AC Tiger Value Fund Approaches 10 Years | Pocketmags.com

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AC Tiger Value Fund Approaches 10 Years

Long/short European equities with a twist
Marc Schädler Portfolio Manager and Co-Founder, Tiger Asset Management
Peter Irblad Head of Research, Tiger Asset Management
Matthias Rutsch Portfolio Manager and Co-Founder, Tiger Asset Management
Manfred Schraepler Head of Financial Assets, Aquila Capital

After many years playing the role of Cinderella, European equities began to get net inflows in 2017. The asset class is amongst the least efficient global equity markets, with a higher proportion of active long-only managers outperforming indices than in other regions. Small and mid-cap stocks in Europe may exhibit even greater inefficiency, given little or no sell side analyst coverage, and limited buy side following. The AC Tiger Value Fund, which is available on Aquila Capital’s Associated Manager Platform, is a long/short AIF strategy mainly trading small and mid-cap stocks, which have outperformed the broad, large cap dominated, indices since 2009.

Alpha and asymmetry

The past eight years of rising markets have provided some tailwind for any net long strategy. But the fund’s Investment Advisor – Tiger Asset Management – is not a beta jockey and nor does it use leverage to enhance returns. When The Hedge Fund Journal met with the fund in June 2017, the gross exposure was at 84% and the net long exposure was at 35%. The strategy has outperformed the long only equity indices with low gross exposure, low net exposure, moderate volatility and low market correlation. The AC Tiger Value Fund has annualised at over 11% while maintaining volatility below 7%, as shown in Fig.1.

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About The Hedge Fund Journal

Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.