DOCSLIB.ORG

Fifty Leading Women in Hedge Funds 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Fifty Leading Women in Hedge Funds 2019 FIFTY LEADING WOMEN IN HEDGE FUNDS 2019 IN ASSOCIATION WITH his is our seventh 50 Leading Women developed the first two corporate governance in Hedge Funds report. In an funds in emerging markets. Previous reports encouraging sign of the times, last have featured women from CIAM (Catherine year – after running it as a biennial Berjal); Cevian Capital (Friederike Helfer); Ides Tevent since 2010 – we took the decision that it Capital (Dianne McKeever) and Blue Harbour should be annual. Group (Tanisha Bellur and Lauren Taylor Wolfe, who has now launched her own firm, Impactive Just two of the women have featured in previous s the leading global provider of Capital, with seeding from pension fund reports. One nominee appears because she services to alternative funds CalSTRS). For the first time, we feature a Head has had a significant promotion; the other worldwide, EY is once again of ESG Engagement, at Third Point, and this is has moved to a larger company. Many of the proud to sponsor the 50 Leading likely to be a growing trend. Women have held WomenA in Hedge Funds report and to firms here: The Baupost Group; Bridgewater senior positions in corporate governance for at recognize this accomplished group of Associates; BlueMountain Capital Management; least 20 years, and the profile of these roles is women who are making their mark in the Capital Fund Management; Citadel; D. E. Shaw; industry. We congratulate all the honorees now rising. EY; GAM Systematic Cantab; Man Group; who have been selected by The Hedge Fund Maples Group; Pictet Asset Management; Journal – impressive and inspiring women Alternative credit managers have been Point72 and Simmons & Simmons are recurring who are leading by example. growing assets faster than most hedge fund fixtures because such companies are hiring managers, and we have started to receive more and promoting more women into senior roles. At EY, we have a steadfast commitment nominations for women working in private Companies featuring for the first time include: to diversity and inclusiveness and debt: we include Kirsten Bode from Muzinich in creating a culture where all people can Balyasny; BNP Paribas; Cartica Management; this report. experience a sense of belonging. This is Caxton Associates; Citco Fund Services (US) Inc; fundamental for building transformative Millennium Management; Third Point; Yaupon leaders to serve our clients and lead in our This report and the associated events are, of Capital Management LP and Wincrest Capital. communities. Diversity and inclusiveness course, partly a public relations exercise to is an important journey that we are proud attract more suitably qualified women to apply It is apt that EY is sponsoring the report to be on – one that creates innovation for jobs. Four HR professionals feature in as professional services firms appear to be and growth by maximizing the power of this report, and interestingly they have made leading the way in terms of gender equality. different perspectives. We hold our status horizontal career transitions into HR (which is in the DiversityInc Top 50 Hall of Fame in Approximately 50% of EY’s trainee intake and dubbed business development at one firm) from the highest regard and are committed to 30% of its partners are now women. At law firms continual progress. Foremost, we know prior roles in four different areas: legal; equity the trainee intake is similarly evenly balanced. that an inclusive culture that values our analysis; investment and prime brokerage sales. This report includes lawyers from Simmons people’s unique perspectives is critical to & Simmons in London, Matheson in Dublin, drive quality and innovation – and a better In the broader investment and alternatives and Maples in Cayman and London, where the working world for all of us. industry, there are also positive signs of London office joint managing partner is now imbalances being redressed. Over 50% of those Please join us in recognizing and Heidi de Vries. taking the CFA exam in China are now women, congratulating these 50 truly exceptional and indeed the CFA Institute will very soon, women – not because they are women, These percentages are generally much lower but because they exemplify success and and for the first time, be helmed by a woman, in the hedge fund industry, but there are some leadership, and are a beacon to those who Margaret Franklin (formerly of BNY Mellon). encouraging