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Finisterre Emerging Markets Macro UCITS Strategy

Liquid, risk-controlled, EM & DM macro investing

HAMLIN LOVELL

Finisterre’s emerging markets macro UCITS strategy won The Hedge Fund Journal’s UCITS Hedge award for best risk-adjusted returns over a three-year period ending in 2016, in the emerging market macro category. Finisterre was founded in 2002 and the firm, which runs approximately $3 billion and belongs to The Hedge Fund Journal’s “Europe 50” ranking of the largest 50 hedge fund managers in Europe (including the UK), launched the UCITS in 2013. Its investment objective is to generate absolute returns, while controlling volatility, within a robust risk framework. While Finisterre does run separate long-biased EMD strategies, the macro UCITS strategy has no long bias nor any requirement to generate positive carry. It can be net short, and/ or can run with negative carry. For most of its history since 2013, the strategy has stayed within a relatively narrow range of interest rate, and credit spread, sensitivity as shown in Fig.1.

Interest rate and credit spread sensitivity

Like all Finisterre strategies, the macro UCITS employs an active and unconstrained investment approach, and for this strategy benchmarks or indices are not relevant. Thus the strategy has a broader, and more flexible, mandate than some emerging markets UCITS strategies. It employs a dynamic and opportunistic mix of long, short and relative value trades, taking views on individual countries’ government bond, interest rate, currency and occasionally equity, markets, in both emerging and developed economies.

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