Friday

July 15, 2016

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Odey, Adelphi Bet Against Intu Properties After BrexitBY WILL WAINEWRIGHT

Odey Asset Management and are among the hedge funds betting Adelphi Capitalthat shares in Intu Properties Plc will fall as U.K. real estate firms face increasing pressure from short-sellers following the vote to leave the European Union.

"Since Brexit, average short interest across U.K. real estate firms (63 names in total) has surged by a dramatic 28 percent" to 1.3 percentage points, data provider Markit said in a statement on Wednesday.

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 Wednesday, according to Markit. Intu was the most shorted stock among U.K. real estate firms earlier in the week, the firm said.

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 Conduct Authority. A second London-based hedge fund, Adelphi, had a short position worth about 1.1 percent of shares outstanding as of July 6, the FCA said.

Spokeswomen for Odey and Adelphi declined to comment. Intu did not respond to an e-mail seeking comment.

"Bearish sentiment" toward U.K. real estate companies has accelerated following the unexpected referendum result on June 23, according to Markit. Short interest in Capital & Counties Properties Plc, a London-based real estate company, accounted for 9.3 percent of shares outstanding on July 13, Markit said.

Adelphi also bet against Capital & Counties, with a short position worth 0.9 percent of shares outstanding on July 6 — the biggest disclosed by the FCA. Two others also had disclosed short positions: , whose bet was worth 0.7 percent of shares Marshall Waceoutstanding on July 8, and , whose bet was worth 0.6 of shares Carlson Capital UKoutstanding on July 11, according to the FCA.

E-mails seeking comment sent to Capital & Counties and Carlson Capital were not returned. A spokesman for Marshall Wace declined to comment.

Investor withdrawals from U.K. real estate funds run by firms including Aberdeen Asset Management have led some to put properties up for sale to raise money. "Short-sellers hope that these ‘forced’ sales will put downward pressure on asset prices and subsequently further pressure on share prices," Markit said.

NUMBER OF THE WEEK

31 Hedge funds in the futures — market net bets for a weaker increasedpound in the week ending July 5 as the pound fell to a 31-year low versus the dollar.

Algebris Investments will start trading a new "negative rates" fund next week: Milestones

Man GLG adds emerging-market bond from HSBC and Barclays: managers On

the Move

Andurand Capital in its lost 2.8 percentmain fund in June. The Skënderbeg

to 3.4 Fund extended its first half losspercent: Returns in Brief

Man Group's contrarian Russian ruble bet pays off: Market Calls, Revisited

36 South's Richard Haworth says the firm plans to take advantage of cheap implied volatility: Market Calls

U.K. hedge funds look to European market watchdog ESMA to ease Brexit fears: Regulatory/Compliance

Paamco may increase its exposure to long-short equity funds following the Brexit vote, says managing director Alper Ince: Spotlight

INSIDE

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."

— , chief investment officer of Richard Haworth

London-based 36 South Capital

RETURNS IN BRIEF

Bets Against U.K. Real Estate Rise After Brexit

Source: Markit

For terminal clients with access to Markit data, click on image for a live version of the chart or run on the Bloomberg terminal.G #HF.BRIEF 31

July 15, 2016 Bloomberg Brief Hedge Funds Europe 2

 

RETURNS IN BRIEFA 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 mkarsh@bloomberg.net.        

The Skënderbeg Fund, which invests in 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

's $83 million in assets. Investments AGThe 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 an investor letter. That takes the systematic futures fund's returns for the first half of 2016 to 2.6 percent. Last year the fund, which is run by , Patrick Boylegained 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

   

MILESTONES

June Returns

*Returns through June 24

Year-to-Date Returns to End-June

*Returns through June 24

July 15, 2016 Bloomberg Brief Hedge Funds Europe 3

MILESTONES

  

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 , a partner and head of macro strategies at the $4.5 billion firm. "Credit markets Gallo

are at a multi-decade turning point," according to the statement. Monetary easing measures such as government bond-buying are becoming "ineffective," the statement said.

The fund aims to return between 6 percent and 7 percent a year with 5 percent volatility, investing in government, corporate and bank debt.

Aditya Aney and , who both started at Algebris last month, will be analysts Tao Panand associate portfolio managers for the fund. They previously worked at Royal Bank of Scotland Group Plc, the U.K. lender where Gallo also worked before joining Algebris in April.

