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Alternative Market Briefing

Bob Treue's Barnegat Fund ends 2020 up 11.67%

Thursday, January 21, 2021

Bailey McCann, Opalesque New York:

Despite initially losing money when the pandemic hit, 2020 turned out to be a good year for Bob Treue's Barnegat Fund. According to performance data for investors reviewed by Opalesque, the fund gained 2.29% in December and closed out the year up +11.67%.

Data tracked by Bloomberg shows that the 20-year old fund is the top performing fixed income strategy among its peer group.

Barnegat is a relative value fixed income shop that can hold its positions for several years at a time. As a result, fund performance is uncorrelated to both equities and fixed income. However, performance can be impacted by significant market events like the first quarter of last year. In an interview with Opalesque, Treue said that the abrupt change in the market last year "changed the relationships" among securities, but all of that normalized as markets rebounded.

"Because we're looking at relative value, short-term drops like what we saw last year can actually end up creating better opportunities for us down the road," he explained. "We maintain a large collateral buffer around what we do so that we can take advantage of opportunities but also hold our positions if we have to meet margin calls."

Looking ahead to 2021 and beyond, Treue suggests that heightened volatility and macro uncertainty could help the investment team find new opportunities. When it comes to relative value, greater uncertainty can increase the chances for the kind ......................

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