signs of change. For instance, 40 follow in their footsteps. The CAIA Association is led by Bill Kelly, but per cent of the 49 people in Point72’s Summer it has many women in senior roles, including Academy class of 2019 are women. In the full its regional leaders in Asia and Europe. Trade time Academy class, they represent 25 per cent associations as well have women in senior of the 36 recruits. than investment or portfolio manager, so tallies roles: AIMA’s local leaders in the US and Canada based on the latter label will overlook many. are women. As women appear to be most under- represented in quantitative and technology- Headhunters have brought it to our attention The standard disclaimer applies. This report is oriented roles, we have made a special effort that data scientists are red hot right now. The not a ranking per se, but rather a selection of to prioritise success stories from firms quants are the only women in this report who examples of senior women intended to inspire including: Capital Fund Management; GAM have doctorates. The deficit of women in STEM others. Many of those omitted from this report Systematic Cantab; Man Group; Millennium (life sciences apart) is partly due to educational are worthy candidates and may well feature in Management, Systematica Investments and choices typically made in teenage years. Many future reports. We have also received a large Tudor Investments Corporation, where the firms that have featured in these reports over number of nominations for women who do not CTO is notably a woman. (Women may be even the years have developed initiatives designed to yet seem quite senior enough, but they could more under-represented in the technology help girls catch the maths and computing bugs. well “graduate” to leading women status quite industry than in finance, according to some soon as they ascend the career ladder. Many estimates). It is worth noting that investment Women are also under-represented in activist female portfolio managers running very small professionals working in systematic and investing, but we continue to find new names amounts of money (sometimes outside a fund or quantitative firms may sometimes have job here. This report features two from Cartica corporate structure) could also be considered if titles such as “researcher” or “scientist” rather Capital, whose co-founder, Teresa Barger, they grow assets, form or join a firm. 2 Emily Alejos Ella Hoxha Managing Director and CIO, Cartica Management, LLC, Washington, DC Senior Investment Manager, Global Bonds Team, Pictet Asset Management, London Elizabeth Appleford Head of Human Resources, Marshall Wace, London Margaret Jones Principal and Portfolio Manager, Taconic Capital Advisors, New York Teresa Barger Co-Founder and CEO, Cartica Management, LLC, Washington, DC Harjit Kaur Co-Head, Funds & Investment Management, Maples Group, London Barbara Ann Bernard Founder, CIO, Wincrest Capital, Bahamas Megan Kelly Senior Trader, The Baupost Group, Boston Claudia Bertolino Managing Director and Global Head of Business Development, Citco Fund Annie Lerner Services (USA) Inc, New York Chief Financial Officer, PSAM, New York Jennifer Blake Marina Lutova Meyers Managing Director and Global Head of Business Development, Balyasny Portfolio Manager and Head of Fundamental Relative Value Credit, Asset Management, Chicago Citadel, New York Kirsten Bode Erin Miles Co-Head Private Debt, Pan-Europe, Muzinich & Co., Zurich/London Research Team Lead, Bridgewater Associates, Connecticut Giuliana Bordigoni Jessica O’Mary Head of Alternative Markets, Man AHL, London Partner, Ropes & Gray, New York Jessica Bowden Archana Parekh FIC Business Manager, Millennium Management, New York Portfolio Manager, Millennium Management, Singapore Michelle Brouhard Gwyneth Rees Partner and Head of Commodities, Yaupon Capital Management LP, New Partner, Funds & Investment Management, Maples Group, Cayman York Islands Soraya Chabarek Michelle Ridge Global Head of Distribution and Business Development, CQS, London Asset Management and Investment Funds Partner, Matheson, Dublin, Ireland Julie Chang Managing Director and COO, Balyasny Asset Management, Asia offices, Dava Ritchea Hong Kong CFO, Partner, BlueMountain Capital Management, New York Nadia Cobalovic Alyson Rodriguez Head of Relationship Management, Americas, Northern Trust, Chicago FICC Sales and Relationship Management, Citadel Securities, London Deborah Cohen Malka Miriam Roiter Managing Director, AlbaCore Capital, London Managing Director, CTO, Tudor Investment Corporation, Stamford, Connecticut Sarah Crabb Managing Associate (Financial Services – Funds), Simmons & Simmons LLP, Virginie Saade London Head of Government and Regulatory Policy for Europe, Citadel, London Sarah Davidoff Dr Camilla Schelpe Partner, Ropes & Gray, New York Senior Scientist, GAM Systematic Cantab, Cambridge, UK Elissa Doyle Tess Shih Chief Communications Officer and Head of ESG Engagement, Third Point Executive Director, Investor Relations, Capital Fund Management, New LLC, New York York Marianna Fassinotti Julie Siegel Managing Director, The D. E. Shaw Group, London
