Monthly Archives: March 2016

Interview with Tony Griffiths, Cerulli Associates

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Tony Griffiths is parttony griffiths of Cerulli Associates’  European institutional research team, writing across a range of global and European research journals and reports. Prior to joining Cerulli, he spent six years as a financial services trade journalist in London, most recently as the editor of global hedge fund publication HFMWeek. You recently published the European Alternative Products and Strategies (EAPS) 2016 report. How did you gather the data and what were your key findings?
Tony Griffiths: Interest in alternative beta and strategies offering an illiquidity premium played prominent roles in EAPS 2016 – our first annual alternatives report outside North America – but it was clear early on that alternative UCITS was going to be the star of the show. If the appetite for such funds was no real surprise then the scale and range of said appetite was. No longer is alternative UCITS purely the domain of private bank clients: asset managers will now find increasing interest among institutional investors, notably conservative continental allocators looking to replace the once high yields of their debt holdings, and insurers, more generally, keen to reduce the capital charge for alternative strategies under Solvency II. Read More

Fund of the Month March 2016: IPM Systematic Macro

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Fund Strategy
The objective of the IPM Systematic Macro Strategy (the “Strategy”) is to generate consistent positive returns. The Strategy is based on proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The investment models employed evaluate the relative attractiveness of financial instruments and exploit the divergence in fundamentals by taking long and short positions. The information derived from these models is processed in a systematic way on a daily basis whereas the identified dislocations are typically medium to long term. The IPM Systematic Macro Strategy was first launched in 2003. It has a long term proven track-record, with competitive and diversifying returns. The Strategy has the potential to add value to an institutional investor’s portfolio due to its low correlation to traditional and alternative investment strategies. The strategy is also available in a UCITS format – further information can be found on the fund website.

Fund Chart

chart_2016_03_IPM_blue* Calculations based on monthly observations of the track record of the reference strategy, IPM’s Systematic Macro Fund. From the inception date, July 1st, 2006, IPM Systematic Macro Fund, net of fees, B Shares (Bloomberg: IPMGLTB KY Equity) with management Fee 1.0%, performance fee 20%, HWM until Dec 2012 (discontinued), then E shares (IPMGLTE KY Equity) with management Fee 2.0%, performance Fee 20%, HWM) until Feb 2015 and thereafter IPM Systematic Macro Fund, net of fees, E shares (Bloomberg: IPMGLTE KY Equity) with management fee 1.5%, performance fee 20%, HWM.
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UCITS HFS Index nearly turns around, down -0.17% in February 2016

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The UCITS HFS Index continues its negative trend with a loss of -0.17% in February 2016, posting the third negative monthly result in a row. The broad index got off on the wrong foot reporting losses of -0.50% and -0.76% after the first and second week of the month respectively. The downward trend came to an abrupt halt as the UCITS HFS Index experienced its best weekly performance this year in week three (0.72%). Although the last days of trading added further gains of 0.37%, the broad index just fell short of turning around the monthly result. Of all funds tracked only 41.45% reported gains in February 2016.
chart_UCITS HFS Index_2016_02
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