FREE ACCESS!
Subscribe for
Free Access
to over 4000+ pages of Profiles and Top 20 Rankings. No obligation ever.

User Name:

Password:

Relative Value Related News
in chronological order

See also: Relative Value Related Books, Relative Value Related Scholarly Papers, or Relative Value Home Page.

Table of Contents:

May 2006
- May 31 - Hedge and mutual funds too spooked by market wobbles
- May 9 - Funds: Eyes on the big prize
- May 1 - Blue chips offer the best relative value
April 2006
- April 26 - US CREDIT - Some see relative value in Rite Aid
March 2006
- March 13 - RBC's Alternative Assets Group Launches Broadly Diversified Investable...
January 2006
- January 31 - All Mediocre Things Must Come To An End
- January 31 - Vega hedge funds post mostly small gains in December

Hedge and mutual funds too spooked by market wobbles

May 31, 2006

From Gulf News:
Many investors have sold out of the markets in recent weeks, shedding global stocks, debt and other assets on fears of rising inflation, higher interest rates and slower economic growth this year.

This marks a reversal for hedge funds, mutual funds and other big market players whose enthusiasm earlier this year helped push prices up sharply for oil, copper and other raw materials; US stocks; and riskier assets in developing economies, or "emerging markets."

Source ▲ top

Funds: Eyes on the big prize

May 9, 2006

From International Herald Tribune:
Michael Barakos of J.P. Morgan Chase, the co-manager of the largest value fund in Continental Europe, says that shares of big companies are more attractive than they have been in six years.

"For the first time since 2000, mega- cap stocks are coming onto our valuation screen," said Barakos, who oversees the bank's €6.9 billion, or $8.8 billion, Europe Strategic Value Fund with Chris Complin in London.

Source ▲ top

Blue chips offer the best relative value

May 1, 2006

From Market Watch:
Since that time, the Dow is down 2.4%, the S&P 500 is down 4.1%, and the Nasdaq is down 7.1%. Emerging markets have fared even worse, with ten consecutive days of losses resulting in a cumulative 15% decline in the MSCI Emerging Market Index through May 22. This kind of volatility only serves to strengthen our conviction in owning large, blue-chip companies with strong management teams and balance sheets at this point in the cycle. We reiterate: Now is not the time to get aggressive in untried business models and inexperienced management teams.

Source ▲ top

US CREDIT - Some see relative value in Rite Aid

April 26, 2006

From Reuters:
Rite Aid Corp.'s (RAD.N: Quote, Profile, Research) spreads extended their modest tightening run on Wednesday and some analysts said the trend fits their view that the ailing No. 3 U.S. drugstore chain's credit has stabilized.

Stability of credit quality, adequate liquidity and a management team seen making the right moves to fix the troubled company make Rite Aid's low-rated high-yielding bonds an attractive buy, at least in the short term, said Evan Mann, analyst at independent credit research firm Gimme Credit.

Source ▲ top

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."

Source ▲ top

All Mediocre Things Must Come To An End

January 31, 2006

From Institutional Investor:
Nineteen months. Three Investors. No go.

London-based Mowbray Capital is calling it quits on what is believed to be the first private equity fund of funds dedicated to European ventures. Guy-Fraser-Sampson, the firm's managing partner – formerly of Horsely Bridge Partners – told Financial News that since its debut, the firm worked hard to get commitments but in the end decided "the size of the fund was not likely to generate sufficient management fees." His sights were comparatively low: between €100 million (US$120.9 million) and €300 million (US$362.8 million). For some, the move is no surprise: Euro VC had been down in the dumps for some time, and while some firms have raised successful funds, such as Index Ventures and Benchmark Capital, the continent apparently is not quite ready for a Europe-only fund of funds, FN reports.

Source ▲ top

Vega hedge funds post mostly small gains in December

January 31, 2006

From Reuters:
Vega Asset Management Partners LP, a $7.5 billion hedge fund manager, posted marginal gains for most of its seven funds in December after suffering losses during 2005, according to a Vega investor newsletter obtained by Reuters on Tuesday.

New York-based Vega, which was founded by former Banco Santander (SAN.MC: Quote, Profile, Research) star trader Ravi Mehra a decade ago, returned a net gain of .52 percent for its flagship global fund in December, but showed a negative 1.5 percent net return for the full year, the newsletter said.

