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October 2015: Altaica EUR-Asia Emerging Fund: -4.99%

By | Emerging Alpha Eur-Asia

We faced a bad month: high volatility and changing signals destroyed our performance. We started the month with a short positions in China and Turkey. During the month the signals for China, India and Turkey changed from sell to buy. On these kind of moments our positions are the most vulnerable. However we changed to long positions, halfway the month we recovered partly by rising markets. Last week we faced lower appetite for investing in Emerging Markets. Falling commodity prices hurt the Russian stock market and negative economic news from China was causing some damage to our China positions. This climate also caused pressure on the Indian and Turkish markets. Especially Turkey was volatile in the preparation to the elections…

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September 2015: Altaica EUR-Asia Emerging: -2.47%

By | Emerging Alpha Eur-Asia

September was a volatile month for the Emerging Markets. Until Tuesday the 29th the losses were significant and our short positions did their job. At that moment the fund outperformed the market with more than 5%.  At the moment we closed 50% of our China short positions. On the last day of the month the markets made an impressive rebound. Our benchmark, the iShares MSCI Emerging Markets UCITS gained 3,4%. The sharp recovery of the Emerging Markets hurted our short positions, on a monthly basis the fund and its benchmark obtained an equal result, -2,4%. Within the Eur-Asian markets Russia and Turkey made the most significant losses, both more than 4%, China lost also a 2,5% and India made even…

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Back in Moscow

By | Emerging Alpha Eur-Asia

Back in Moscow at the Prosperity Capital investors event. Impressed by the changes compared to one year ago. The changes are clearly visible on the streets, impressive new roads, pollution came down. People are even starting cycling, Moscovians are paying parking fees and adhere to sophisticated traffic rules. Economically a real revolution is going on due to strong new governance legislation. Next to this sanctions force the country to choose new economic development, agribusiness is growing impressively. Gas export development to China is much bigger as we can read in the western press. Pension funds are now allowed and stimulated to invest in stocks and corporate bonds. Equity investments are only 4% of the total invested assets of the Russian…

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August 2015: Altaica Alpha Strategies Fund: -3,71%

By | Multi Alpha Strategies

Until the Black Monday of August the results of the portfolio were promising. Especially the long trend following funds could make profits in the turmoil in the stock, bond, commodity and currency markets. Unfortunately in the last week the best positions became the worst. This because of the huge rebound of almost every investment. The biggest loss was caused by Tulip Trend, this long term CTA performed in July 20% and lost in August almost the same percentage. The extreme intraday movements were killing the results of almost every active managed futures fund. We saw losses in the whole spectrum of hedge funds. For the coming months we expect good returns because the rebound momentum is coming down. Stock markets…

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August 2015: Altaica Emerging EUR-Asia Fund: -9,21%

By | Emerging Alpha Eur-Asia

The perfect storm hit the financial markets and especially the emerging markets. It all started with the devaluation of the Chinese Reminbi. This triggered the collapse of several emerging currencies. In the turmoil the Euro became safe haven. This was not the only problem China caused. The macro economic news has become worse and worse. A recession for China looks unavoidable. The mainland China index, CSI 300, lost more than 23% of its value. Next to the currencies we witnessed a tumbling oil price. For commodity countries like Russia this is a devastating development: halfway the month the losses on Russian Equity exceeded 22%. However at the end of the month there was also a sharp recovery of the oil…

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July 2015: Altaica EUR-Asia Emerging Fund: -1,82%

By | Emerging Alpha Eur-Asia

July was a volatile month. Our short position on the Turkey market became the best performing position in the fund, this only after the attack on a Turkish village, which started the involvement of Turkey in the war on IS. Together with the unrest resulting from the attack the instability in Turkish politics – no new government after the last elections – started the downturn of the Turkish market. The recovery program of the Chinese market authorities came effectively into force in July. The crash of the markets stopped and there was even a recovery. However, at the end of the month doubts about the sustainability of the support program in combination with a weakening macro economic environment destroyed the…

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July 2015: Altaica Alpha Strategies Fund: +0,22%

By | Multi Alpha Strategies

The month of July 2015 was dedicated to get the fund started. The Lyxor Hedge Fund Index (benchmark of our fund) gained 0,7% in July. The gains came from CTA and Global Macro Strategies. After a rough second quarter for CTA strategies July became more trending month for quite some markets. Especially the short positions on commodities are contributing to their performance. We saw losses in the Event Driven and Fixed Income strategies. Their stakes in oil- and mining companies are hurting their returns. Long/Short equity had neutral performance, however there was a wide diversification between the different mangers. Asia-Pacific oriented strategies faced headwind from China’s volatility. Pure market neutral funds also lost some money, the managers in Europe and…

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By | Emerging Alpha Eur-Asia

We like to share today the opnion article, “INVISIBLE HAND” written by the Economic Commentator of The Telegraph, Liam Halligan. We respects the knowledge and involvement of Liam in Emerging Markets.   BUSINESS NEW EUROPE MAGAZINE, JULY 22ND 2015 OPINION: INVISIBLE HAND BY LIAM HALLIGAN  In early July, the leaders of Brazil, Russia, India, China and South Africa assembled in Ufa, around 700 miles east of Moscow, for the seventh annual Brics summit. Overshadowed by Europe’s currency imbroglio and China’s stock market nosedive – along with the usual plethora of summer sporting events – this diplomatic gathering in the Bashkirian capital deserved far more media attention than it got. Ufa was the most significant Brics summit since the first –…

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