Italian hedge fund manager founded Algebris in 2006.Davide Serra— Will Wainewright

Algebris Investments Starts 'Negative Rates' Fund      

Funds Bet Pound Losses to Extend Past 31-Year Low

Hedge funds and other large speculators in the futures market increased net bets for a weaker pound

in the week ending July 5, helping to cement sterling’s position as the worst performer among major

currencies in 2016. The pound fell last week to a 31-year low versus the dollar, reflecting diminishing

confidence in the U.K. economy after Britons voted on June 23 to leave the European Union.

— Susanne Barton

Man GLG, a unit of , Man Group Plcthe world’s largest publicly traded hedge fund firm, has added five managers to its newly established developing-nation bond team amid a rebound in the asset class.

The group will report to Guillermo , the former head of emerging-Osses

market debt at HSBC Asset 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.

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 Chuaanother former colleague of Osses at HSBC, also joined as a fund manager.

Other new hires include , Jose Wynneformer head of foreign-exchange research at Barclays Plc, and Ehsan

, who previously advised clients on Bashirisk management at KPMG. Maria do

joined as a product specialist Carmo Cal 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 alternatives to negative yields in Europe and Japan. Dollar-denominated bonds in emerging markets returned 12 percent since the end of 2015, while local-currency debt gained 15 percent, according to JPMorgan Chase & Co. 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

ON THE MOVE

Man Group Adds Emerging-Market Bond Managers    

 

MARKET CALLS ITEMS MAY BE SUBMITTED TO MKARSH@BLOOMBERG.NET FOR CONSIDERATION

Source: Bloomberg

Click chart for a live version or run on the Bloomberg terminal. G #HF.BRIEF 32 

July 15, 2016 Bloomberg Brief Hedge Funds Europe 4

MARKET CALLS ITEMS MAY BE SUBMITTED TO MKARSH@BLOOMBERG.NET FOR CONSIDERATION

36 South Capital Advisors, a London-based volatility hedge fund, was surprised at how rapidly calm returned to markets after the initial Brexit shock spurred massive price swings such as the pound’s widest one-day range on record.

While the fund made money in June, it wasn’t as much as the manager had anticipated as most markets recovered, said , chief investment Richard Haworthofficer of 36 South Capital. He declined to provide details of the fund’s performance or assets under management for compliance reasons.

“This is the strangest environment I’ve seen in 30 years,” Haworth said by phone from London. “I had a sneaking suspicion that Brexit could have been the butterfly’s wing that created a hurricane down the line. But maybe, maybe not.”

A JPMorgan Chase & Co. gauge of global exchange-rate volatility has fallen to the lowest level since June 23, the day Britons cast their ballots, from an almost four-month high reached on June 27. The CBOE Volatility Index has fallen to 13.55 after rocketing up 49 percent, the most since 2011, to 25.76 on June 24.

“We’ll take advantage of cheap implied volatility again,” Haworth said.

Investors are seeking to profit from any surge in volatility after stimulus by central banks from Europe to Japan had damped price swings.

“Everybody is cannibalizing correlation, volatility, anything they can lay their hands on to get more yield,” Haworth said. “None of that is really fundamentally sound reason for selling volatility and will end badly one day; but today is not the day.”

Stocks globally have regained the almost $4 trillion in value that was obliterated in the days following the U.K. secession vote, as investors bet officials in the world’s major economies will stem any fallout from the decision.

“Volatility is not persistent anymore,” Haworth said. “It’s episodic, short lived, mainly due to the perception that as soon as the markets go down, the central banks will move and provide the implicit put.”

36 South to Take Advantage of 'Cheap' Implied Volatility

 

MARKET CALLS, REVISITED BY ELENA POPINA

Guillermo Osses, the head of emerging-market debt strategy at 's Man Group PlcGLG unit, has on the Russian ruble and local debt markets since at been bullishleast February, arguing that stabilizing oil prices would end the ruble’s slide and curb inflation in the world’s largest energy exporter. “You get a significant yield potential buying an asset that may be significantly undervalued, and even though the environment looks very scary, the reality is that, in my opinion, the risks are less significant when the asset is already so undervalued and the yield is so attractive,” he said in February.

The ruble has gained 21 percent since the start of February, the most among 150 currencies tracked by Bloomberg, and is up 34 percent from its all-time low of 85.999 per dollar on Jan. 21. It traded at 64.05 at 4:28 p.m. in Moscow on July 11. Dollar-funded carry trades buying rubles have generated the highest returns in the world after those in Brazilian reais. Even after a 0.5 percentage-point cut in June, Russia’s main interest rate is 10.5 percent, compared with close to zero in the U.S. Hedge funds have been bullish on the ruble since late January, the longest streak in a year. “The combination of carry, currency appreciation and capital appreciation is possible even after the run that local currency denominated assets have had since February,” Osses said this month.

