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Bloomberg Brief: Hedge Funds Europe

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Bloomberg Brief: Hedge Funds Europe Friday July 15, 2016 www.bloombergbriefs.com Odey, Adelphi Bet Against Intu Properties After Brexit NUMBER OF THE WEEK BY WILL WAINEWRIGHT 31 — Hedge funds in the futures Odey Asset Management and Adelphi Capital are among the hedge funds betting market increased net bets for a weaker that shares in Intu Properties Plc will fall as U.K. real estate firms face increasing pound in the week ending July 5 as the pressure from short-sellers following the vote to leave the European Union. pound fell to a 31-year low versus the "Since Brexit, average short interest across U.K. real estate firms (63 names in total) dollar. has surged by a dramatic 28 percent" to 1.3 percentage points, data provider Markit said in a statement on Wednesday. INSIDE Short interest in Intu Properties, which operates retail shopping centers, peaked at 10.5 percent of shares outstanding on Monday before dropping to 9.5 percent on Algebris Investments will start trading Wednesday, according to Markit. Intu was the most shorted stock among U.K. real a new "negative rates" fund next week: estate firms earlier in the week, the firm said. Milestones Odey has the biggest short position against London-based Intu, worth 2.8 percent of shares outstanding as of July 12, according to data disclosed by the U.K. Financial Man GLG adds emerging-market bond Conduct Authority. A second London-based hedge fund, Adelphi, had a short position managers from HSBC and Barclays: On worth about 1.1 percent of shares outstanding as of July 6, the FCA said. the Move Spokeswomen for Odey and Adelphi declined to comment. Intu did not respond to an e-mail seeking comment. Andurand Capital lost 2.8 percent in its "Bearish sentiment" toward U.K. real estate companies has accelerated following the main fund in June. The Skënderbeg unexpected referendum result on June 23, according to Markit. Short interest in Capital Fund extended its first half loss to 3.4 & Counties Properties Plc, a London-based real estate company, accounted for 9.3 percent: Returns in Brief percent of shares outstanding on July 13, Markit said. Adelphi also bet against Capital & Counties, with a short position worth 0.9 percent of Man Group's contrarian Russian ruble shares outstanding on July 6 — the biggest disclosed by the FCA. Two others also had bet pays off: Market Calls, Revisited disclosed short positions: Marshall Wace, whose bet was worth 0.7 percent of shares outstanding on July 8, and Carlson Capital UK, whose bet was worth 0.6 of shares 36 South's Richard Haworth says the outstanding on July 11, according to the FCA. firm plans to take advantage of cheap E-mails seeking comment sent to Capital & Counties and Carlson Capital were not implied volatility: Market Calls returned. A spokesman for Marshall Wace declined to comment. Investor withdrawals from U.K. real estate funds run by firms including Aberdeen U.K. hedge funds look to European Asset Management have led some to put properties up for sale to raise money. "Short- market watchdog ESMA to ease Brexit sellers hope that these ‘forced’ sales will put downward pressure on asset prices and fears: Regulatory/Compliance subsequently further pressure on share prices," Markit said. Paamco may increase its exposure to Bets Against U.K. Real Estate Rise After Brexit long-short equity funds following the Brexit vote, says managing director Alper Ince: Spotlight QUOTE OF THE WEEK "Europe is back on the front burner. ... And if there was another leg down on commodities, the currencies of commodity countries would come under fire. When your alternative of bonds are this low, there is a chance that the equity markets melt up." Source: Markit — Richard Haworth, chief investment officer of For terminal clients with access to Markit data, click on image for a live version of the chart or London-based 36 South Capital run G #HF.BRIEF 31 on the Bloomberg terminal. RETURNS IN BRIEF July 15, 2016 Bloomberg Brief Hedge Funds Europe 2 RETURNS IN BRIEF A look at Europe-focused hedge fund performance in June. Funds in the chart below not mentioned in the accompanying text on this page were reported in other issues of the Brief or in Bloomberg News stories. For questions, e-mail [email protected]. The Skënderbeg Fund, which invests in June Returns long-short equity strategies, lost 1.3 percent in June, extending its drop in the first half of 2016 to 3.4 percent, according to a performance update. The fund manages $12.5 million of Zurich- based Skënderbeg Alternative Investments AG's $83 million in assets. The portfolio is defensively positioned as "we continue to anticipate a challenging global economic environment, which Brexit can only have deteriorated further," the firm said in a statement. Skënderbeg Alternative Investments