All posts by ucitsindex.com

Fund of the month July 2016: MFM Global Thematic L/S UCITS

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Fund Strategy
MFM Global Thematic L/S UCITS is a multi-thematic Long/Short equity strategy. It invests in growing themes by buying companies globally. The Investment Manager will identify core themes that he considers offer attractive long-term investment opportunities to shareholders. The themes will change from time to time. The objective is to generate a better risk/reward than investing in global equities. The strategy is value driven, qualitative, non-benchmarked and has a low turnover. The derivative instruments will be generally used to gain a short exposure to certain equities or equity related securities while the long exposure will be achieved through direct investment in the targeted securities. Main investment constraints are that the fund has to be net long, with a maximum exposure of 50% to Emerging Markets and a minimum exposure of 50% gross equity invested. Historically, the fund has not been using much leverage.


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UCITS HFS Index takes hit amidst Brexit vote, down -0.41% in June 2016

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After three consecutive positive monthly results the UCITS HFS Index experiences a draw-down again, reporting losses of -0.41% in June 2016. The broad index started slowly into the month, posting marginal gains and losses of 0.02% and -0.05% in week one and two respectively. The biggest hit for the UCITS HFS Index surprisingly came not in the week of the Brexit referendum itself, but in the week before (week three) with losses of -0.49%. In the forth week of trading small losses of -0.08% proved that the majority of UCITS hedge funds anticipated potential risks of the Brexit referendum correctly, with the last days of trading in June even adding 0.19% performance in week five. Of all funds tracked 37.20% reported gains in June 2016.
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Interview with Denise Voss, alfi

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Denise-Voss-Chairman-ALFI-2016Denise Voss is the chairman of alfi since 2015 and has been a member of the ALFI board of directors since 2007. She is also Chairman of the European Fund and Asset Management Association (EFAMA) Investor Education working group. Denise is Conducting Officer of Franklin Templeton Investments and has worked in the financial industry in Luxembourg since 1990.

UCITSindex.com: Mrs. Voss, alfi recently held a risk management conference. What are the biggest risks for fund managers as of today?
Denise Voss: Several well-known mega trends we face include increased geopolitical risks, the possible fragmentation of the EU, migration and social instability and a move to populist parties in some countries.  Low or nearly zero growth, our current zero/negative interest rate environment in many parts of the world and demographic changes, including the aging of the population, all have an impact on savings and therefore, investor behavior. Read More

Fund of the month June 2016: Renasset Ottoman Fund

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Fund Strategy
The Renasset Ottoman Fund is an unconstrained bottom-up stock picking fund with a macro overlay, primarily investing in Emerging European equities. The fund may also opportunistically invest in the broader EMEA markets if the opportunity arises based on the fund manager’s risk-adjusted return matrix. The fund has been managed by Aziz Unan since inception in January 2006 and it has been awarded the best Emerging European by Euro Am Sonntag over 10 years due to its outstanding performance. Aziz actively uses index futures, options and may hedge currencies during times of market stress in order to protect downside and reduce volatility of the fund. On the long side, Aziz’s strategy is “cash flow” and “return on capital invested” driven based on the in-house research proprietary database that’s is used to cover over 200 stocks in the region.


Fund Chart

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UCITS HFS Index slowly picks up pace again, up 0.23% in May 2016

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After the UCITS HFS Index broke its negative trend in March it continues its recovery with the third consecutive positive monthly result, reporting gains of 0.23% in May 2016. The broad index started negatively into the month, though, posting a loss of -0.19% in week one. As the UCITS HFS Index recovered only 0.10% in week two and lost another -0.01% in week three, a positive monthly result looked in doubt. It was the last week and a half of May in which the broad index recovered with gains of 0.34%, turning it positive for the first time from a month to date perspective. Of all funds tracked 65.55% reported gains in May 2016.UCITS HFS Index_Chart_2016_05_BLUE Read More

Interview with Ted Seides, Hidden Brook Investments

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Ted is tTed Seideshe Managing Partner of Hidden Brook Investments, LLC, an advisory and private investment firm that helps asset managers and allocators with investment strategy and business execution. From 2002 to 2015, Ted was a founder of Protégé Partners LLC and served as President and Co-Chief Investment Officer. He began his career in 1992 under the tutelage of David Swensen at the Yale University Investments Office. Following business school, he spent two years investing directly at Stonebridge Partners and J.H. Whitney & Company. Ted holds a BA in economics and political science, Cum Laude, from Yale University and an MBA with honors from Harvard Business School.