36 South buys long-dated options it considers valuable, betting unforeseen events will generate large profits across currency, interest rates, equities and commodity markets. It prefers options with more than a year to maturity, Haworth said. The manager has said the firm’s Black Swan Fund returned 204 percent during the global financial crisis

in 2008. It closed the fund and returnedinvestors the following year.money to

“Europe is back on the front burner,” Haworth said. “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.”

Haworth said he’d put “105 percent of the blame” on central banks for the market distortions. “Because the bond prices don’t reflect reality and it’s such a huge asset market, it’s forcing all the other markets not to respect reality,”’ said Haworth. “Everybody has thrown their fundamental analysis out of the window and they just go for yield.”

— Netty Ismail

REGULATORY/COMPLIANCE

July 15, 2016 Bloomberg Brief Hedge Funds Europe 5

REGULATORY/COMPLIANCE

U.K. Hedge Funds Look to European Watchdog to Ease Brexit FearsBY LUCA CASIRAGHI

The future of London as the hedge-fund capital of Europe, along with the 700 billion pounds ($906 billion) of assets money managers control, may be determined by a market watchdog this month. The Paris-based European Securities and Markets Authority will recommend this month whether hedge funds, private equity and real-estate funds based in some countries outside of the European Union should be able to continue selling products within the 28-nation bloc. The opinion will be closely scrutinized by London-based fund managers because it could become a template for when Britain exits the EU.

“This decision is an important test and will set a precedent for U.K. alternative funds and their access to a marketing passport for European investors post Brexit,” said Lisa Cawley, a partner at law firm Kirkland & Ellis in London. “If other third countries are allowed access by ESMA, then it will be easier for London funds to get approval.”

The so-called Alternative Investment Fund Managers Directive passport for non-EU funds may become mandatory from 2018. Only investment firms based in the bloc will be able to sell their products to European clients once the new rules kick in. ESMA will recommend this month whether those based in countries with “equivalent” rules will also get a passport to do business.

About 85 percent of Europe’s hedge-fund assets are managed out of London, making it the second-largest center after New York. Hedge funds and other alternative funds manage about 10 percent of all assets in the country, according to estimates from industry group TheCityUK.

“In theory, extending third-country AIFMD passporting to the

U.K. after Brexit should be straight-forward,” said Matt Huggett, a partner at law firm Allen & Overy in London. “In practice, it will be a political decision with an uncertain outcome. Many managers would like to safeguard themselves beforehand and set up offices in places like Luxembourg and Dublin.”

ESMA will make a recommendation to the European Commission this month on whether to extend passporting to funds in countries with similar rules to the EU, according to an ESMA spokesman in Paris. Countries being considered are: Australia, Bermuda, Canada, Cayman Islands, Hong Kong, Isle of Man, Japan, Singapore and the U.S.

“The Commission is awaiting ESMA’s advice and hasn’t yet taken a decision yet,” said a spokeswoman for financial services at the EC. “Third-country provisions vary for each piece of EU legislation and are tailored to each specific sector and activity.”

If the U.K. opts to follow the Norwegian example for its relationship with the EU, the industry may continue to have access to the single market without a passport. Norway is part of the European Economic Area. While it has no say in drafting EU rules, its financial services can operate in the single market in exchange for the country’s contributions to the common budget and for allowing free movement of European citizens.

“More than for other sectors, following the Norwegian model may not be particularly desirable for our industry,” said Jiri Krol, deputy CEO of the Alternative Investment Management Association. “U.K. hedge fund industry would be in the awkward position of following rules decided by countries that don’t really have well-developed industry or experience regulating it.”

— With assistance from John Glover, Silla Brush, Michael Shanahan and

Patrick Henry

 

Fortress Says Fired Executive Exaggerated Lou Gehrig’s Disease    BY KIT CHELLEL

A Fortress Investment Group LLC executive with motor neurone disease who said he could barely walk across the firm’s lobby when he was fired in 2015 was accused by the company’s lawyers of exaggerating his condition in order to sue for unfair dismissal.

Michael Johnson, a former managing director in the credit team, says he was dismissed without warning when he returned to work following treatment, according to his lawsuit at a London employment tribunal.

Daniel Stilitz, a lawyer for Fortress, expressed sympathy on Wednesday for Johnson’s illness before saying the former executive had misrepresented it to strengthen his case. Johnson, a former British army officer who worked at BNP Paribas SA and Nomura Holdings Inc.

before joining Fortress in February 2014, argues that the firm fired him because of his illness. Damages in successful disability discrimination cases are potentially unlimited.

