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HSBC 20100115

HSBC 20100115

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Published by: zerohedge on Jan 19, 2010
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06/20/2013

 
 Alternative Investment Group
Weekly Update
1 of 8
15 January 2010
New fund launches
Jupiter Absolute Return Fund
The Jupiter Absolute Return Fund was launched Dec. 14, 2009 with assets of £250m. This is the UCITS IIIversion of the Hyde Park Fund, which was launched in February 2000. Both products are run by Phillip Gibbswho focuses on European financials and stocks. While the UCITS III version is similar, the portfolioconstraints are tighter than for the Offshore Fund. Liquidity is daily and the fees are 1.25% and 15%.
PF Moore, Ltd.
PF Moore is a European Equity Long/ Short Fund launched on Dec. 1, 2009 and it is part of the MooreCapital platform. The Fund is run by Paul Findley who previously managed the Threadneedle UK CrescendoFund for seven years. During his tenure with the Fund, asset size peaked at $1b. He generated anannualised return of 16% with a volatility of 7%. His co-Portfolio Manager is Steve Hewitt, who is also fromThreadneedle. The Fund pursues a bottom up, fundamentally driven research process with a bias towardsthe short book when market conditions dictate. The liquidity terms are monthly with 60 days notice and thefees are 2% and 20%.
RWC Biltmore Fund
The RWC Biltmore Fund was launched Oct. 1, 2009 and is managed by Mike Corcell, who previously ran theThreadneedle US Crescendo Fund for five years. The Biltmore Fund follows a Long/ Short US large capstrategy running along the same lines as the manager's previous fund, which generated an annual return of 19.1% and a Sharpe ratio of 1.9 during his tenure. The Fund’s AUM are $276m and the redemption termsare monthly with 30 days notice. Management and performance fees are 1.5% and 20%. The group alsolaunched a UCITS version of the Fund on Oct. 1, which follows the same strategy. This product has AUM of $251m and offers daily liquidity/pricing. The Fund has a hurdle of Euribor with a fee structure of 2% and 20%.
 
 Alternative Investment Group
Weekly Update
2 of 8
Re-Openings / New Ideas / Other 
Silver Point Capital Offshore
Silver Point is a long biased credit/distressed fund that was launched in 2002 by former Goldman Sachspartners Ed Mule and Bob O’Shea. Following a difficult 2008 the Managers have refocused the portfolio onmore liquid investments and created side pockets for existing illiquid holdings. New investors will notparticipate in the side pockets. The Fund now offers liquidity terms of annual rolling liquidity with a 15%quarterly fund level gate. The Fund rebounded approximately 40% in 2009 and has generated annualizedreturns since inception of 11.40% with volatility of 9.75%. The fees are 2% and 20%.
Two Sigma Compass
Two Sigma was founded in 2001 by David Siegel and Mark Pickard from Tudor and John Overdeck from D.E.Shaw. The Compass Fund is the latest product offering from the Group which provides access to TwoSigma’s Futures and FX strategies, which have been traded as a subset of the Two Sigma Eclipse and TwoSigma Spectrum funds. The Fund offers two versions, a Standard product targeting 15% volatility and anEnhanced version which is run at two times leverage and targets 30% volatility. The terms are monthly with15 days notice and the fees are standard at 2% and 20%.
Prologue Capital
Prologue is a global fixed income relative value fund which was launched in late 2005. There are two mainpartners, David Lofthouse and Graham Walsh, supported by a staff of 20 professionals. The team tradesliquid government bonds, predominantly in the United States. The Manager offers quarterly liquidity with 80days notice; in addition, a maximum of 25% of holdings may be redeemed on a monthly basis with aminimum of 45 days notice. This 25% is available over a six month period commencing on January 1 andJuly 1, and is computed based on each shareholding/partnership interest at these dates.. There is a soft lock,with a redemption fee of 2% if a holding is redeemed in the first 12 months. Other fees include amanagement fee of 2%, and a performance fee of 20%, which is taken quarterly subject to a high water mark.
Artha Emerging Markets Fund
 Artha Capital Management was established in May 2002 by former Morgan Stanley long only EM managersJaideep Khanna and Michael Schwabe. The Fund is an Emerging Market Equity Fund that invests across theemerging market countries including China, India, Mexico, Brazil, South Africa and Russia. The Fund’sapproach is both top down and bottom up, focused on fundamental research. They have annualized 17%since inception with 10% volatility. The terms of the Fund are Quarterly with 60 days notice. Newinvestments are subject to a one year soft lock-up with a 3% fee. The Fund reserves the right to impose a25% fund level gate. The management and incentive fees are 2% and 20%.
Pershing Square International
The Fund opened a new share class in June 2009, which offers investors quarterly liquidity upon 65 daysnotice, subject to a 12.5% investor level gate. Pershing Square is a global equity event-driven activist fund.The Fund’s founder, Bill Ackman, employs a strategy that involves building stakes in companies and thenusing those stakes to influence companies to make decisions that allow the fund to reap high gains. The feesare 1.5% and 20%.
 
 Alternative Investment Group
Weekly Update
3 of 8
CQS ABS Feeder Fund
The terms of the CQS ABS Fund will change as of Jan 1, 2010. The new terms will be Quarterly with 90 daysnotice and a one year soft lock with a 4% fee for early redemptions within the first year. The fees remain 2%and 20%. The ABS fund was launched in late 2006. AUM at launch were $60m, as of October 2009 theFund has AUM of $487m. The Portfolio Managers, Alistair Lumsden and Steve Swallow, invest through afundamental and quantitative framework in asset backed securities.
Occam Global Emerging Markets UCITS III Fund
Occam Asset Management was founded in 2007 by Jonathan Hughes Morgan and David Shepperd.Jonathan was formerly director and co-founder of Thames River Capital and David was previously head of pan-European sales and trading at SG Corporate & Investment Banking. The company is managing $300m,including $100m in this UCITS compliant fund. The Emerging Markets team is led by Eoghan Flanagan, whowas co-founder of the Thames River Nevsky Fund. The Fund is an emerging markets long/short equitystrategy, investing mainly in large caps across the emerging markets. The Fund has a discretionary one year soft lock subject to a 3% fee; otherwise they provide daily liquidity with one business day notice. Fees are1.75% and 20%.
Pacific Alliance Asia Opportunity Feeder Fund II
The Pacific Alliance Group was founded by Chris Gradel and Horst Geicke in 2002. The Fund is a Pan-AsiaFund, although it is biased towards Greater China, which invests in distressed, special situations andarbitrage strategies. Currently the Fund is managing $1.2Bn. The strategy and geographic mix of investments will vary over time depending on the relative attractiveness of opportunities. Given the nature of the universe the Fund is predominantly long-only and has historically used little or no leverage. Newinvestments are subject to a 1-year hard lock after which redemptions can be made on a quarterly basis with6-months notice. There is a 12.5% quarterly gate and the fees are 2% and 20%.

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