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Alternative Market Briefing

The Corona Fighters Report 9: Asset managers that delivered during the downturn

Thursday, April 16, 2020

Bailey McCann, Opalesque New York:

Amid the current market turmoil, this is our regular report on hedge fund managers who are bucking the trend.

Prior issues: Report 1; Report 2; Report 3; Report 4; Report 5; Report 6; Report 7, and Report 8

Shorts win March

A robust short book helped EMC Capital Advisors in March. The EMC Classic Program was up 14.6% in March and is up 17.0% YTD.

The EMC Classic Program is a quantitative strategy that trades across a broad range of market sectors including currencies, interest rate futures, stock indices, precious and base metals, energies, agricultural and soft commodities. The portfolio features a significant 40% allocation to commodity futures and 60% to financial futures. The average holding time for the strategy is 15-90 days.

The strategy was short several asset classes in March including energy futures; commodity currencies; base metals; stock indices and agricultural products. All of those positions drove returns throughout the month. The fund also scaled back leverage, trimming positions and cutting risk throughout March. The strategy is long interest rate futures including US 5/10/30 year notes, German Bunds and Eurodollars, according to a performance update for investors reviewed by Opalesque.

Contrarian views lead to outperformance

Connecticut based Breacher Capital has been able to outperform by taking contrarian views on the market and aggressively managing risk. The firm has three variations on its core strategy and all were up in March.

Breacher Absolute Return Core was up 0.55% in March and is up 1.12% YTD. The market-neutral fund combines growth, value, and momentum with catalyst driven investments. Breacher Absolute Return Enhanced was up 1.52% in March and is up 3.08% year to date. The long/short strategy can take a contrarian view of the market as it looks for investment opportunities. Finally, the was up 2.39% and is up 5.13% YTD.

Global transportation comes into view

Greenland Investment Management is finding new opportunities in global transportation. In a performance update to investors reviewed by Opalesque, the fund said, "capacity across dry, bulk, containerized and air freight has no doubt reduced and freight rates have shot up across the board. However, the logistics supply chain is still functioning across geographies. Localized issues are being faced, but those are not materially affecting the commodities we trade. Production in China has significantly come back online and we are seeing logistics capacity increasing again."

All of Greenland's programs are up year to date. The Greenland Global Fund Systematic Arbitrage program is up +2.82%. The Greenland Global Fund II Systematic Global Commodity Arbitrage program is up +2.90%. Finally, the Greenland Global Fund II 2x Systematic Global Commodity Arbitrage program is up +5.53%.

GGF invests in pure arbitrage and geographic arbitrage opportunities across asset classes globally employing a technology-centric approach to investing. The commodity arbitrage programs invest in geographic, substitution and cost of production arbitrage opportunities globally employing a technology-centric approach.

And others ...

Zurich based JMS Invest AG was positive for the month in its AlphaCore One strategy at +0.32% in March. The long/short fund invests in German companies.

Paris based Metori Capital Management's flagship UCITS fund Lyxor Epsilon Global Trend is up 8.4% year to date. The trend following strategy invests in global currencies, bonds, rates, and equity indices.


Disclaimer: This is not investment advice. Opalesque has not verified this information and gives no warranty of accuracy or completeness. Past performance is not indicative of future results. See our Terms & Conditions for more information. ***


- The Corona Fighters: Meet the asset managers that delivered during the meltdown

Episode 1: Monday, April 20th, 10 am EST

Opalesque will present several investment managers who will give a succinct presentation on how and why their strategies delivered positive returns and/or protected during the Corona led market meltdown, with Q&A session.

For investors only - register now as seats are limited:

- COVID-19 Survival Training for Family Businesses April 15th, 10 am EST

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