The latest updates on fund performance, 13D and 13f filings, benchmarks, launches, and closures. This channel also features regular interviews and conversations with managers on their funds and the state of the alternative investment industry.
Sloane Robinson, a London-based Hedge Fund co-founded by George Robinson, is set to close by the end of this year. This decision was based primarily on a decline in the firm’s assets under management. The firm was also lacking in performance which was mainly due to volatile markets resulting from Covid-19. Sloane Robinson’s Global Frontier…
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UNPRECEDENTED MARKETS SPARK HEDGE FUND APPEAL. Hedge funds are spiraling higher in demand amid the extent of today’s turbulence across U.S. and global markets. According to Credit Suisse, net demand for Hedge Funds is at 32 percent — the highest it has been in five years. Joseph Gasparro at Credit Suisse states that “given manager…
By every definition, the coronavirus pandemic is a ‘black swan’ event, one that is unpredictable or unforeseen but with extreme consequences.
The Amplify Black Swan Growth & Treasury Core ETF (NYSEARCA: SWAN) is designed for times like these. The coronavirus epidemic has sent global stock markets into a tailspin on fears of a massive recession.
Nationwide’s recently launched Nationwide Risk-Managed Income ETF (NYSEARCA: NUSI) helps investors find safe-haven fixed-income assets in the face of steadily declining Treasury yields. In the relentless rush to earn yield, investors may be turning to alternatives such as high dividend stocks, REITs, emerging market debt, high-yield bonds, preferred stock, and MLPs. However, investors may not be considering the attendant risks of such investments, according to Jonathan Molchan, Executive Director and Portfolio Manager, Harvest Volatility Management. He warns that these could come with risks attached such as interest rate, duration, inflation, commodity exposure, and leverage.
So long as they comply with the SEC’s conditionalities, asset managers can launch a new ETF. Rule 6c-11 became effective on December 23, 2019, and fund administrators Ultimus Fund Solutions have been quick off the mark. Ultimus helped two of its adviser clients launch active transparent exchange-traded funds (ETFs) in accordance with new Rule 6c-11.
Merlyn.AI Corporation (MAI), the Palo Alto-based ETF provider that previously introduced the WIZ ETF, has now launched the Merlyn.AI Tactical Growth and Income ETF (Nasdaq: SNUG) on the Nasdaq exchange. The ETF is a conservative investment that seeks to improve returns in both bull and bear markets. The ETF tracks the MAI Tactical Growth and Income Index.
Invesco, the fund manager with $1.23 trillion in assets under management as of December 31, 2019, has launched in Europe a new, first-of-its-kind, sterling-denominated, corporate bond ETF with an ESG tilt. The Invesco GBP Corporate Bond ESG UCITS ETF (IGBE) is listed on the London Stock Exchange with a total expense ratio (TER) of 0.10%.
Santander Asset Management announced it has launched a new hedge fund called Santander Patrimonio Diversificado.
Its portfolio will invest in fixed income, equities, and absolute return funds. It will also dabble in venture capital, private debt funds, and real estate
According to a press release, the fund will focus on the U.S., Europe, Japan, and emerging markets. It has also set a weight limit for diversification at 5%. The fund will also have a sustainable bias and will focus on aligning with the firm’s broader ESG goals.
West Street Capital Partners – the private equity arm of Goldman Sachs – will start fundraising next week. The PE shop is part of Goldman’s ambitious effort to raise $8 billion for a second buyout fund. Reuters reports this would be the second buyout fund for the bank since 2008.
Investors seeking currency-neutral exposure to Japanese stocks can invest in the new Vanguard currency-hedged Japan ETFs.
Vanguard has addressed a long-pending demand from European investors for currency-hedged versions of its Vanguard FTSE Japan ETF (VJPN).
The US Dollar hedge version, The Vanguard FTSE Japan USD Hedged ETF (VJPU), is listed on the London Stock Exchange and carries a total expense ratio of 0.20%.
However, the Euro hedge version, the Vanguard FTSE Japan EUR Hedged ETF (VJPE), is listed on the Deutsche Boerse with a total exchange ratio of 0.20%.
