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Opalesque NewManagers July 2012

Opalesque NewManagers July 2012

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Published by Peter Urbani
Emerging Managers Monitor
Emerging Managers Monitor

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Published by: Peter Urbani on Jul 25, 2012
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New Managers
| Opalesque’s Emerging Manager Monitor - July 2012
1
ISSUE 07 • July 2012
 
Opalesque’s Emerging Manager Monitor
ISSUE 01 • September 2011
 
ISSUE 07 • July 2012
2Q&A
Rachel Minard: How to avoid the kiss of death when trying to raiseassets
GUEST ARTICLE
Diane Harrison: It takes a village to raise a hedge fund
SERVICERS’ SPOT
IMS: New funds must not be disheartened by the regulatory challenges
LAUNCHES
 A recapitulation of maiden launches and related developments in lateJune and July 2012 so far.
PERSPECTIVES
Recent views and findings of interest to new hedge fund managers.
PROFILES
Three emerging hedge fund managers speak to New Managers abouttheir funds: K.D. Angle of Angle Capital, Pace Goldman of Silvercoveand Robert Robbins of everTrend.
EDITORIALEMANAGERS INDICES
June 2012 performance of Opalesque’s indices of emerging manager funds.
NEW FUNDS IN THE DATABASE
Funds that have recently joined Opalesque’s Emerging Managers Database.
PETER URBANI’ STATISTICS
Intra-Horizon Value at Risk
FUNDANA SERIES
 Are emerging managers becoming more and more experienced?
FOCUS
What emerging managers need to know: a review
47N SERIES
Death of a Salesman
356131725283133352337
 
New Managers
| Opalesque’s Emerging Manager Monitor - July 2012
2
ISSUE 07• July 2012
Welcome to the July/August 2012 issueof New Managers, Opalesque’s monthlymonitor of emerging – and re-emerging –hedge fund managers.In
Statistics
, Peter Urbani discuses Valueat Risk; this risk measurement methodol-ogy is inadequate for measuring longer-term risks, he says, since it does not takeinto account the “intra-horizon risk.”
Fundana
series asks whether emerging managers are in fact moreexperienced now than they were before 2008, and concludes thatindeed they are, which is just as well since the current market is alittle harder to navigate and requires therefore more experience. Our
Focus
section reports from IBC’s recentHedge Fund Startup Forum,giving a comprehensive roundup of what new managers need to knowbefore starting. The
47N
series outlines some hopefully helpful hintson how salespeople for early-stage funds can avoid the pitfalls of theinitial pitch to investors, in an aptly-named article entitled “Death ofa Salesman.” Two hedge fund veterans, authors and marketing firmowners warn emerging managers against complacency and urge themto run the extra mile; Rachel Minard speaks to Opalesque in
Q&A 
,and Diane Harrison supplies a
Guest Article
. Peter Moore, head ofcompliance and regulation for the IMS Group, advises new managersto not lose faith when faced with regulatory and compliance require-ments in
Servicers’ Spot
.Then we have the usual recapitulation of recent maiden
Launches
 and a review of the latest views and findings in
Perspectives
.Finally, in
Profiles
, three emerging fund managers describe their newfund. K.D. Angle of Angle Capital and Robert Robbins of everTrendtalk about their CTA programs and Pace Goldman of Silvercove abouthis multi-strategy fund.I hope you enjoy our seventh issue of
New Managers 
.Please, do contact me if you have any related news.Benedicte GravrandEditorgravrand@opalesque.com 
Past issues of New Managers can be found here:www.opalesque.com/Archive-New-Managers.html
Benedicte Gravrand
Opalesque New Manager is edited by 
Benedicte Gravrand.
Based near Geneva, Benedicte also writes exclusive stories and special reports for Opal-esque’s daily hedge fund publication, the Alternative Market Briefing (AMB),and occasionally moderates Opalesque Roundtables. Benedicte is perfectly bilingual (French/English) and has lived in Paris, Geneva and London. She obtained a BA (Honours) in Philosophy from the University of London, worked in the publishing sector, the hedge fund industry and joined Opalesque in 2007.
Editorial
 
New Managers
| Opalesque’s Emerging Manager Monitor - July 2012
3
ISSUE 07 • July 2012
Emerging manager hedge funds and managed futures funds had a strongmonth of June, according to a first estimation based on the data of 304funds listed in Opalesque Solutions’ Emanagers database.
The Emanagers Total Index
gained 0.9% last month and is up 2.84% forthe year 2012. Estimates for May and April were corrected to -0.42% and-0.75% respectively. Since inception in January 2009, the index postedcompounded returns of 61.3% and outperformed both the global stockmarket and hedge fund indexes.Over the last 12 months, the index lost 0.22% in 7 negative and 5 positivemonths, and outperformed the Eurekahedge Hedge Fund Index (-3.06%)and the MSCI World Index (-7.17%).Hedge funds performed slightly better in June than managed futuresfunds. The
Emanagers Hedge Fund Index
gained 1.03% (+3.83% YTD) ,while the
Emanagers CTA Index
gained 0.66% (-0.45% YTD). .Hedge fund strategies posted mixed results in June: Global macro fundsperformed best (+2.72%), followed by equity L/S (+1.06%) and event-driven funds (+0.79%). Losing strategies were equity long-bias (-0.83%),relative value (-0.33%) and multi-strategy (-0.31%).Year-to-date, all hedge fund strategies are up and gained between 8.56%(event-driven) and 0.74% (equity long-bias).
Emanagers Total Index up 0.9% in June (+2.84% YTD)Emanagers Indices

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