Source ▲ top

Back to News

News

Books

Scholarly

Definitions

HEDGE FUND RISK AND OTHER DISCLOSURES

Hedge funds, including fund of funds (“Hedge Funds”), are unregistered private investment partnerships, funds or pools that may invest and trade in many different markets, strategies and instruments (including securities, non-securities and derivatives) and are NOT subject to the same regulatory requirements as mutual funds, including mutual fund requirements to provide certain periodic and standardized pricing and valuation information to investors. There are substantial risks in investing in Hedge Funds. Persons interested in investing in Hedge Funds should carefully note the following:

Hedge Funds represent speculative investments and involve a high degree of risk. An investor could lose all or a substantial portion of his/her investment. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment in a Hedge Fund.
An investment in a Hedge Fund should be discretionary capital set aside strictly for speculative purposes.
An investment in a Hedge Fund is not suitable or desirable for all investors. Only qualified eligible investors may invest in Hedge Funds.
Hedge Fund offering documents are not reviewed or approved by federal or state regulators
Hedge Funds may be leveraged (including highly leveraged) and a Hedge Fund’s performance may be volatile
An investment in a Hedge Fund may be illiquid and there may be significant restrictions on transferring interests in a Hedge Fund. There is no secondary market for an investor’s investment in a Hedge Fund and none is expected to develop.
A Hedge Fund may have little or no operating history or performance and may use hypothetical or pro forma performance which may not reflect actual trading done by the manager or advisor and should be reviewed carefully. Investors should not place undue reliance on hypothetical or pro forma performance.
A Hedge Fund’s manager or advisor has total trading authority over the Hedge Fund.
A Hedge Fund may use a single advisor or employ a single strategy, which could mean a lack of diversification and higher risk.
A Hedge Fund (for example, a fund of funds) and its managers or advisors may rely on the trading expertise and experience of third-party managers or advisors, the identity of which may not be disclosed to investors
A Hedge Fund may involve a complex tax structure, which should be reviewed carefully.
A Hedge Fund may involve structures or strategies that may cause delays in important tax information being sent to investors.
A Hedge Fund may provide no transparency regarding its underlying investments (including sub-funds in a fund of funds structure) to investors. If this is the case, there will be no way for an investor to monitor the specific investments made by the Hedge Fund or, in a fund of funds structure, to know whether the sub-fund investments are consistent with the Hedge Fund’s investment strategy or risk levels.
A Hedge Fund may execute a substantial portion of trades on foreign exchanges or over-the-counter markets, which could mean higher risk.
A Hedge Fund’s fees and expenses-which may be substantial regardless of any positive return- will offset the Hedge Fund’s trading profits. In a fund of funds or similar structure, fees are generally charged at the fund as well as the sub-fund levels; therefore fees charged investors will be higher that those charged if the investor invested directly in the sub-fund(s).
Hedge Funds are not required to provide periodic pricing or valuation information to investors.
Hedge Funds and their managers/advisors may be subject to various conflicts of interest.

The above general summary is not a complete list of the risks and other important disclosures involved in investing in Hedge Funds and, with respect to any particular Hedge Fund, is subject to the more complete and specific disclosures contained in such Hedge Fund’s respective offering documents. Before making any investment, an investor should thoroughly review a Hedge Fund’s offering documents with the investor’s financial, legal and tax advisor to determine whether an investment in the Hedge Fund is suitable for the investor in light of the investor’s investment objectives, financial circumstances and tax situation.

All performance information is believed to be net of applicable fees unless otherwise specifically noted. No representation is made that any fund will or is likely to achieve its objectives or that any investor will or is likely to achieve results comparable to those shown or will make any profit at all or will be able to avoid incurring substantial losses. Past performance is not necessarily indicative, and is no guarantee, of future results.

The information on the Site is intended for informational, educational and research purposes only. Nothing on this Site is intended to be, nor should it be construed or used as, financial, legal, tax or investment advice, be an opinion of the appropriateness or suitability of an investment, or intended to be an offer, or the solicitation of any offer, to buy or sell any security or an endorsement or inducement to invest with any fund or fund manager. No such offer or solicitation may be made prior to the delivery of appropriate offering documents to qualified investors. Before making any investment, you should thoroughly review the particular fund’s confidential offering documents with your financial, legal and tax advisor and conduct such due diligence as you (and they) deem appropriate. We do not provide investment advice and no information or material on the Site is to be relied upon for the purpose of making investment or other decisions. Accordingly, we assume no responsibility or liability for a ny investment decisions or advice, treatment, or services rendered by any investor or any person or entity mentioned, featured on or linked to the Site.

The information on this Site is as of the date(s) indicated, is not a complete description of any fund, and is subject to the more complete disclosures and terms and conditions contained in a particular fund's offering documents, which may be obtained directly from the fund. Certain of the information, including investment returns, valuations, fund targets and strategies, has been supplied by the funds or their agents, and other third parties, and although believed to be reliable, has not been independently verified and its completeness and accuracy cannot be guaranteed. No warranty, express or implied, representation or guarantee is made as to the accuracy, validity, timeliness, completeness or suitability of this information.

Any indices and other financial benchmarks shown are provided for illustrative purposes only, are unmanaged, reflect reinvestment of income and dividends and do not reflect the impact of advisory fees. Investors cannot invest directly in an index. Comparisons to indexes have limitations because indexes have volatility and other material characteristics that may differ from a particular hedge fund. For example, a hedge fund may typically hold substantially fewer securities than are contained in an index. Indices also may contain securities or types of securities that are not comparable to those traded by a hedge fund. Therefore, a hedge fund’s performance may differ substantially from the performance of an index. Because of these differences, indexes should not be relied upon as an accurate measure of comparison.