Kraneshares, the asset management company that believes “the relationship between the US and China will be the most important economic partnership of our lifetimes,” and specializes in China-facing ETFs, launched the KraneShares MSCI China ESG Leaders UCITS ETF (KESG).
The First Trust Merger Arbitrage ETF Will Skim Merger Spreads. It’s a hedge fund type, actively managed ETF. But don’t balk at its fees.
Liquid Alternatives: UK Investors Can Now Get Their Hands On First Trust’s US Capital Strength Strategy
First Trust launches a highly successful US strategy for UK investors. The First Trust Capital Strength UCITS ETF (FTCS) will replicate one that swept up $1.5 billion in inflows in the US.
“Over the last twenty-five years in times of market instability, quality and less volatile US equities have historically outperformed the S&P 500 index in down months by 74% and 85% respectively,” said Gregg Guerin, senior product specialist at First Trust. “We are pleased to bring this rules-based strategy to market and believe FTCS offers advisers and wealth managers the potential for protecting in negative markets while participating in increasing markets.”
CI Investments Floats Three Liquid Alt ETFs in Modernization Drive. The ETFs will trade on the Toronto Stock Exchange.
The new ETFs from CI Investments are a take on the strategies followed in the fund manager’s liquid alternative mutual funds launched in November 2018. These funds have scooped up inflows above US$1.1 billion as of December 31, 2019.
Earlier this month, Goldman Sachs filed to set up a non-transparent ETF that would not disclose its investments daily. The fund would, therefore, be different from run-of-the-mill ETFs which are required to publish details of their holdings every day in the interests of transparency.
The First 5G ETF (NYSE: FIVG), from the Defiance stable, mopped up AUM of over $200 million in less than 12 months.
FIVG, a thematic ETF focused on investing around the theme of 5G connectivity, has met with an enthusiastic response from investors.
Effective end-March, global macro hedge fund manager Greg Coffey will not accept new money into his two-year-old portfolio.
Greg Coffey’s Kirkoswald Asset Management, which last year earned 28%, and trades in global equities, bonds, and currencies, will stop accepting new investments in a bid to protect returns.
Launched in December, the iM DBi Hedge Strategy ETF (DBEH) is an actively-managed ETF. Its objective: to match or outperform the largest Global Equity Long/Short hedge funds from the HFR (Hedge Fund Research, Inc.) database.
Lazard Asset Management has made yet another splash in thematic investing. The firm has launched a new fund employing a high-conviction global equity strategy. The company announced the strategy behind the new Lazard Global Thematic Focus fund. The strategy will invest in at least 35 to 50 companies around the globe.
PointState Capital has moved to stop investors from pulling all of their capital in full. According to an investor letter seen by Bloomberg, the company will only allow recent redemption requests to obtain 88% back in cash. The remaining 12% will be distributed as portfolio shares for new vehicles that have “somewhat limited liquidity.”
Willow Oak and Focused Compounding will launch a new private investment partnership. They have called it the Focused Compounding Fund. The fund will invest in what Portfolio Managers Geoff Gannon and Andrew Kuhn call the 1% of stocks everyone else overlooks. The PMs are seeking what they call wonderful businesses that trade at reasonable valuation multiples.
The Horseman Global Fund saw a 35% decline in 2019 as aggressive bets against the market failed to deliver. The fund hiked its net short position to a record 111% of gross assets in October. However, the S&P 500’s 31.5% surge in 2019 pummeled the fund’s positions.
Franklin Templeton added a new active fund to its ETF range. The Franklin Liberty Systematic Style Premia ETF (FLSP) is an alternative ETF that is actively risk-managed, seeking a target annualized volatility of 8 percent, and targets four style factors: quality, value, momentum and carry.
The FLSP fund seeks to deliver absolute return (positive returns in rising or falling markets) by employing a multi-asset, long/short strategy.
Morgan Stanley Infrastructure Partners (MSIP) announced it has raised $5.5 billion for North Haven Infrastructure Partners III. The private infrastructure investment team within Morgan Stanley Investment Management (MSIM) raised that money side months after the fund’s initial close in June.
New hedge fund launches declined in the third quarter. This news reverses the trend of the first half of the year. The number of launches fell to its lowest level since the fourth quarter of 2008.