UCITSindex.com: Mr. Seides, you recently published the book “So You Want to Start a Hedge Fund: Lessons for Managers and Allocators”. Tell us a bit about your personal experience that led to writing this book.
Ted Seides: Over the years, I met with hundreds, probably thousands, of start-up asset managers. From my first days in the business working for David Swensen at Yale through the last decade and a half at Protégé Partners, I spent nearly all of my professional career analyzing and investing in early stage managers. Read More

Fund of the month May 2016: DNB TMT Absolute Return

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Fund Strategy
The DNB TMT Absolute Return Fund is a UCITS global equities long/short hedge fund focused on the sectors telecom, media and technology (TMT). The team screens more than 500 companies within the universe, covering 300+ of those in detail before entering into a position (either long or short) in approximately 110 stocks. The fund is fundamentally equity market neutral with a net market exposure of +/- 20%. Looking for long-term trends within the TMT universe the team tries to identify stocks that are positioned best and worst, respectively, towards changing industry trends. The TMT sectors are characterized by a rapid change, which benefits certain business models while being disruptive for others. Understanding the industry themes and trends is a critical part of the investment
process and forms the basis for the stock screening process. A comparable strategy has been executed successfully by the management team in an offshore hedge fund since 2007.


Fund Chart

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UCITS HFS Index slows down, up 0.12% in April 2016

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After the UCITS HFS Index broke its negative trend in March it continued its recovery with gains of 0.12% in April 2016. The broad index started negatively into the month, though, with losses of -0.10% after the first full week of trading. Things reversed quickly as the UCITS HFS Index experienced its strongest weekly performance in April in week two with a performance of 0.30%. The broad index slowed down in week three again which still brought along additional gains 0.08% before the last week of the month concluded with a drop of -0.16%. Of all funds tracked 54.38% reported gains in April 2016.
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Interview with Claire Cummings, Cummings Law

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Claire Cummings qualified as a solicitor in 1996 and since then has specialised in the legal issues surrounding both funds and fund management.
As a solicitor in private practice, Claire has acted for a number of clients in the alternative investment arena and built up experience of a wide range of legal and regulatory matters. Claire has acted as in-house counsel and director of legal and compliance for a fund manager, where she was involved in the running and growth of a fund management business and worked closely with other directors, the trading and operations departments and brokerage counterparties.
In July 2002 Claire established Cummings and draws on her experience as both a lawyer and a director of a fund management company to work with her clients as they establish and build their businesses.

UCITSindex.com: Ms. Cummings, why don’t we start at the beginning: Could you as an expert explain our readers briefly what the UCITS Directive is?
Claire Cummings: Starting with a legislative answer, the Undertakings for Collective Investment in Transferable Securities (UCITS) Directives are a set of EU Directives that aim to allow collective investment schemes to operate freely throughout the EU on the basis of a single authorisation from one member state.  In practice, many EU Member States have imposed additional regulatory requirements which has impacted  the ability to operate freely. Read More

Fund of the month April 2016: Garraway Financial Trends

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Fund Strategy
Garraway Financial Trends is a systematic trend following managed futures fund trading in global financial markets. It aims to perform independently of traditional stock and bond investments, thereby providing valuable diversification benefits and potentially improving the risk/reward profile of a traditional portfolio. The investment manager employs a systematic, proprietary, trend following strategy which currently trades across 36 UCITS eligible exchange traded financial futures. The strategy looks to identify longer term and shorter-term price trends. The aim is to enter the market in the direction of the long-term trend when ‘action’ is taking place, this is typically when new highs are being made in an up-trend or new lows are being made in a down-trend. The fund then exits the market when ‘reaction’ is taking place, this is typically when markets are falling from recent highs in the case of a long position or rallying from recent lows in the case of a short position. The strategy is agnostic: It has no intrinsic bias to taking a long or short position in any of the markets in which it trades and can spend long periods of time with no position at all. Positions are sized by the strategy in line with each specific market’s volatility. The strategy trades futures on a wide range of global currencies, stock indices and government bonds. It only trades highly liquid exchange listed contracts.


Fund Chart

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