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Editor's Note
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2nd LEG DOWN or not, it's still a good idea to look at these five investment managers and their succinct presentation how and why their strategies delivered positive returns and/or protected capital in Q1. With Q&A session. Opalesque's CORONA FIGHTERS - Episode 2 webinar (May 19th 10 am EST) presents:
- Jagdeesh Prakasam , CAIA - CEO, Rotella Capital Management
- Michael Kretschmer, CFA, CMT
- CIO, Pelargos Capital
- Jay Feuerstein, MBA - Founder & CEO, Trident Capital Management
- Elias NECHACHBY, CFA - Founder, Icon-MoSAIQ-Carmika
- Tony Bremness, CFA
- Managing Director, Laureola Advisors
700 people registered for the CORONA FIGHTERS - Episode 1 webinar, where we received great feedback such as:
"A well-chosen topic of discussion and a great set of speakers to hear and learn from."
"A great format. Really informative." "Very resourceful and insightful."
For investors only - register now as seats are limited: https://www.opalesque.com/webinar/
How quants achieve material improvements in ESG investment performance
Secure your spot at our ESG & Quants webinar (June 18th): https://www.opalesque.com/webinar/ESG/
While the first iterations of ESG investing are based on relatively simple data analysis and scoring, investors can now benefit from the next round of innovations that highly specialized quantitative investment experts are offering investors to achieve material improvements in ESG investment performance.
This Opalesque SKILLSLAB webinar will cover:
- Brief review of long-term performance of ESG funds: Near-market returns and unmitigated market risk may not represent the apex of achievable ESG performance
- How a new quantitative approach to ESG strategy can guard against the key risk of acute economic contraction by mitigating downside risk.
- Three ways this quantitative approach can improve an ESG portfolio's risk/return profile:
1. Integration of timely and broad ESG datasets
This allows for the manager to combine big data and ESG metrics to assess the performance and sustainability of companies worldwide
2. Dynamic stock selection and weighting using machine learning techniques
Alternative techniques taking risk exposures into account have the potential to better manage portfolio volatility.
3. Integration of orthogonal strategies to mitigate market risk and enhance performance
The addition of a diversifying trend strategy to the mix has the potential to elevate investor experience away from market risk, and beyond market-only performance.
You will be able to tune in to this webinar from any computer, tablet, or smartphone. The webinar will be recorded - in case you are not able to join, all registered participants will be provided a link to replay the webinar.
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Opalesque Roundup: CTAs and trend-following hedge fund strategies maintain their momentum, hedge fund news, week 20
In the week ending May 15th 2020, CTAs and trend-following hedge fund strategies maintained their recent impressive momentum, profiting from continued trends across commodities and bond markets, new Société Générale data for April showed. As the economic toll of the novel coronavirus mounted, managed futures posted another positive month in April and gained 0.12% according to the Barclay CTA Index and year-to-date, CTAs gained 1.43% through the end of April.
BarclayHedge also said that U.S. stocks had their best month in decades in April and hedge funds sailed to a 5.46% return in April, according to the Barclay Hedge Fund Index. By comparison, the S&P 500 Total Return Index was up 12.8% in April.
eVestment also said that hedge funds gained an average of +5.02% in April after the largest average monthly loss on record in March, bringing average losses to -7.49% for the year. It is important to remember that while March losses were worse than any single month prior, during the global financial crisis there were large losses in both September and October, and losses in surrounding months as well though not of the same magnitude.
Echoing the same sentiments, hedge funds recouped some of the losses they suffered amidst pandemic-induced market chaos, said Eurekahedge. The Eurekahedge Hedge Fund Index was up 3.73% in April - recording its strongest monthly performance in recent years, supported by the strong performance of the underlying global equity market as represented by the MSCI ACWI IMI (Local), which gained 10.47% over the month.
In new launches, London-based hedge fund Cheyne Capital is planning a new vehicle to buy up debt that's been excessively punished by the coronavirus selloff, the latest in a number of investment firms targeting distressed credit; Emergence, the fund dedicated to accelerating entrepreneurial management companies, announces that it has appointed NewAlpha Asset Management as the investment manager of its future European sub-fund, Emergence Europe, which will be launched before the end of the year, and US-based asset manager Golub Capital announced that it has raised $3 billion of new investment firepower in the past six weeks.
