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Legends Fund adds Discovery Capital as new Legend

Friday, November 25, 2016
Opalesque Industry Update - Theta Capital Management, the largest independent hedge fund specialist in the Netherlands, has added the Discovery Capital Global Opportunity Fund (“Discovery”) to its flagship Legends Fund. Discovery is run by Robert Citrone, supported by a team of over 80 people, most of them located at the firm’s Connecticut offices. The fund employs a combined Global Macro and Long Short Equity strategy with a special focus on emerging markets.

Legends Fund, launched in February 2010, allocates to a selection of 10-15 elite hedge fund managers. This way it offers access to some of the most renowned money managers that are typically closed to new investors. The selection of managers in Legends Fund achieved net returns of over 13% per annum over their average track record of close to 19 years. With the Legends Fund, Theta Capital also aims to reduce operational hurdles for hedge fund investors, producing a daily NAV and facilitating intra-day trading on Euronext Amsterdam.

Discovery is the most recent underlying manager to be added to the Legends Fund’s roster of underlying hedge funds that includes some of the most successful hedge fund names such as Lansdowne Developed Markets, Moore Global Investments and Millennium International. With Discovery’s focus on emerging markets, it adds an additional area of investment opportunities to Legends Fund as its existing Global Macro and Long Short Equity funds have more of a developed markets bias.

Ruud Smets, Portfolio Manager of the Legends Fund: “We have known Mr. Citrone for a long time as one of the most versatile investors in the world. He is truly agnostic between asset classes and long and short positions and above all he is a real money maker. Mr. Citrone easily fulfils our criteria for being a Legend as his experience, organisation and tremendous network provide a clear sustainable edge, he is highly adaptive to changing market environments and there is a strong alignment between the manager and us as investors. With the Trump election, we foresee an increasingly attractive opportunity set in Global Macro investing, as funds like Discovery perform best on the back of large interest rate and currency movements. The fact that the fund has a smaller asset base after a period of uninspiring returns makes this an excellent entry point.”

Theta Capital Management is the oldest and largest independent hedge fund specialist in the Netherlands. The company was founded in 2001 focusing exclusively on managing portfolios of hedge funds. Theta Capital manages tailor-made individual portfolios as well as the Legends Fund, which offers daily NAVs and is listed on Euronext.

Watch this Opalesque.TV video on the Legends Fund for more information:

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