“Having sadly had your health decline as it has, you are now somewhat exaggerating how serious your symptoms were at the time you were employed by Fortress,” Stilitz said.

Johnson, testifying from a wheelchair with the assistance of a microphone, denied the claim. “I can assure you that I couldn’t even walk 50 meters at that point. I could barely walk across the lobby,” he said.

Fortress, a New York-listed alternative-asset manager with $70.6 billion under management, fired the 56-year-old in July 2015, and escorted him out of its London office after telling him the company was

downsizing and that his job wasn’t working out, according to Johnson’s written statement in the case.

Gordon Runte, a spokesman for Fortress, said the company didn’t comment on matters currently in court. The available documents didn’t set out how much Johnson is seeking in compensation and his spokeswoman Melanie Riley declined to comment.

The cross examination of Johnson on Wednesday morning centered on how much Fortress managers knew about his condition, and whether his illness at the time was as serious as he alleges in the suit. A human resources employee told Johnson on the day of his firing that the company was unaware he had been diagnosed with motor neurone disease, which is known as amyotrophic lateral sclerosis in the U.S.

July 15, 2016 Bloomberg Brief Hedge Funds Europe 6

 

 

SPOTLIGHT

July 15, 2016 Bloomberg Brief Hedge Funds Europe 7

SPOTLIGHT

Paamco's Ince Says Firm May Increase Exposure to Long-Short Equity Post-Brexit

Alper Ince, a managing director at $10 billion

, Pacific Alternative Asset Management Co.

spoke to Bloomberg Brief's Will Wainewright

about how his firm's hedge fund investments will

be affected by the U.K.'s vote to exit the

European Union. Ince, who helps oversee

Paamco's investments in long-short equity and

event-driven managers, said long-short equity

funds are more appealing post-Brexit. Comments

were edited and condensed.

Q: How did hedge funds perform following the British vote for Brexit?A: The industry did well, especially compared to long-only funds. The markets provided hedge funds good opportunities to trade around dislocations. The result of the vote was too close to predict and the potential outcomes, particularly to the downside, were extreme, so most firms chose not to take a big bet and lowered their exposure. Many funds did put on some Brexit-specific hedges, which were more profitable because of the way the result went. We invest in a lot of managers that hedge their currency exposure, so we weren't directly impacted by the selloff in the pound. I am relatively happy by how hedge funds performed. It was not a repeat of the Swiss franc event last January, which brought down some firms.

Q: How will the result affect your future allocations?A: There are some interesting opportunities both long and short now for short-term, trading-oriented managers. It is a good environment for them. We focus on smaller funds, particularly those which can prosper during periods of market dislocation. The merger arbitrage strategy is one example of a sector which often presents opportunities during dislocations, though we have not seen spreads widen as much as in other episodes of volatility due to a lack of de-leveraging. We are thinking of increasing exposure to select long-short equity funds in the wake of Brexit as we think the environment will present them opportunities. In general, we like funds that are defensively-positioned,

 

tightly-hedged and don't take directional risk on markets.

Q: So you expect more marketvolatility in the next few months?A: Yes, this volatility is not going to go away. Now we have the Italian banking crisis and there will be others in the next few months. Other issues on our radar include the banking stress tests in Europe, the lack of political leadership in the U.K. and elections later in the year in the U.S. There are lots of big macro political questions waiting to be resolved. The opportunities are all there for funds that can be nimble, which is a key reason we prefer small managers.

Q: Back to long-short funds, where in particular do you see opportunities?A: We are most interested in managers trading long and short in the same sector, so not taking a huge amount of sector risk. We like managers looking to pick up small amounts of alpha from mis-pricings generated by the volatility in the market. In particular, we see opportunity in commodities and energy stocks. Firms which cut down production may now be less sensitive to changes in the oil price, for instance. We also like health-care specialists — there is a lot of new research going on in the biotech sector, which can be traded on the margin. Big pharmaceutical companies are well-placed to prosper in the volatility too.

Q: Do these conditions present a greatopportunity for global macro funds?

Yes, and we have been upping ourA:

exposure to that strategy over time. We are interested in managers trading the volatility directly, using the options market created by the big divergence between asset classes. We shy away from traditional global macro managers who are betting on political events or solely on central bank policy divergence. Those funds really rely on one person's call on events which are hard for us to underwrite. It will be interesting to see the extent to which the Brexit outcome destabilizes the broader European Union project. A lot of people are very bearish about the next few years — taking up positions being long gold, long-duration, index hedges, short bets.