Load more

Recommended publications
  • Dartmouth College Tuck School of Business
    Dartmouth College Tuck School of Business RECRUITMENT AND SCHOLARSHIPS/FELLOWSHIPS What programs and initiatives has your school found successful in the recruitment of minority and/or female students? Achieving a diverse student body is critical in a globalized world where business demands that different voices, approaches and opinions are heard. The Tuck admissions office goes to great lengths to attract, select and matriculate a class of students to bring a variety of perspectives to the classroom and to student life. Our global business perspective means that we value differences—cultural, historical and social. Understanding the spectrum of experience and outlook is essential for leaders who will manage diverse work forces. Ensuring that everyone feels comfortable in the Tuck community accomplishes more than harmony; it improves the learning process. It is a critical component of our leadership development and it starts with the admissions process. The school competes at the highest levels on key factors that are important to all students, such as the talent and prestige of faculty, career opportunities for graduates and depth and breadth of curriculum. Yet Tuck also differs from other top business schools in important ways that reflect the values of diverse groups including our focus, personal scale, emphasis on group learning and teamwork and the extraordinary levels of involvement and support we receive from our alumni family. Each year, Tuck admissions undertakes a wide variety of initiatives to attract a diverse group of applicants and enroll a diverse class. These initiatives include mailings to women, minority and international prospective students; receptions and meetings around the world for prospective students; participation in the Consortium for Graduate Study in Management; the minority and alumnae mentor programs; inviting admitted students to conferences, alumni events and the admitted student weekend in April; and organizing faculty, students and alumni to contact admitted students.
    [Show full text]
  • Value, Caution and Accountability in an Era of Large Banks and Complex Finance*
    2011-2012 BETTING BIG 765 BETTING BIG: VALUE, CAUTION AND ACCOUNTABILITY IN AN ERA OF LARGE BANKS AND COMPLEX FINANCE* LAWRENCE G. BAXTER** Abstract Big banks are controversial. Their supporters maintain that they offer products, services and infrastructure that smaller banks simply cannot match and enjoy unprecedented economies of scale and scope. Detractors worry about the risks generated by big banks, their threats to financial stability, and the way they externalize costs of operation to the public. This article explains why there is no conclusive argument one way or the other and why simple measures for restricting the danger of big banks are neither plausible nor effective. The complex ecology of modern finance and the management and regulatory challenges generated by ultra-large banking, however, cast serious doubt on the proposition that the benefits of big banking outweigh its risks. Consequently, two general principles are proposed for further consideration. First, big banks should bear a greater degree of public accountability by reforming certain principles of corporate governance to require greater representation of public interests at the board and executive levels of big banks. Second, given the unproven promises of performance by big banks, their unimpressive actual record of performance, and the many hazards they inevitably generate or encounter, financial regulators should consciously adopt a strict cautionary approach. Under this approach, big banks would bear a very heavy onus to demonstrate in concrete terms that their continued growth – and even the maintenance of their current scale – can be adequately managed and supervised. * © Lawrence G. Baxter. ** Professor of the Practice of Law, Duke Law School.
