Contributing Editor Hamlin Lovell Production Editor Kitty Sparks Publisher Rod Sparks Printing Stephens & George
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Editor’s Letter ISSUE 153
O
ur Tomorrow’s Titans report on “rising star” managers, along with our UCITS Hedge Awards and our CTA and Discretionary Trader Awards, continue to showcase interesting and innovative
managers. Our awards have recognised managers such as Vienna-based SMN, which runs a trend following CTA that has outperformed partly due to niche exchange listed commodity exposure, and Finland-based Olympus Halti, which runs a very distinctive short term FX trading strategy trading around economic data release and policy statements. Also in the shorter-term space, veteran Chicago-based CTA, Eckhardt Trading Company, continues to innovate, diversify its strategy mix and deliver award-winning performance.
INFORMING THE HEDGE FUND COMMUNITY ISSUE 153
Tomorrow’s Titans 2023
Fifty rising stars
Martin Fund Management
Capturing outsized commodity moves
Aspect Capital Marking 25 years
Asset Management Credit Alpha
Sona
Dave Fishwick’s Episode strategy is one of the longest running global macro strategies available in UCITS format, and he tactically capitalized on the regime shift in 2022. Another long running UCITS fund is Jupiter Merian Global Equity Absolute Return, which we have covered over the years through three corporate incarnations: Old Mutual, Merian and now Jupiter.
Tomorrow’s Titans has identifi ed newer managers such as Brian Finn, whose small cap value approach is inspired by behavioural fi nance and selectively uses activism. The report has also tapped into buoyant fund launch activity in Asia, though not all managers based there invest locally. John Qiu of Orlog Capital in Hong Kong has identifi ed deep value in selected Chinese equities including oil and technology names, whereas Hai Wei of Jungle Gene specifi cally avoids Chinese stocks and is mainly focused on longer term holdings in the US and Europe, meeting criteria including a sustained and technological advantage. Misha and Sasha Sanwal of Millingtonia Capital in India are focused on digital and technological transformation stories in their country.
The 2023 edition of Tomorrow’s Titans also highlighted managers in under-followed strategies such as Cellyant Capital Management’s securities fi nancing arbitrage strategy, which is probably closer to pure textbook arbitrage than most other “arbitrage” strategies we have seen.
Recent profi les have included two very different managers with multi-decade track records who use option structures to create a distinctive return and risk profi le. RPD Fund Management, whose CIO Ahmet Okumus was fi rst interviewed in this publication in 2007, uses short option positions to express fundamental long and short views on valuation extremes in equities, while Martin Fund Management uses option structures to capture outsized moves in commodities.
We maintain a dialogue with allocators as well. We regularly cover the FERI Hedge Fund Day, which showcases four hedge fund managers around the globe. Also in Germany, last year we profi led Prime Capital, which runs a fl agship product allocating to many of the largest multi-strategy funds in the US. This year we have featured AlphaBee Capital, which seeks out niche and less scalable relative value strategies.
Selected service providers also warrant deeper examination. Orbisa is providing actionable intelligence on security lending globally for equity and fi xed income markets. QB (Quantitative Brokers), which we interview for the second time, continues to innovate its specialist execution technology and models.
Hamlin Lovell Contributing Editor
1
153 | SEP/OCT 2023
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