Today's Exclusives

• Vitruvian Partners races to $4.7bn hard cap close for the new fund [more]

  Laxman Pai, Opalesque Asia: UK private equity firm Vitruvian Partners has closed its fourth buyout fund at its hard cap of €4bn ($4.7bn), less than three months after its formal launch. According to the London-headquartered international growth equity firm, the vehicle, VIP IV, is 40% larger

• Global net inflows into sustainable strategies increased 72% to $71.1bn in Q2 2020 [more]

  Laxman Pai, Opalesque Asia: Supported by the stock market recovery and growing investor interest in environmental, social, and governance (ESG) issues, sustainable strategy net inflows up 72% in Q2. Net inflows into sustainable strategies increased 72% in the quarter ended June 30 to USD 71.1 bil

• IRS targets carried interest in new guidance [more]

  Bailey McCann, Opalesque New York: The Internal Revenue Service has released new guidelines that will restrict the use of carried interest in tax calculations after an error in the 2017 tax cut bill. S corporations and passive foreign investment companies will no longer be allowed to use exe

• Opalesque Roundup: Hedge fund launches fall again with just 59 funds in Q2 2020: hedge fund news, week 31 [more]

  In the week ending July 31st 2020, a report by Preqin said that only 59 new hedge funds were launched in the second quarter, down from 182 in the first quarter of the year and 228 in the second q

• CalPERS CIO Resigns [more]

  Opalesque Industry Update - CalPERS announced that Chief Investment Officer Yu (Ben) Meng is resigning, effective August 5. Dan Bienvenue, deputy chief investment officer, will serve as interim chief investment officer. CalPERS will start an immediate search for a permanent successor. Meng h

• Public pension private equity commitments more than triple in June compared to May [more]

  Opalesque Industry Update - Private Equity investment commitments from public pensions tracked by eVestment more than tripled from May to June this year, ending a three-month drop off in commitments that began in March as the worldwide impact of the COVID-19 pandemic intensified. According to the ju

Today's Other Voices

• Other Voices: Will COVID-19 ignite private equity's dry powder? [more]

  By: Bryan Haynes, Ian Michael, Byron Tse The COVID-19 pandemic has pushed global financial markets into a prolonged period of volatility and uncertainty (see our article on the impact of COVID-19 on M&A deal flow), reminiscent of the 2007-08 financial crisis. Many businesses have languished sinc

More Exclusives

• 31. Jul. | Opalesque Exclusive: FACT Capital navigates a wild first year by focusing on specialization [more]

  Bailey McCann, Opalesque New York for New Managers: FACT Capital, a new long/short hedge fund with an all woman investment team is trying to change the industry. FACT stands for fairness, alignment, compounding, and

• 30. Jul. | Opalesque Exclusive: Bellecapital's Eiger Fund outperforms during a trying first year [more]

  Bailey McCann, Opalesque New York for New Managers: A new fund is capitalizing on the opportunities in European small-cap and mid-cap equities. Zurich-based Bellecapital's Belle Core Europe Eiger Fund is coming

• 29. Jul. | Opalesque Exclusive: Investors rethink hedge fund allocations [more]

  Bailey McCann, Opalesque New York: A new report from bfinance suggests that asset owners are maintaining a cautiously optimistic investment outlook despite uncertainty over the state of the global economy in the covid era. Bfinance spoke to 368 senior investors for the report. They represent pens

• 27. Jul. | Opalesque Roundup: Hedge fund redemptions decelerate as survey indicates come back of investors: hedge fund news, week 30 [more]

  In the week ending July 24th 2020, a report by BarclayHedge revealed that hedge fund redemptions continued to decline from their COVID-19 pandemic-fueled peak of $85.6 billion in March. Ne

• 24. Jul. | Opalesque Exclusive: SEC focuses on pandemic related fraud [more]

  Bailey McCann, Opalesque New York: The global pandemic has had a significant impact on the world economy and it's also impacting securities enforcement. According to the latest Securities Enforcement Update from law firm Gibson Dunn, the SEC is refocusing its supervisory priorities toward are

• 23. Jul. | Opalesque Exclusive: Private equity turns to the secondaries market as holding periods lengthen [more]

  Bailey McCann, Opalesque New York: The opportunity set for private equity is changing as a result of the pandemic, according to a new paper from 50 South Capital. Preferred equity deals are likely to become a popular alternative to outright asset sales for LPs with high-quality portfolios. GP-led

• 20. Jul. | Opalesque Roundup: US dominates both investors and managers involved with hedge funds: hedge fund news, week 29 [more]

  In the week ending July 17th 2020, reports said the United States accounts for three-quarters of Assets Under Management (AUM) across the globe in the hedge fund industry, said a study. Despite hedge fund

• 15. Jul. | The Corona Fighters Report 57: Asset managers who delivered in the downturn [more]

  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. Based in the U.S. Virgin Islands, with offices in Houston, Skylar Capital Managemen

• 14. Jul. | The Corona Fighters Report 56: Asset managers who delivered in the downturn [more]

  Matthias Knab, Opalesque for New Managers: Bovell Global Macro Fund up over 100% past 12 months This is our regular report on hedge funds and alternative asset managers who are successfully protecting ass

• 13. Jul. | The Corona Fighters Report 55: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: 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. Biomedical companies continue to outperform Vista Point Capital's fl