    [Show full text]
  • The Development of the City of London As a Representative Body
    The development of the City of London as a representative body Paper given by Mark Boleat at Guildhall Historical Association, 20 January 2014 The City of London Corporation has the functions of a local authority in the Square Mile, but it is heavily involved in many other areas including arts and culture, open spaces, private education, food markets, the judiciary, policing and State events. The City Corporation also has a representative role for “the City”, a shorthand expression for the UK’s financial services industry. This role involves setting out the City position and seeking to influence public policy in the UK, Europe and globally. Why the City Corporation is involved in non-local authority functions is bound up in history, and partly reflects the financial resources at its disposal. This paper seeks to explain why and how the City has come to exercise its representative role. The representative role today It is helpful briefly to set out the nature of the City Corporation’s current representative role, before beginning to analyse how that role developed. The work today includes – The Lord Mayor’s overseas programme, which is largely promotional although there is some representative work on policy issues. This also applies to the Lord Mayor’s role in receiving foreign visitors. The Policy Chairman is involved in frequent meetings with politicians, think tanks and other opinion formers in the UK, and also on the international stage – in the EU, China, India and the US. The objective of this work is to influence policy, lobbying as some would call it.
    [Show full text]
  • Hany Farid [email protected]
    Hany Farid [email protected] APPOINTMENTS University of California, Berkeley 2019 – Professor, Electrical Engineering and Computer Sciences (50%) Professor, School of Information (50%) Member, Berkeley Artificial Intelligence Lab Member, Center for Innovation in Vision and Optics Member, Vision Science Program Dartmouth College, Department of Computer Science 1999 – 2019 Albert Bradley 1915 Third Century Professor 2016 – 2019 Professor 2011 – 2016 William H. Neukom 1964 Distinguished Professor of Computational Science 2008 – 2011 David T. McLaughlin Distinguished Professor of Computer Science 2007 – 2008 Professor 2006 – 2007 Associate Professor 2004 – 2006 Assistant Professor 1999 – 2004 Dartmouth College, Tuck School of Business 2016 – 2019 Adjunct Professor of Business Administration Dartmouth College, Neukom Institute for Computational Science 2008 – 2011 Director PROFESSIONAL AI Foundation 2019 – present Board of Directors & Global AI Council Center for Investigative Reporting 2020 – present Advisory Committee Counter Extremism Project 2016 – present Senior Advisor Cyber Civil Rights Initiative 2019 – present Advisory Committee Fourandsix Technologies, Inc. 2011 – 2018 Chief Technology Officer & Co-founder Human Rights Center, University of California, Berkeley, School of Law 2019 – present Advisory Board Office of the Prosecutor, International Criminal Court 2018 – present Technology Advisory Board TikTok 2020 – present Content Advisory Council Truepic, Inc. 2018 – present Senior Advisor & Board of Advisors EDUCATION Massachusetts Institute of Technology 1997 – 1999 Postdoctoral Fellow, Brain and Cognitive Sciences (advisor: Ted Adelson) University of Pennsylvania 1993 – 1997 Ph.D., Computer Science (advisor: Eero Simoncelli) State University of New York at Albany 1990 – 1992 M.S., Computer Science University of Rochester 1984 – 1988 B.S., Computer Science with Applied Mathematics AWARDS National Academy of Inventors (NAI), Fellow, 2016 John Simon Guggenheim Fellowship, 2006 Alfred P.
    [Show full text]
  • The Outlook Newsletter
    September 20, 2018 IN THIS ISSUE… Making Sense of the Changing Structure of What has changed in the U.S. Equity Markets U.S. equity markets? Why this is not your parents’ stock and bond market – Part II How is the investment landscape changing? “The underlying principles of sound investment should not alter from decade to What do these changes decade, but the application of these principles must be adapted to significant mean for investors? changes in the financial mechanisms and climate.” - Benjamin Graham, investor and professor widely acknowledged as the “father How is ARS addressing the of value investing” changes in the structure of the market? We have always viewed the markets as a medium of exchange, swapping dollars for shares of businesses understanding that the opportunity to build long-term capital lies in the discrepancy between the real worth of a business and its stock price as determined by the auction market. Our focus is to own a relatively small number of the best-positioned, best-valued companies in the market, and not the market itself. Investments are made in client portfolios with a view to holding them for the medium to longer-term believing The opportunity to build long- that these companies are the beneficiaries of the secular trends driving the term capital lies in the global economy. Before committing capital, our research must produce a discrepancy between the real clear picture of those investments that are deemed to offer the most cash worth of a business and its flow, assets and earnings for the fewest dollars invested.
