassing its $12 billion target. The manager of secondary

• KKR raises $2.2bn for its second next-gen technology growth fund [more]

  Laxman Pai, Opalesque Asia: American global investment firm KKR has closed its second Next Generation Technology Growth Fund at $2.2bn. The fund will be targeting blossoming business areas such as fintech, digital media and data services in Europe, North America and Israel, KKR said. The

• Stone Point Capital hauls in $7bn for eighth flagship fund [more]

  Laxman Pai, Opalesque Asia: Connecticut-based private equity firm Stone Point Capital has closed its eighth flagship fund - Trident VIII - on $7 billion, surpassing a $6.5 billion hard cap. The General Partner and affiliated entities committed more than $350 million. Trident VIII received

Today's Other Voices

• Other Voices: PFIC: what U.S. investment funds should be particularly aware of and newly proposed regulations [more]

  By: Kris Hatch, Idan Netser, Fenwick&West LLP U.S.-based venture capital and other funds that invest in foreign companies must be careful to avoid the passive foreign investment company (PFIC) rules, which could substantially increase the tax owed on exit for U.S. taxpaying investors. U.S. per

More Exclusives

• 15. Jan. | Opalesque TV: The future of investment research is smart integration [more]

  B. G., Opalesque Geneva: Investment research can be a drudgery but analysts stick to the tried and tested methods despite it all. Some may dream of a day when all data - asset classes, portfolios, analytics - could be made cohesive at the click of a button. Dmitri Alexeev, who has a PhD in m

• 13. Jan. | Opalesque Roundup: Hedge fund returns the strongest for ten years but widely dispersed: hedge fund news, week 02 [more]

  In the week ending January 11th 2020, a report by eVestment said that the global hedge fund industry returned +1.75% in December, bringing aggregate 2019 full-year returns to +

• 07. Jan. | Opalesque Exclusive: Private equity firm LionRock launches into sports [more]

  B. G., Opalesque Geneva: Hong Kong-based LionRock Capital Partners is launching a consumer/sports private equity fund in partnership with Li-Ning Company Ltd, a

• 06. Jan. | Opalesque Roundup: More than 4,000 hedge funds have been liquidated in the past five years: hedge fund news, week 01 [more]

  In the week ending January 3rd 2020, a study said that the hedge funds industry is now on track to record more closures than launches for a fifth straight year, a blow to a market that once minted millionaires at a heady pace. More than 4,000 funds have been liquidated in the past five years, accord

• 02. Jan. | Opalesque exclusive: Private capital braces for economic slowdown [more]

  Bailey McCann, Opalesque New York: Preparations for a downturn are underway for the private equity and venture capital sectors, according to BDO's inaugural U.S. Private Capital Outlook. As they wait for the other shoe to drop, more than half of fund managers (50% of PE respondents and 54% of VC

• 31. Dec. | Opalesque Exclusive: Aquanthus Premia launches on the RCube platform [more]

  Bailey McCann, Opalesque New York for New Managers: A new multi-strategy quantitative macro portfolio program called Aquanthus Premia has launched on the RCube Asset Management Platform. The strategy is managed by O

• 31. Dec. | Opalesque Exclusive: Aquanthus Premia launches on the RCube platform [more]

  Bailey McCann, Opalesque New York for New Managers: A new multi-strategy quantitative macro portfolio program called Aquanthus Premia has launched on the RCube Asset Management Platform. The strategy is managed by O

• 30. Dec. | Opalesque Roundtable: Means to improve gender diversity in finance [more]

  B. G., Opalesque Geneva: Three decades after the first efforts to achieve more diversity in the finance sector, 98% of the $69tn industry is still under the control of white men. It is hard to change the way women are viewed in this sector, and so it is hard to access the benefits that diversity

• 24. Dec. | Opalesque Roundtable: VCs wrestle with unconscious bias even as they work to improve diversity [more]

  Bailey McCann, Opalesque New York: Hiring women as investors doesn't automatically mean that more women-owned businesses will be funded, according to delegates at the recent Opalesque Diversity Roundtable. In many cases, women with experience at financial firms learn to look for men just as o

• 24. Dec. | Opalesque Roundtable: VCs wrestle with unconscious bias even as they work to improve diversity [more]

  Bailey McCann, Opalesque New York: Hiring women as investors doesn't automatically mean that more women-owned businesses will be funded, according to delegates at the recent Opalesque Diversity Roundtable. In many cases, women with experience at financial firms learn to look for men just as o

• 20. Dec. | Opalesque Roundtable: Poor alignment deters women-led businesses from seeking VC funding [more]

  Bailey McCann, Opalesque New York: Is VC culture deterring women entrepreneurs? Delegates at the recent Opalesque Diversity Roundtable suggest that the way VCs approach founders is keeping women from seeking VC funding. "The culture, the terms, and the environment that it creates turn women

