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Funds
Swiss firm launches new fund of funds, reports Finalternatives
Monday, January 26, 2009
Switzerland-based Areca Investment Management has launched a new fund of funds targeting investments in the fixed income and credit area, says Finalternatives.
The Areca Value Discovery will blend fundamental credit deep value strategies together with fixed income trading strategies. The portfolio core will be invested in low volatility and specialised hedge fund strategies such as distressed corporate credit, distressed structured credit, capital structure arbitrage and direct lending, says the piece.
The fund will reportedly also invest in global macro strategies.
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CFlux secondary
CLO index levels:
| Index | 6 Feb |
|
| CFlux USD AAA | ↑ | 94.9 |
| CFlux USD AA | ↓ | 81.3 |
| CFlux USD A | ↓ | 75.0 |
| CFlux USD BBB | ↑ | 74.8 |
| CFlux USD BB | ↑ |
72.1 |
| CFlux USD EQ | ↑ | 67.6 |
"Fees on fees" is getting tougher to justify in these tougher "return" environments (underlying funds charging fees and the FoF also charging a fee). It is also so important to display that one is generating actual "alpha" rather than just leveraging "beta" in today's markets.
It will be interesting to see whether new fund of funds will be adversely affected by the Madoff scandal.