Q: Which hedge fund strategies are less attractive following Brexit?A: Anything directionally net-long Europe. We don't have exposure to funds with that strategy, and that won't change any time soon. They will be out of favor for a while.

Q: Hedge funds have faced a lot of criticism this year. Does the Brexit outcome and the resulting market climate present an opportunity for the sector to rebound?A: Definitely. Hedge funds have been criticized for negative alpha, but now we have a great set of conditions in which they can shine. Parts of our portfolio of hedge funds have made money since the vote, particularly in fixed-income relative value, merger arbitrage and equity market neutral strategies. Short-term trading funds, which can be nimble, are especially well positioned in our view.

Age: 44Irvine, CaliforniaBased in:

Hometown: Istanbul, TurkeyEducation: Economics degree from METU in Ankara, Turkey, before MBA in finance from University of HartfordCareer: Managing director at Paamco. Prior to Paamco, was an associate director at pension-consulting firm BARRA RogersCasey.Hobbies: Reading, guitar, tennis, movies  Recommended book: "The Firm: The Story of McKinsey" by Duff McDonaldBest recent vacation: Park City, Utah

CALENDAR TO SUBMIT AN EVENT E-MAIL MKARSH@BLOOMBERG.NET

July 15, 2016 Bloomberg Brief Hedge Funds Europe 8

DATE ORGANIZER EVENT SPEAKERS/ATTENDEES OF NOTE LOCATION

July 15 Hedge Funds Care Ireland Golf Tournament For more information, contact NMoriarty@hfc.org.   Kildare, Ireland  

Sept. 8Hedge Fund Standards Board

Annual General Assembly & Institutional Investor Roundtable

Stakeholder event. London

Sept. 13 Risk.net Risk Hedge Europe 2016Jeff Tarrant, Protege Partners;  , Chenavari;  , Loic Fery Jon FreedmanBrevan Howard;  , CQS;  , AHL; Patrick Trew Matthew Sargaison Hako

, Andurand Capital. n HaugnesLondon

Sept. 13-15

WBR TradeTech FXFelix Adam, ACT Currency; , Florin Court; David Denison Per

, Harmonic Capital; , Man AHL.Ivarsson Benjamin LeschLondon

Sept. 14 100 Women in Hedge Funds Philanthropy Evening Reception Reception with Suzanne Neville to benefit charity SkillForce. London  

Sept. 14-16

II Forums15th Annual European Investment Roundtable

Antti Ilmanen, AQR; AP3; Intech Marten Lindeborg, David Schofield,Investment Management; Barry Kenneth, Pension Protection Fund.

Grand Hotel Stockholm

Sept. 14-16

Informa FundForum AfricaGiulia Pellegrini, BlackRock; Nicolas Shellenberg, Cambridge Associates.

Hilton London Canary Wharf

Sept. 15 Alternatives 4 Children Legends 4 Legends To be released. Amsterdam

Sept. 19 The DealCorporate Governance & Activist Investing in Europe 2016

Gordon Singer, Elliott Advisors; , Blue Harbour Lauren Taylor WolfeGroup;  , CIAM.    Anne-Sophie d'Andlau

Waldorf Hilton, London  

Sept. 20 Family Office Intelligence10th Annual Family Office Leadership Summit

Heather Maizels, Victoria Private Investment Office; Alexandra , Sandaire Investment Office.Altinger

Marriott Grosvenor Square, London

Sept. 27-28

II ForumsSystematic Investment Strategies Symposium

Fred Ingham, Neuberger Investment Management;  , Bjorn KvarnskogAustralia Future Fund; Simon Garfield, Aksia.  

The Dorchester, London

Sept. 28-30

InvestmentEuropePan-European Fund Selector Summit

Simon Fox, Aberdeen Asset Management;  Yasuyuki Kanda, Tokio Marine Asset Management.

Hamburg

Oct. 3 Hedge Funds Care London Comedy Night For more information, contact lfisher@hfc.org.   London  

Oct. 10 100 Women in Hedge Funds London GalaHeld to benefit SkillForce, a charity that aims to transforms the lives of young people through mentoring and education programs.  

London

DISCLAIMER: The information on this page was compiled by Bloomberg from multiple sources, public and private, and is deemed to be accurate, but not definitive or exhaustive. Questions about events should be addressed to the event organizer.

 

Bloomberg Brief: Hedge Funds Europe

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