• 18. Dec. | Opalesque TV: The many opportunities in cannabis-related private equity investments [more]

  B. G., Opalesque Geneva: Because of the still illegal nature of cannabis, there hasn't been any major research done, except for those conducted in Israel. Apparently, American b

• 16. Dec. | Opalesque Roundup: Maverick vs. Discovery Capital: Two brand name hedge funds take opposite directions: hedge fund news, week 47 [more]

  In the week ending December 13th 2019, two brand name names funds are going opposite directions, at least performance wise: Maverick Capital posted explosive results in

• 13. Dec. | Opalesque TV: How to build a lasting hedge fund business [more]

  B. G., Opalesque Geneva: As of July this year, about 66%, or $861bn, of total worldwide hedge fund assets were controlled by the 25 largest managers and 41% by the 10 top firms (Bridgewater, Renaissance, Man, AQR, Two Sigma, Millennium, Elliott, BlackRock, Citadel and Davidson Kempner) according

More Other Voices

• 27. Dec. 2019 | Other Voices: Final opportunity zone treasury regulations released [more]

  By: Russell Stein, Partridge Snow & Hahn LLP On Thursday, December 19th, the U.S. Department of Treasury released the long-awaited final Opportunity Zone Treasury Regulations. The Final Regulations and explanatory materials that span 544 pages, are quite extensive and give some needed clarity in

• 11. Dec. 2019 | Other Voices: Missing the mark: CFA hedge fund performance standards [more]

  By Donald A. Steinbrugge, CFA - CEO, Agecroft Partners: The CFA Institute has released and circulated the final version of its guidelines to improve performance standards in the hedge fund industry. They will go into effect on January 1, 2020. We strongly support the effort to create and implement p

• 26. Nov. 2019 | Other Voices: For alternative asset managers, the time for RPA is now [more]

  By: Martin Boyd, president of Capital Market Solutions for FIS Alternative asset managers are getting serious about embracing technology. Robotic process automation, machine learning and artificial intelligence - innovations I collectively refer to as emerging technology are having a moment in

• 22. Nov. 2019 | Other Voices: ILPA model limited partnership agreement focuses on favorable terms for LPs [more]

  By: Kate Binedell, Christine Ormond Bryan Cave Leighton Paisner ILPA has recently published a model limited partnership agreement (LPA) that reflects preferred terms and practices for the LP community investing in private equity funds. The Model LPA conforms to ILPA Principles 3.0 (published ear

• 08. Nov. 2019 | Other Voices: Hong Kong's SFC increases scrutiny of private equity managers [more]

  By: Vivian Tang, Michael Wong, Dechert The Hong Kong Securities and Futures Commission (SFC) has announced that it reprimanded and fined a Hong Kong private equity firm, SEAVI Advent Ocean Private Equity Limited (PE Firm), for employing or appointing unlicensed persons to perform regulated functi

• 16. Oct. 2019 | Other Voices: UK conduct regulator finalizes rules for funds investing in illiquid assets [more]

  By: Shearman & Sterling LLP The U.K. Financial Conduct Authority has finalized new rules governing certain types of open-ended funds that invest in inherently illiquid assets. The rules include: A new category of "funds investing in inherently illiquid assets" that are subject to ad

• 30. Sep. 2019 | Other voices: Hedge fund speed dating: efficient, effective but only if approached correctly. [more]

  By: Andrew Saunders, President, Castle Hill Capital Partners Finding the right investor for your alternative investment strategy is a challenge. Due to a combination of innovation and efficiency the speed dating format has taken hold as the preferred format for capital introduction events. The f

• 26. Sep. 2019 | Other Voices: OCIE issues risk alert on trading compliance issues [more]

  By: Jonathan Levy, Ballard Spahr The Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE) issued a risk alert earlier this month from its national examination program warning investment advisers of the most common compliance deficiencies that OCIE found r

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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 LT 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 10% DJ Industrials proxy

Fiscal Indicator: Long 10% Russell MidCap Growth proxy

Timing Long / Short Indicator: Short 10% NASDAQ 100

Global Equities – Long 30% Global Equities proxy

US Small Caps – Long 10% Russell 2000 proxy.

Emerg. Mkts – Long 10% MSCI Emerging Markets proxy

Technology – Long 10% FAANG proxy, cash 4% with combined NFLX and AMZN slices

Financials – Long 10% Financials proxy

Net 80% long exposure

Sea Change Opportunistic Indicator:

The current reading is 0.91. Waiting for next “buy” signal – which is further away this week than it was last. When it does give us a “buy” signal, the idea is to go “all in” with equity money.