    [Show full text]
  • Marshall Wace Ucits Funds Plc Annual Report and Audited Financial
    MARSHALL WACE UCITS FUNDS PLC ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2014 MARSHALL WACE UCITS FUNDS PLC AUDITED FINANCIAL STATEMENTS For the year ended 30 June 2014 TABLE OF CONTENTS PAGE COMPANY INFORMATION 2 - 4 DIRECTORS ’ REPORT 5 - 7 STATEMENT OF DIRECTORS ’ RESPONSIBILITIES 8 CUSTODIAN ’S REPORT 9 STATEMENT OF CUSTODIAN ’S RESPONSIBILITIES 10 INVESTMENT MANAGER ’S REPORT 11 - 12 INDEPENDENT AUDITORS ’ REPORT 13 - 14 STATEMENT OF FINANCIAL POSITION 15 STATEMENT OF COMPREHENSIVE INCOME 18 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 19 CASH FLOW STATEMENT 20 NOTES TO THE FINANCIAL STATEMENTS 21 - 55 SCHEDULE OF INVESTMENTS 56 - 80 ADDITIONAL INFORMATI ON 81 MARSHALL WACE UCITS FUNDS PLC COMPANY INFORMATION DIRECTORS Ronan Daly* David Hammond Linburgh Martin* Robert Bovet* All the Directors are non-executive Directors *Independent director REGISTERED OFFICE 33 Sir John Rogerson ’s Quay Dublin 2 Ireland Registration number : 465375 INVESTMENT MANAGER , PROMOTER Marshall Wace LLP AND DISTRIBUTOR 13 th Floor , The Adelphi Building 1-11 John Adam Street London WC2N 6HT England ADMINISTRATOR Citco Fund Services (Ireland) Limited Custom House Plaza , Block 6 International Financial Services Centre Dublin 1 Ireland CUSTODIAN J.P. Morgan Bank (Ireland) plc J.P. Morgan House International Financial Services Centre Dublin 1 Ireland PRINCIPAL COUNTERPARTIES Deutsche Bank AG London Winchester House 1 Great Winchester Street London EC2N 2DB England J.P. Morgan 10 Aldermanbury London EC2V 7RF England UBS AG 1 Finsbury Avenue London EC2M 2PP England 2 MARSHALL WACE UCITS FUNDS PLC COMPANY INFORMATION (Continued) PRINCIPAL COUNTERPARTIES (Continued) Barclays Bank plc 5 The North Colonnade Canary Wharf London E14 4BB England HSBC Bank Plc 8 Canada Square Canary Wharf London E14 5HQ England Citco Bank Nederland N.V.
    [Show full text]
  • 1. Gina Rinehart 2. Anthony Pratt & Family • 3. Harry Triguboff
    1. Gina Rinehart $14.02billion from Resources Chairman – Hancock Prospecting Residence: Perth Wealth last year: $20.01b Rank last year: 1 A plunging iron ore price has made a big dent in Gina Rinehart’s wealth. But so vast are her mining assets that Rinehart, chairman of Hancock Prospecting, maintains her position as Australia’s richest person in 2015. Work is continuing on her $10billion Roy Hill project in Western Australia, although it has been hit by doubts over its short-term viability given falling commodity prices and safety issues. Rinehart is pressing ahead and expects the first shipment late in 2015. Most of her wealth comes from huge royalty cheques from Rio Tinto, which mines vast swaths of tenements pegged by Rinehart’s late father, Lang Hancock, in the 1950s and 1960s. Rinehart's wealth has been subject to a long running family dispute with a court ruling in May that eldest daughter Bianca should become head of the $5b family trust. 2. Anthony Pratt & Family $10.76billion from manufacturing and investment Executive Chairman – Visy Residence: Melbourne Wealth last year: $7.6billion Rank last year: 2 Anthony Pratt’s bet on a recovering United States economy is paying off. The value of his US-based Pratt Industries has surged this year thanks to an improving manufacturing sector and a lower Australian dollar. Pratt is also executive chairman of box maker and recycling business Visy, based in Melbourne. Visy is Australia’s largest private company by revenue and the biggest Australian-owned employer in the US. Pratt inherited the Visy leadership from his late father Richard in 2009, though the firm’s ownership is shared with sisters Heloise Waislitz and Fiona Geminder.
