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This month’s key industry stories

BlueBay launches Cayman addition to macro strategy

BlueBay Asset Management LLP, one of Europe’s largest specialist active managers of fixed income, has launched a Cayman version of its successful BlueBay Global Sovereign Opportunities Fund (UCITS) in response to client demand. The new fund is a discretionary global macro strategy investing in interest rates, currencies and sovereign credit across global markets, aimed at hedge fund investors. The fund seeks to achieve an annual net return of cash plus 5-7% over the full investment cycle, with an expected volatility of 8%. BlueBay launched its UCITS macro strategy in December 2015, with Russel Matthews as the lead portfolio manager in a management team including Mark Dowding, Mark Bathgate and David Dowsett. The UCITS fund now invests US$524m (as at 20 July 2017) for global investors and has returned 19.00% (gross) since inception (22 December 2015).

Speaking about the Fund, Russel Matthews, said: “This strategy represents the best of BlueBay in government bonds and FX and takes an unconstrained approach to capturing macro opportunities in developed and emerging markets. The strategy is agnostic about whether markets go up or down, the Fund should deliver strong returns in all environments. In an uncertain world, macro-economic and social change continues to drive market dislocation. We are especially focussed on understanding and evaluating the impact of policy and politics on markets and believe that these drivers will continue to present rich investment opportunities.”

Barclay Hedge Fund Index rises 1.11% in July: seven consecutive winning months

Hedge funds gained 1.11% in July according to the Barclay Hedge Fund Index compiled by BarclayHedge. The index has risen every month this year and is up a cumulative 5.48% for 2017.

“July was another winning month for the hedge fund industry as the S&P 500 and the NASDAQ both rose to new all-time highs,” said Sol Waksman, founder and president of BarclayHedge. “Market conditions have been ideal for steady gains across all market segments.”

Emerging Markets continued their recent strong run and led all sectors with a gain of 2.65% in July. Pacific Rim Equities posted their best performance of the year with a gain of 2.12% and Technology, which is the top performer for the year to date, was up 1.72%. Overall, 16 of 17 sub-indices showed gains in July with only European Equities down a scant 0.22%. Equity Market Neutral, Convertible Arbitrage, Merger Arbitrage, and Multi Strategy were all positive for the month but showed gains of less than 0.5%.

For the year, all sub-indices are now on positive ground. The top performers are Technology at 13.22%, Healthcare & Biotechnology with a 12.57% gain, and Emerging Markets up 10.96% while laggers are Equity Market Neutral at 0.92%, Global Macro at 0.94% and Distressed Securities at 1.80%.

“July was more of the same for the hedge fund industry,” said Waksman. “The same sectors continue to lead and returns were positive, but not spectacular. All in all, 2017 has been a good year for hedge funds and investor interest seems to be on the rise again.”

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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.