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Alternative Market Briefing

The Corona Fighters Report 47: Asset managers who delivered in the downturn

Wednesday, June 17, 2020

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B. G., Opalesque Geneva:


This is our regular report on hedge funds and alternative asset managers who are successfully protecting assets and outperforming the markets during the first months of 2020.


Commodity fund launching euro gold class

The Earth Element Fund is a systematic global macro commodity-focused fund investing in futures and options with exposure to commodities, volatility, indices, forex, and rates. The Fund's USD class net performance was +7.8% in 2019 and estimated at +10.85% in 2020 as of 12th June.

The Earth Element Fund will launch a new EUR Gold class on 1st July 2020 as an upgrade of its existing EUR class, Four Elements Capital has announced in a press release. This class will allow investors to access the macro commodity investment strategy of the Fund in EUR while being fully exposed to gold. The spot LBMA Gold Price in Euro will be used as the benchmark (it was at €1,526.540 last night, compared to €1,366 on 2nd January).

Benchmarking gold as a currency for commodity investments in the context of globally expanding monetary policies will benefit the fund's quantitative strategies, while not being affected by the dilution of the value of paper currencies that could occur by central banks' current quantitative easing policies.

Gold prices dropped Monday in London as European stock markets and crude oil tumbled amid widening reports that a second wave of the deadly novel coronavirus pandemic is taking hold, reports BullionVault. Gold bullion prices for London settlement fell 1.1% to $1,711 per ounce as the US Dollar rallied on the FX market, curbing the precious metal's earlier 2.6% gain from last week - its biggest jump in 10.

"There is short term weakness in gold but that is going to set it up for a buying opportunity," reckons technical analyst Robin Griffiths at the ECU Group in London. "For the long-term gold is very strong. The next serious overhead resistance is the old all-time high of $1,900. Once it breaks that, gold's going to go a lot higher."

Founded in 2008, Four Elements Capital Pte is a specialized commodity asset manager headquartered in Singapore, focused on delivering absolute returns through a fundamental systematic investment approach.


Discretionary macro at Graham Capital

The Graham Macro UCITS is up +4.9% YTD after returning +8.5% in March and -0.5% in April. The $227m fund was launched in January 2018.

The portfolio is built around seven discretionary macro managers at Graham Capital Management. The fund emphasizes macro directional trading across liquid global markets. It includes both discretionary trading strategies as well as a quant macro strategy.

Graham Capital Management, or GCM, has offices in London and the U.S. and was founded in 1994. The firm has managed UCITS funds since 2010 and currently has more than $350m in UCITS funds (Macro UCITS and Tactical Trends UCITS) and UCITS separately managed accounts. The firm manages a total of $14bn in AuM.

According to recent news, the San Antonio Fire & Police Pension Fund's board has approved the hiring of Graham Capital Management to run $20m in its absolute return fund. And one of GCM's absolute return funds suffered losses in March.


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Last issue of The Corona Fighters Report: Report 46.

Opalesque's Corona Fighters reports are open articles. To see all past reports, please type Corona Fighters in the Opalesque search engine: www.opalesque.com/index.php


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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.

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WEBINARS:

Meet 10 fund managers and learn how and why their strategies delivered positive returns and/or protected capital during the Corona led market meltdown! Each webinar lasts an hour and features five managers.

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VIDEO REPLAY of CORONA FIGHTERS - Episode 1 webinar: www.opalesque.com/webinar/#pw4

VIDEO REPLAY of CORONA FIGHTERS - Episode 2 webinar: www.opalesque.com/webinar/#pw5


Video replays of Opalesque's past webinars can be found here: www.opalesque.com/webinar/#pastwebinar


Don't miss our new webinars!


- How quants achieve material improvements in ESG investment performance

Time: Thursday, June 18th, 10 am EST
Details and registration: www.opalesque.com/webinar/ESG/


- Corona Fighters Episode 3

Meet five more asset managers who delivered during the meltdown.

Time: Tuesday, June 23rd, 10 am EST
Details and registration: www.opalesque.com/webinar/



Opalesque's upcoming webinars: www.opalesque.com/webinar/


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