    [Show full text]
  • Vulture Hedge Funds Attack California
    JUNE 2019 HEDGE PAPERS No. 67 VULTURE HEDGE FUNDS ATTACK CALIFORNIA "Quick profits for Wall Street" versus safe, sustainable, affordable energy PG&E was plunged into bankruptcy after decades of irresponsible corporate practices led to massive wildfires and billions in new liabilities. Some of the most notorious hedge fund vultures are using their role as investors to make sure PG&E’s bankruptcy leads to big profits for their firms—at the expense of ratepayers, public safety and the environment. CONTENTS 4 | Vulture Hedge Funds Attack 10 | Meet the Billionaires and Vultures Preying on PG&E – Andrew Feldstein – Joshua S Friedman – Paul Singer – Dan Loeb – Jay Wintrob – Seth Klarman – Richard Barrera 17 | How Californias Will Get Hurt – Impact on Public Safety – Impact on Ratepayers – box: Lessons from Puerto Rico 20 | Sustainability / Climate 22 | Protect Californias —And All Americans—From Predatory Hedge Funds 24 | Hedge Funds Should Be Illegal – table: Hedge Funds That Own One Million or More Shares of PG&E 28 | About Hedge Clippers 29 | Press + General Inquiry Contacts MEET HEDGE FUNDS PUTTING THEIR 1 BILLIONS TO WORK IN HARMFUL WAYS Over three dozen hedge funds are attacking California’s biggest utility. SEVEN BILLIONAIRES AND VULTURES are leading the charge. They're treating control of PG&E as up for grabs while climate crisis wildfires rage and customers pay through the nose. The Answer: Outlaw hedge funds. Andrew Feldstein CEO, BlueMountain Capital 2 3 4 Paul Singer Dan Loeb Jay Wintrob Elliott Management Third PointCapital Oaktree
    [Show full text]
  • Pension Fund Investment in Hedge Funds", OECD Working Papers on Insurance and Private Pensions, No
    Please cite this paper as: Stewart, F. (2007), "Pension Fund Investment in Hedge Funds", OECD Working Papers on Insurance and Private Pensions, No. 12, OECD Publishing. doi:10.1787/086456868358 OECD Working Papers on Insurance and Private Pensions No. 12 Pension Fund Investment in Hedge Funds Fiona Stewart* JEL Classification: G11, G18, G23, J31 *OECD, France PENSION FUND INVESTMENT IN HEDGE FUNDS Fiona Stewart September 2007 OECD WORKING PAPER ON INSURANCE AND PRIVATE PENSIONS No. 12 ——————————————————————————————————————— Financial Affairs Division, Directorate for Financial and Enterprise Affairs Organisation for Economic Co-operation and Development 2 Rue André Pascal, Paris 75116, France www.oecd.org/daf/fin www.oecd.org/daf/fin/wp 1 ABSTRACT/RÉSUMÉ Pension fund investment in hedge funds Having outlined the potential concerns relating to pension fund investment in hedge funds, the OECD carried out a survey to investigate what information pension fund regulators have on these investments and how they are being controlled. The survey confirms that pension fund regulators have little information regarding how pension funds in their jurisdiction are investing in hedge fund products (in terms of size of investments, the types of hedge funds pension funds are exposed and to what type of product). Only the Slovak Republic and Mexico (for the mandatory system) prevent pension funds from investing in hedge funds. Although the level of such investment is still very low in other countries, it is almost universally expected to increase. Few countries impose specific quantitative investment restrictions on pension fund investment in hedge funds, with most regulators exercising control via general investment restrictions and requirements (for diversification, transparency, through the prudent person rule etc.).
