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Alternative Market Briefing

Pinerion Management's Asian volatility strategy outperforms as markets react to uncertainty

Monday, November 30, 2020

Bailey McCann, Opalesque New York for New Managers:

Volatility strategies have been popular with investors in the West for several years. Prior to 2019, the short volatility trade paid investors handsomely. This year, investors have had the opportunity to go long and short as markets tried to handicap the pandemic, the US election, and other macro uncertainties. Trading VIX is the most popular way to gain exposure to the volatility market, but some managers are trying to expand the universe.

Pinerion Management is one such fund. The Pinerion Managed Volatility Fund, which launched in 2017, is an Asian equity volatility fund. The long/short equity volatility strategy attempts to capture volatility risk premia within the Asian equity market.

"There are a lot of inefficiencies in Asia because the volatility market is still maturing," explains Pinerion CEO Ronnie Ho in an interview with Opalesque New Managers. As volatility rocked Asian equities this year, the strategy was able to trade some of the tail risk events and generate alpha. The fund is up 13.22% year to date through September 30.

The fund uses options and derivatives to trade on volatility signals. Ho and his co-portfolio managers use their knowledge of the Asian market focusing on volatility skew, structure, and movement.

Pinerion is a five-person team with over 15 years of experience trading volatility in Asia. Ho pr......................

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