Hi thereOctober 2008 was a good month for most of the New Zealand investment managers represented in the Ernst & Young New Zealand Absolute Return index. The index was +15% YTD, and +2.8% for the month.
Before I tell you who the managers are, firstly understand that they are wholesale-only - and are not available for retail investment. They may also expose one's investment to substantial risk - so make sure any offering documentation is read thoroughly so that all risks are fully understood. Past performance is not necessarily an indication of future performance. And when I talk about performance I am talking about that firms "NZARA Average".
There is a strong representation by trend followers and volatility/tail risk in the group. Trend-follower, MS Capital Management was +25% for October, targeted non-correlation manager Pure Capital (my team) was +6% and volatility and tail risk manager, 36 South was +4% for the month. One of the more interesting performances was Commodity Strategies, a commodity trader that was +4%. A great performance considering how weak commodity markets have been. This was the result of a long-short commodity product they run.
These are difficult times. It is satisfying to see New Zealand managers proving they can hold their own in challenging markets - and performing well against global peers.
For more information on the index, please go to http://www.nzara.org/
Regards
Ant Limbrick
Chairman - NZARA
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