    [Show full text]
  • AG Capital Management Partners, L.P. Commodity Trading Advisor
    AG Capital Management Partners, L.P. Commodity Trading Advisor CTA Spotlight: AG Capital Management Partners, L.P. August 2020 Trading futures and options involves substantial risk of loss and is not suitable for all investors. There is no guarantee of profit no matter who is managing your money. Past performance is not necessarily indicative of future results. An investor must read and understand the CTA's current disclosure document before investing. Impressive Performance AG Capital’s managed account program is the Discretionary Global Macro Program (“Program”). Ending March 2020, the Program’s cumulative return has outperformed the S&P by over 400% since its inception in October 2014 (247% vs. 47%). Even before the first quarter of 2020’s plunge in stocks, the Program had performed very well. During one of stocks’ best runs in history, ending in December 2019, AG Capital's cumulative return of 161% strongly outperformed the S&P’s cumulative return of 82%. Be advised that past performance is not necessarily indicative of future results. Discretionary Global Macro Program (October 2014 - August 2020) Compound ROR 25% Cumulative Return 276% Worst Drawdown 25% (February 2016 – January 2017) Best 36 Month Period 131% (May 1, 2017 – April 30, 2017) Worst 36 Month Period 12% (December 1, 2015 – November 30, 2018) Average 36 Month Period 68% (October 2014 – August 2020) AG Capital VS. S&P 500 TR* (October 2104 through August 2020) AG Capital S&P 500 TR Annualized Compounded ROR 25% 12% Cumulative Return 276% 100% Worst Cumulative Drawdown 25% 20% Program’s Performance During S&P Losing Months The risk of loss in futures and options trading is substantial no matter who is managing money.
    [Show full text]
  • Securitization & Hedge Funds
    SECURITIZATION & HEDGE FUNDS: COLLATERALIZED FUND OBLIGATIONS SECURITIZATION & HEDGE FUNDS: CREATING A MORE EFFICIENT MARKET BY CLARK CHENG, CFA Intangis Funds AUGUST 6, 2002 INTANGIS PAGE 1 SECURITIZATION & HEDGE FUNDS: COLLATERALIZED FUND OBLIGATIONS TABLE OF CONTENTS INTRODUCTION........................................................................................................................................ 3 PROBLEM.................................................................................................................................................... 4 SOLUTION................................................................................................................................................... 5 SECURITIZATION..................................................................................................................................... 5 CASH-FLOW TRANSACTIONS............................................................................................................... 6 MARKET VALUE TRANSACTIONS.......................................................................................................8 ARBITRAGE................................................................................................................................................ 8 FINANCIAL ENGINEERING.................................................................................................................... 8 TRANSPARENCY......................................................................................................................................
    [Show full text]
  • Geographic Diversification Can Be a Lifesaver, Yet Most Portfolios Are Highly Geographically Concentrated
    Geographic Diversification Can Be a Lifesaver, Yet Most Portfolios Are Highly Geographically Concentrated FEBRUARY 2019 MELISSA SAPHIER KAREN KARNIOL-TAMBOUR PAT MARGOLIS © 2019 Bridgewater Associates, LP he best way we know to earn consistent returns and preserve wealth is to build portfolios that are as resilient as possible to the range of ways the Tworld could unfold. To uncover vulnerabilities that are outside of investors’ recent lived experiences, we find it valuable to stress test portfolios across the various environments that have cropped up across countries throughout history. One common vulnerability is geographic concentration. dominant economic force and keeper of a stable global In the past century, there have been many times when geopolitical order. Looking ahead, China’s ascent as an investors concentrated in one country saw their wealth independent economic and financial center of gravity wiped out by geopolitical upheavals, debt crises, monetary with an independent monetary policy and credit system reforms, or the bursting of bubbles, while markets in is highly diversifying, making the world less unipolar other countries remained resilient. Even without such and less correlated. At the same time, the rising risk of extreme events, there is always a big divergence across conflict within and across countries also increases the the best and worst performing countries in any given chances of divergent outcomes. Additionally, geographic period. And no one country consistently outperforms, as diversification felt less urgent during the recent decade outperformance can lead to relative overvaluation and a of great returns for most assets and portfolios. Low asset subsequent reversal. Rather than try to predict who the yields going forward make diversification and efficient winner will be in any particular period, a geographically risk-taking all the more important to investors.
    [Show full text]