started in December 2013. — Will Wainewright Palomar Capital Management, a commodities trading adviser in London, gained 0.7 percent in its sole $25 million Palomar Fund last month, according to *Returns through June 24 an investor letter. That takes the systematic futures fund's returns for the Year-to-Date Returns to End-June first half of 2016 to 2.6 percent. Last year the fund, which is run by Patrick Boyle, gained 3 percent, the letter said. It started trading in October 2012 and has a capacity of $300 million. — Will Wainewright Andurand Capital Management, the $1.2 billion firm known for wagers around oil, lost 2.8 percent in June in its main fund, paring this year’s profits to almost 11 percent, according to an investor who asked not to be named. The losses could have been worse: the firm, which is based in London, is betting the price of oil will rise. West Texas Intermediate crude dropped 1.6 percent in June. — Simone Foxman and Taylor Hall *Returns through June 24 MILESTONES July 15, 2016 Bloomberg Brief Hedge Funds Europe 3 MILESTONES Algebris Investments Starts 'Negative Rates' Fund ON THE MOVE Algebris Investments will start trading its Macro Credit Fund on July 19, the London- based hedge fund firm said in a statement on Monday. The new strategy is "designed for a world of negative rates" and will be led by Alberto Gallo, a partner and head of macro strategies at the $4.5 billion firm. "Credit markets Man Group Adds Emerging- are at a multi-decade turning point," according to the statement. Monetary easing Market Bond Managers measures such as government bond-buying are becoming "ineffective," the statement Man GLG, a unit of Man Group Plc, said. the world’s largest publicly traded hedge The fund aims to return between 6 percent and 7 percent a year with 5 percent fund firm, has added five managers to its volatility, investing in government, corporate and bank debt. newly established developing-nation Aditya Aney and Tao Pan, who both started at Algebris last month, will be analysts bond team amid a rebound in the asset and associate portfolio managers for the fund. They previously worked at Royal Bank of class. Scotland Group Plc, the U.K. lender where Gallo also worked before joining Algebris in The group will report to Guillermo April. Osses, the former head of emerging- Italian hedge fund manager Davide Serra founded Algebris in 2006. market debt at HSBC Asset — Will Wainewright Management, who was hired to lead the Man team six months ago. It started a new emerging-market fund with American Beacon Advisors Inc. in May. Funds Bet Pound Losses to Extend Past 31-Year Low Phil Yuhn, who worked with Osses at HSBC before moving to American Century Investment, joined as a portfolio manager based in New York, according to a statement from Man. Lisa Chua, another former colleague of Osses at HSBC, also joined as a fund manager. Other new hires include Jose Wynne, former head of foreign-exchange research at Barclays Plc, and Ehsan Bashi, who previously advised clients on risk management at KPMG. Maria do Carmo Cal joined as a product specialist in London, coming over from Banco Itaú BBA International where she was the head of capital markets. Developing-nation debt has been rallying this year as investors seek Source: Bloomberg alternatives to negative yields in Europe Click chart for a live version or run G #HF.BRIEF 32 on the Bloomberg terminal. and Japan. Dollar-denominated bonds in Hedge funds and other large speculators in the futures market increased net bets for a weaker pound emerging markets returned 12 percent in the week ending July 5, helping to cement sterling’s position as the worst performer among major since the end of 2015, while local- currencies in 2016. The pound fell last week to a 31-year low versus the dollar, reflecting diminishing currency debt gained 15 percent, confidence in the U.K. economy after Britons voted on June 23 to leave the European Union. according to JPMorgan Chase & Co. — Susanne Barton indexes. Man GLG, which was acquired by Man Group in 2010, oversaw about $28 billion at the end of March. — Ye Xie and Elena Popina MARKET CALLS ITEMS MAY BE SUBMITTED TO [email protected] FOR CONSIDERATION July 15, 2016 Bloomberg Brief Hedge Funds Europe 4 MARKET CALLS ITEMS MAY BE SUBMITTED TO [email protected] FOR CONSIDERATION 36 South to Take Advantage MARKET CALLS, REVISITED BY ELENA POPINA of 'Cheap' Implied Volatility 36 South Capital Advisors, a London- Guillermo Osses, the head of emerging-market debt strategy at Man Group Plc's based volatility hedge fund, was GLG unit, has been bullish on the Russian ruble and local debt markets since at surprised at how rapidly calm returned to least February, arguing that stabilizing oil prices would end the ruble’s slide and curb markets after the initial Brexit shock inflation in the world’s largest energy exporter.
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