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Market Neutral Investing Related News
 in chronological order

 See also: Market Neutral Investing Related Books, Market Neutral Investing Related Scholarly Papers, or Market Neutral Investing Home Page.

Table of Contents:
 

The long and the short of it

August 18, 2006
From The Royal Gazette:
 Vernacular abounds in the investment world, just as it does for sports, politics, emotions and many other activities. Why this is so, is never adequately explained. What is clear is just how unclear talking in investment jargon can be for everyone operating outside that financial domain.A few of the more interesting, but not too incorrect politically, terms are as follows:

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Aussie partners start market-neutral Asian hedge fund

June 13, 2006
From FinanceAsia.com:
 Two equity-markets veterans have combined to build a new Asia-focused hedge fund. Andrew Cormie, former managing director for the equity business at JPMorgan Asset Management in London, and Leon Christiankis, most recently managing director for equity derivatives trading at Deutsche Bank Australia, have established Voyager Funds Management in Australia.

Voyager plans to open the Voyager Pan Asia Fund on July 1. It will start with assets of A$10 million ($7.48 million), rising to an initial target of A$150 million before a soft close, before aiming at A$500 million as the next step. In the near future, the partners want to launch a US dollar-denominated fund as well.

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UTI launches new market-neutral fund

June 13, 2006
From Trade Arabia:
 India's UTI Mutual Fund has launched a new market-neutral fund in Bahrain.

The UTI SPrEAD Fund offers an opportunity to investors to receive returns unaffected by the rise or fall of equity markets, said UTI Bahrain country head Mudit Mathur.

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ANALYST VIEW - Hungary April CPI to be market neutral, eyes on auctions

May 11, 2006
From Portfolio.hu:
 Core market influence looks set to remain significant as the international markets digest the latest Fed decision and, more importantly, the related comments. However, the market's main focus today will be on the release of the April CPI data and the 5-year and 10-year bond auctions, Budapest Economics said on Thursday.

Budapest Economics predicts headline inflation data at 2.1% yr/yr versus 2.3% yr/yr in March, in line with the market consensus. “We therefore expect the figure to be rather neutral for the markets. The short-term CPI path still looks benign, although upward pressures on the inflation path could start to build in the last quarter of the year."

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Northwater Five-Year Market-Neutral Trust - Preliminary net asset value - April 30, 2006

May 5, 2006
From CNW Group:
 The Northwater Five-Year Market-Neutral Trust (the "Trust") is pleased to announce today that the projected net asset value of the Trust per unit, as at April 30, 2006, is $22.59.

The return of the Trust for the month of April is estimated at -0.28%. The rolling 12-month return for the Trust is approximately 2.29%. The Trust will firm up its net asset value as reports from administrators and managers are finalized. The final net asset value will be provided to investors once it is available.

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RBC's Alternative Assets Group Launches Broadly Diversified Investable Hedge Fund Index

March 13, 2006
From PR Newswire:
 RBC's Alternative Assets Group, a leading provider of structured product solutions for hedge fund investors, and a business unit of RBC Capital Markets, today announced the launch of the RBC Hedge 250 Index(TM), a broadly-diversified and representative investable hedge fund index.

The RBC Hedge 250 Index is comprised of 250 individual funds - which is up to six times greater than the number of funds referenced by other investable indices. Funds represented in the new RBC index capture approximately 20 per cent of total hedge fund assets under management, including many funds that are closed to new investors, have longer lock-up provisions or have recently launched operations.

"We have capitalized on RBC's significant experience and relationships in the industry to create the RBC Hedge 250 Index which we believe to be the most
representative investable hedge fund index in the market," said Winson Ho, co-head of the Alternative Assets Group and co-creator of the index. "There has been a great need in the market for an investable hedge fund index which does a better job of representing the performance of the asset class."

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Market Goes Neutral On Suncorp-Metway

February 27, 2006
From Australasian Investment Review:
 UBS has downgraded Suncorp-Metway (SUN) to Neutral 2 from Buy 2 following a review of its valuation model of the stock.

The review comes after the bank and insurer recorded a profit result of $454m that was above both the broker’s forecast of $438m and market consensus of $444m.

The broker notes the good points in the result were a combined ratio and insurance margin above expectations, though this was offset by lower volume in the banking operations.

Following the result, the broker has increased slightly its EPS forecast for FY06, but it has cut its expectations in FY07 and FY08 by 2% and 6% respectively.

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Northwater Market-Neutral Trust - final net asset value - January 31, 2006

February 21, 2006
From CNW GROUP:
 The Northwater Market-Neutral Trust announced today that the return of the Trust for the month of January was 1.55% resulting in a net asset value per unit of $14.10. The rolling 12-month return for the Trust was 3.63%.

For the month of January, 41 of the Trust's 44 managers posted positive returns, while 11 of the 12 market-neutral strategies included within the Trust's portfolio added to the bottom line. Specifically, the Trust's convertible bond arbitrage and distressed securities managers posted positive returns while the Trust's re-insurance managers delivered negative returns for the month.

Subject to limits set out in the Trust's prospectus, the Trust is required to purchase its units in the market in the event that the market price falls below 92.5% of net asset value. The Trust also makes purchases of its units pursuant to a normal course issuer bid. For the month of January the Trust purchased 27,900 units under these programs.

