13 Jun 2011
Glendevon King Global Fund SICAV-SIF, managed by independent fixed income boutique Glendevon King Asset Management, has posted returns of 1.26% in May and 2.38% in April respectively.
The fund’s positive returns are in significant contrast to the gloomy performance of the hedge fund industry. The average hedge fund lost 1.39% in May according to preliminary data from Hedge Fund Research. Paulson & Co, the world’s third-largest hedge fund, lost far more, dropping nearly 6% in the value of its flagship fund.
According to Fund Manager Nicola Marinelli, the fund’s performance was driven by positive contributions from every asset class and strategy; particularly strong were the performances of the interest rate and equity strategies.
Additionally, the fund has reduced its exposure to high yield bonds - the only high yield bonds that it currently has in position are based in the Nordic countries, in line with its Nordic Exposure strategy, and are mostly oil-related firms.
In the convertible space, the fund has small positions that are performing well, like Silic. Because of the current soft credit and equity markets, and the reluctance of some large real money accounts to analyse new files, the pricing power on both high yield & convertible bond new issues are now favourable to investors again. Marinelli is of the view that they will be able to pick interesting assets in the next few weeks, even if their holding period could be short.
The fund, which was launched in October 2010 and is domiciled in Luxembourg, aims to generate positive returns with lower volatility in every type of market situation with an innovative multi-asset and long/short approach. The fund and its sub-funds are available to European bond investors in the following currencies: Euro, USD, GBP, CHF.
Marinelli has recently been recognised as a rising star of private client wealth management by Private Asset Managers. This recognition reflects Nicola’s critical role in designing and implementing the multi-asset long-short strategy which enables the fund to generate attractive absolute returns.
The fund’s positive returns are in significant contrast to the gloomy performance of the hedge fund industry. The average hedge fund lost 1.39% in May according to preliminary data from Hedge Fund Research. Paulson & Co, the world’s third-largest hedge fund, lost far more, dropping nearly 6% in the value of its flagship fund.
According to Fund Manager Nicola Marinelli, the fund’s performance was driven by positive contributions from every asset class and strategy; particularly strong were the performances of the interest rate and equity strategies.
Additionally, the fund has reduced its exposure to high yield bonds - the only high yield bonds that it currently has in position are based in the Nordic countries, in line with its Nordic Exposure strategy, and are mostly oil-related firms.
In the convertible space, the fund has small positions that are performing well, like Silic. Because of the current soft credit and equity markets, and the reluctance of some large real money accounts to analyse new files, the pricing power on both high yield & convertible bond new issues are now favourable to investors again. Marinelli is of the view that they will be able to pick interesting assets in the next few weeks, even if their holding period could be short.
The fund, which was launched in October 2010 and is domiciled in Luxembourg, aims to generate positive returns with lower volatility in every type of market situation with an innovative multi-asset and long/short approach. The fund and its sub-funds are available to European bond investors in the following currencies: Euro, USD, GBP, CHF.
Marinelli has recently been recognised as a rising star of private client wealth management by Private Asset Managers. This recognition reflects Nicola’s critical role in designing and implementing the multi-asset long-short strategy which enables the fund to generate attractive absolute returns.