• 13. Jul. | Opalesque Roundup: Hedge funds gain in June, conclude a volatile H1: hedge fund news, week 28 [more]

  In the week ending July 10th 2020, Hedge Fund Research Inc said that hedge funds advanced in June for the third consecutive month, concluding a volatile 1H20 defined by a steep 1Q global

• 09. Jul. | Opalesque Exclusive: The Corona Fighters Report 54: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: 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. An options strategy pays off In 2019, Quadratic Capital Management launc

• 08. Jul. | Opalesque Exclusive: The Corona Fighters Report 53: Asset managers who delivered in the downturn [more]

  Bailey McCann, Opalesque New York: 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. 2020 has been a good year for short-term CTAs. Société Générale's Short-Ter

• 06. Jul. | Opalesque Roundup: New hedge fund launches continue to fall as corona crisis kicks in: hedge fund news, week 27 [more]

  In the week ending July 3rd 2020, HFR said that new hedge fund launches declined to a near-record low in 1Q20, as the beginning of the global coronavirus pandemic and ensuing l

More Other Voices

• 22. Jul. 2020 | Other Voices: Three things to know about the FTC's scrutiny of private equity roll-ups [more]

  By: Michael Dashefsky, R. Dale Grimes, Lucas Ross Smith - Bass, Berry & Sims In a statement to Congress last week, Commissioner Rohit Chopra of the Federal Trade Commission (FTC) advocated for increased antitrust enforcement against private equity-backed "roll-up" acquisition strategies, especia

• 17. Jul. 2020 | Other Voices: SEC greenlights investment fund delivered in security tokens [more]

  By: Deric Behar, Stephen Wink, Latham & Watkins On July 6, 2020, asset management firm Arca announced that the US Securities and Exchange Commission (SEC) granted it approval under the Investment Company Act of 1940 to issue shares of a closed-end US Treasury fund in the form of digital securiti

• 02. Jul. 2020 | Other Voices: A new golden age for hedge funds [more]

  Dixon Boardman, CEO & Founder, Optima Asset Management and Vice Chairman, Forbes Family Trust, is pounding the table urging investors to make room in their portfolios for alternative investments, because their ability to hedge can provide much needed downside protection and diversification durin

• 30. Jun. 2020 | Other Voices: SEC issues a risk alert for private fund managers [more]

  By: Susan Gault-Brown, Kelley A. Howes, Leonora Shalet, Stephanie Thomas; Morrison and Forrester On June 23, 2020, the SEC's Office of Compliance Inspections and Examinations published a Risk Alert identifying common deficiencies and compliance issues it has observed in examinations of registere

• 26. Jun. 2020 | Other Voices: A guide to 'recycling' options for fund managers [more]

  By: Edward Lee, Cameron Roper, Nick Rose, Proskauer The ongoing COVID-19 crisis is presenting fund managers with numerous challenges. One key challenge is to make sure that their portfolio companies have sufficient capital available to weather this particular storm. But how can fund managers ensu

• 19. Jun. 2020 | Other Voices: ESG and fund managers [more]

  By: Leonora Shalet, Morrison and Forrester A Subcommittee of the SEC Investor Advisory Committee has issued a recommendation relating to ESG disclosures for issuers, and this was a focus at the Asset Management Advisory Committee on May 27. Not only did they raise environmental, social and corpo

• 12. Jun. 2020 | Other Voices: ESMA takes aim at fund costs [more]

  Commentary from INDOS Financial The thorny issue of fund costs and charges has been hotly contested by EU regulators for a number of years now amid concerns that investors were being disadvantaged. This focus continues and in June 2020 the European Securities and Markets Authority (ESMA) publish

• 11. Jun. 2020 | Other Voices: Private fund investor defaults: consequences and practical solutions [more]

  Bailey McCann, Opalesque New York: By: Ted Craig, Jenna Lalji, Dentons Whilst the true, long-term impact of the worldwide coronavirus pandemic remains to be seen, the global financial markets have already experienced a huge wave of turbulence. The prospect of a significant effect on the close

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Sea Change Combined Indicators:

Monetary – Determined by US FOMC policy.Dovish, Neutral or Hawkish. Up to 10% long.

Fiscal – Determined by US Fiscal policy. Up to 10% long.

Timing – Long/Short off of wave count / Fibonacci projections. Short, neutral or long. 10% short,
neutral or 10% long.

Based on Sea Change Long-Term
Indicator:

Global Equities: 30% long or 30% cash

US Small Caps: 10% long or 10% cash

Emerging Markets: 10% long or 10% cash

Technology: 0% - 10% long off of FAANG charts

Financials: 10% long or 10% cash off of XLF chart

Current Read:

Monetary Indicator: Long 8% DJ Industrials proxy

Fiscal Indicator: Long 8% Russell MidCap Growth proxy

Timing Long / Short Indicator: Short with 8% of IWM

Global Equities – 14.4% long with SPY slot 9.6% in cash with Europe & PacRim slots

US Small Caps – Cash with 8%

Emerg. Mkts – Cash with 8%

Technology – Long 8% FAANG proxy (QQQ)

Financials – Short with 8% in XLF

Energy – Cash with 10% with energy money

Gold – Cash with 10% now as gold futures have hit upper target.

Net 22.4% long exposure

Sea Change Opportunistic Indicator:

The current reading is 0.87 Waiting for next “buy” signal (north of 1.20 is the primer). When it does give us a “buy” signal, we’ll go “all in” with equity money.