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DuPont Studies Portable Alpha, Hedge Funds

January 30, 2006
From Institutional Investor:
 DuPont is studying whether its $17 billion defined benefit plan should adopt portable alpha strategies. It is also considering hiring external fund of hedge fund managers for the first time.

DuPont Capital Management in Wilmington, Del., oversees $25 billion pension assets, including $17 billion from the company's pension fund. "For the time being we're considering portable alpha for the internal pension fund, but if we see some interest we would certainly consider offering it to other pension funds," said Rafi Zaman, managing director of U.S. equities. He anticipates the firm will decide by year-end whether to go ahead.

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Barclays Passes GLG, Vega to Europe's Top Hedge Fund Ranking

January 26, 2006
From Bloomberg UK:
 Barclays Global Investors, the fund management unit of Barclays Plc, overtook rivals GLG Partners LP and Vega Asset Management as the largest European manager of hedge funds, according to Institutional Investor's Alpha magazine.

BGI had $13 billion of assets in single-strategy European hedge funds as of Sept. 30, the magazine said today. Man Group Plc ranked second with $11.9 billion, GLG came third with $11.1 billion and Vega fourth with $10.6 billion.

London-based BGI benefited from introducing five new funds last year, including a long-short equity fund, the magazine said. While BGI oversees $1.4 trillion in assets, much of that is in lower fee paying index funds.

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Northwater Five-Year Market-Neutral Trust - Final net asset value

January 23, 2006
From CNW Telbec:
 The Northwater Five-Year Market-Neutral Trust (the "Trust") announced today, that the net asset value of the Trust per unit as of December 31, 2005 was $22.47. This net asset value reflects the monthly cash distribution of $0.4375 per Unit previously declared to unitholders of record on December 30, 2005. The return of the Trust for the month of December was 0.74%. The return of the Trust year-to-date has been 1.29%.

For the record date of December 30, 2005, the Trust has determined that no additional special distribution is required in order to ensure that the Trust will not be liable to pay income tax under Part I of the Income Tax Act.

The final character of the distribution for tax purposes will be determined in accordance with the trust agreement and the Income Tax Act and we will communicate this information to unitholders as soon as practicable after it becomes available.

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Fund Times: Merger Fund to Reopen

January 19, 2006
From Morningstar:
 Merger Fund MERFX is reopening to new investors on Jan. 25, 2006, after being closed for almost two years. This merger arbitrage fund's assets are below the level they were when the fund first closed. Assets are currently down to $1.25 billion, from a high of $1.88 billion. Thus, the managers feel that they have sufficient capacity to further grow the fund. And moreover, they expect to see deal-making expand in the year ahead as companies that have enjoyed strong earnings start to use some of their cash to make acquisitions. In the quarterly letter, Frederick Green, president of the fund, states, "arbitrage spreads have become more favorable, even for 'plain-vanilla' transactions. Another positive development for our business is the increasing frequency of strategic overbids, in which corporate buyers aggressively target companies that have already agreed to be acquired by other firms. Such situations can result in 'windfall' profits for arbs." The fund is one of the few market neutral funds that has actually delivered fairly dependable returns in the high single digits.

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Hedge fund returns falling and unlikely to bounce back soon

January 16, 2006
From MoneyManagement.com.au:
 Returns from hedge funds have declined over the past five years and are not expected to return to levels seen in the 1990s in the short-term, despite optimism from hedge fund managers.

Most managers are forecasting returns from hedge funds in the range of 0 to 5 per cent above cash in the next 12 months, but believe longer term returns will reach targets of 5 to 10 per cent above cash, according to a survey conducted by Mercer Human Resources Consulting late last year.

However, Mercer analysts claim managers are adjusting to lower returns in the current environment and are unlikely to achieve levels of returns seen in previous years in the near future.

Fee increases were also forecast by the majority of respondents to the survey of 17 leading fund of hedge fund managers, partly to offset higher compliance and organisational costs.

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Hedge funds still ticking

 December 28, 2005
From Moneyweb:
 South African hedge funds held their ground as an attractive asset class by serving up mostly double-digit returns in 2005. Of the 24 funds polled by the Nedgroup Hedge Fund Review that reported returns for the year to November 30, 11 reported returns of more than 20% for the period, once fees were taken into account. There were eight funds that delivered less than 10%; only one lost money.

Most hedge funds aim to deliver positive returns, regardless of market conditions. They tend to underperform an ordinary share investment during bull markets, but lose little or no capital during bear markets. Therefore it is no surprise that most funds did not meet the performance of the JSE All-Share Index, which returned 34% over the same period, excluding dividends.

The best performing hedge fund for the year to November 30 was DWT Securities’ Badger Quant Trading Fund, which returned 58% after fees. The worst was the GPJ Segregated Hedge Fund at –1.2%. But both these funds are small fry – at least in terms of size: each has less than R10m under management.

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Calamos Investments to Re-Open, Rename the Calamos Market Neutral Fund

 December 27, 2005
From PR Newswire:
 The Calamos Market Neutral Fund will reopen to new investments under the modified name the Calamos Market Neutral Income Fund. The Fund's objective -- high current income consistent with stability of principal -- remains unchanged. The re-opening and name change will be effective after the end of business on December 30, 2005.

To provide a broader set of investment opportunities and the potential for improved long-term returns and greater stability, the Fund will be including a covered call writing strategy as a complement to its convertible arbitrage strategy.

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Back to News

 

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