In the meantime, Colorado-headquartered private equity investor Rubicon Technology Partners closed a new fund, Rubicon Technology Partners III, at over $1.25 billion, exceeding the fund target of $250 million set by the company; BDT Capital Partners raised $9.1 billion for its third investment fund, exceeding the amount it had initially sought and Digital Colony, an arm of Tom Barrack's Colony Capital Inc., is seeking at least $6 billion for its second fund dedicated to communications-infrastructure bets
Further in new launches, international investment firm Cathay Capital Private Equity announced the final close of its second Sino-European Mid Cap Fund at $850 million; As economic prospects cloud and volatility returns to all asset classes, investors are looking for alternatives to traditional alternative investments and meeting this need, the Aaro DLT Multifund launched on May 1, 2020; Thoma Bravo is back in the market seeking commitments for its third fund focused on midmarket investments, despite the disruptions posed by the coronavirus pandemic; Dallas-based venture capital firm Energy Spectrum Capital has wrapped up fundraising for its latest vehicle with $969 million; Crow Holdings is targeting a $1.5bn (€1.4bn) capital raise for its latest US value-add real estate fund, while Fortress Investment Group LLC is seeking more than $1 billion for its second lending fund
In performance news, CQS Directional Opportunities fund, a hedge fund run by billionaire trader Michael Hintze has suffered a second large fall in as many months, leaving it down roughly 50 per cent in what is shaping up to be its worst ever run of performance; After suffering its third-worst quarter in its history the Tiger Cub's major funds enjoyed their second-best month in the firm's history in April, according to its first- quarter letter obtained by II; Odey Asset Management's Odey European fund fell 9.5% in April and is now down 3.7% in 2020; Eric Bannasch's Cadian Capital surged about 18 percent last month, exceeding the S&P 500's 13 percent gain during the stock market's best month since 1987, and Verde Asset Management's flagship fund climbed 8.6% in April, its biggest monthly gain since 2009.
In institutional investor news, Texas Teacher Retirement System, Austin, committed $725 million to five alternative investment funds in April, a transaction report from the $167.2 billion fund showed; Louisiana Teachers' Retirement System, Baton Rouge, app...
Click here to read Opalesque's full article
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Investor Workshop: BEHAVIOURAL INVESTING with Julian Robertson, Roy Niederhoffer, Robert Zuccaro, CFA and Julien Messias - Jan. 26th 10 am EST
Investor Workshop: The Seven Keys to Behavioural Investing with Julian Robertson, Roy Niederhoffer, Robert Zuccaro, CFA and Julien Messias
Opalesque SKILLSLAB webinar on Tuesday, Jan. 26th 10 am EST: https://www.opalesque.com/webinar/
While 'Behavioural Investing' is the broad catch-all term to describe the psychological forces that influence investors' decisions, research (and true introspection) reveal each time where and how we fail as a result of our own blind spots.
But, being aware of blind spots does not mean we're able to avoid the pitfall next time.
As James Montier writes, the solution lies is designing and adopting an investment process that is at least partially robust to behavioural decision-making errors:
- How to identify & neutralize pitfalls & investment blind spots
- Can we design investment strategies that exploit behavioral biases?
- How do you know if you have hired a good manager? - Julian Robertson (via Video)
Register here for free: https://www.opalesque.com/webinar/
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Derivatives Forum Frankfurt 2021, 23-24 March - Virtual event
The Derivatives Forum Frankfurt 2021 will be held as virtual edition with thought leadership insights, industry debates, keynote speeches and virtual networking opportunities. The Derivatives Forum is the leading European event focused on trading and clearing for derivatives and securities financing across asset classes. Originally planned as a physical event early March, the Derivatives Forum is set to be on March 23 & 24 focusing on the following core themes:
STREAM 1 - Markets & Regulation
STREAM 2 - Derivatives & Portfolio Management
STREAM 3 - Liquidity & Collateral Management
STREAM 4 - Technology & Innovation
STREAM 5 - Responsible Investing
More information, registration: https://www.eurex.com/ex-en/find/forum/frankfurt2021
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ASSET RAISING: TIME TO TURN THE TABLES! |
The pandemic has structurally changed the process and methods of asset raising. Hedge funds, for example, got estimated net inflows of $13.0bn in 3Q 2020 but $11.2bn (82%) went to funds managing more than $5bn. Mid sized firms suffered outflows of $810m while those with less than $1bn received inflo...
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Technical Research Briefing |
S&P FUTURES (@ES) – Daily
Currently: Long Looking to: Sell @ 3,951; short @ 4,075
As of 1/15/21 close: 3,762.25
LAST WEEK: We suggested buying dips in ES futures to 3,748 with stops honored on a close below 3,652 and with an upside target of 4,078.
UPDATE: S&P futures pulled back from the highs near 3,820 last week and tested initial support at 3,747.25. Right now, we are of the opinion that support holds and that we see another upside run commencing soon. The anticipated rally should, in theory, take prices up to 3,951.50 at the very least.
We would cover shorts and get long immediately with stops honored on a daily close below 3,747 and with an upside target for selling longs at 3,951.
We would only look to get short on an extended move up to 4,075 with stops honored on a close above 4,118 and with a downside target for covering / getting long at 3,672.
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