Editor's Note

Investor Sentiments

People understandably became risk averse in the crisis of 2008. That seemed to change in 2009 as equities attracted money and recovered, but this year you get the impression investors are generally wary. Credit Suisse capital flow data suggests that money is slow in trickling back to hedge funds, though global macro was an exception—see Index Tracker.

Our lineup contains insights for those pondering investment decisions. Almanac Founder George Zivic gives an in-depth discussion of opportunities and risks in commodity markets. Futures Lab presents a lesson, courtesy of Altegris chief executive John Sundt, from the experience of three years ago.

Inside Talk by Brazil-based Gabriel Pellegrini offers a glimpse of a non-US commodity trading advisor.

Two of the contributors to this issue specialize in selling options. This is not a strategy for the faint of heart, but Craig Kendall in Practitioner View and Alex Khalil in Manager Profile provide excellent discussions of how it works.

Mr. Kendall has long-term experience with option selling. While this includes a rough patch in 2008, overall he has compiled an attractive track record. The two option selling programs he manages are both on our Top Ten list.

We hope you’ll find these discussions useful.

Chidem Kurdas
Editor
kurdas@opalesque.com

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Zurich University Center for Alternative Investments: Hedge Funds Investor Conference: 29. Aug

ZHAW School of Management and Law and The Swiss Council of Hedge Funds invite to their free conference which starts 13:30 at the Au Premier, Zurich with the following speakers:

  • Prof. Dr. Peter Meier, Head of the Center for Alternative Investments & Risk Management, ZHAW School of Management and Law
  • Antti, Ilmanen, Ph. D., Managing Director, AQR Capital Management (Europe)
  • Jean-Christophe Van Tilborgh, Responsable du Service des Placements, Retraites Populaires, Lausanne
  • Alexander Von Allmen, Responsable Hedge Fund Portfolio, Retraites Populaires, Lausanne
  • Christian Nistler, Investment Strategist, Pensionskasse Syngenta, Basel
To register contact Andrea Blättler at +41-58- 934 77 37, Email blae@zhaw.ch.

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Research & Due Diligence for Wealth Management Platforms, New York NY United States, September 15-16, 2014

Network with industry leaders in wealth management from wirehouses, regional and independent broker/dealers, RIA platforms, and consultancies. Profit from rarely shared perspectives on the current business priorities, advisor use of home office resources, innovative screening techniques, the rise of the consultants, and the challenges of offering alternative investments.

Opalesque Subscribers are eligible for a 10% registration discount. Mention Code FMP127 during registration to enjoy this offer.

Top Reasons to Attend:

  • Investigate the top research and business priorities for major wealth management platforms
  • Explore the deep due diligence techniques of a hard-core analyst
  • Hear directly from nationally-ranked financial advisors on the impact of home office recommendations in their practices
  • Understand the powerful influence of home office research in the field
  • Gain insights into how investor demand shapes the home office agenda
  • Learn about the growing eminence of consultants in manager selection for both platforms and manufacturers
  • Discover how the selection and due diligence process is evolving with the proliferation of alternative investment vehicles
  • Learn about relationship management processes with asset managers that enhance the research/due diligence process
  • Network with leaders in the field

View the conference brochure: https://www.frallc.com/pdf/B927.pdf

For more information and to register, contact Whitney Betts at 704-341-2445 or wbetts@frallc.com. Don't forget to mention your 10% registration discount code: FMP127.

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Establishing a '40 Act Alternative Fund, New York NY United States, September 17-18, 2014

By popular demand, Financial Research Associates' Establishing a '40 Act Alternative Fund conference is back and expanded!

What's especially unique about this program is the design. On day one - Successfully Operating a ‘40 Act Alternative Fund - take a deep dive into what it takes to efficiently run a fund in this space. On day two - ‘40 Act Alternative Fund Growth Strategies -explore the overall marketplace and how to distribute your fund through various lucrative channels. Attend day one, day two, or for optimum value and substance attend both days!

Opalesque Subscribers are eligible for a 10% registration discount. Mention Code FMP127 during registration to enjoy this offer. Top Reasons to Attend:

  • Gain useful tips on how to successfully distribute your fund in the retail market
  • Learn which products and strategies are truly having the most success in the liquid alternative space
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  • Position yourself for success by truly understanding key investor and platform selection criteria
  • Find out how performance is being measured in the liquid alt space
  • Evaluate the pros and the cons of sub-advising your strategies to other funds
  • Compare various distribution channels to understand what methods will work best for your fund's strategies
  • Explore different fee and pricing structures
  • Asses the pros and cons of using a series trust
  • Understand the legal and regulatory ramifications
  • Expand your horizons by exploring the lucrative DCIO/401K space
  • Network with some of the industry's top players and decision-makers who have found success with liquid alternatives

View the conference brochure: https://www.frallc.com/pdf/B933.pdf

For more information and to register, contact Kathie Eberhard at 704-341-2439 or keberhard@frallc.com Don't forget to mention your 10% registration discount code: FMP127.

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About OFI

This new publication addresses the interests of the managed futures community, including commodity trading advisers, fund managers, brokerages and investors in managed futures pools. Published every two weeks, Opalesque Futures Intelligence (OFI) provides original research by industry members as well as interviews with veteran industry players and upcoming managers. The coverage includes:

  • Performance information from different data bases, accompanied by commentary.
  • Top funds of the year or month.
  • Regulatory and legal developments that affect managed futures.
  • Manager profiles.
  • Results from proprietary surveys.
  • Analysis of futures strategies and markets.
  • Summary of relevant news from the global media.

A sophisticated newsletter for a growing community, OFI meets a need currently not served by other publications. It is a must-read for anyone interested in futures trading or investing.

Opalesque Futures Intelligence is edited by Chidem Kurdas. Chidem is an economist by training and a hedge fund specialist by experience. In the past she held positions as research analyst at Thomson Reuters, New York bureau chief at HedgeWorld and news editor at Infovest21. Earlier she taught economics at Pennsylvania State University and published a book about technology investing.

She writes about funds and financial regulation for a number of blogs and publications, including The Independent Review. She is a member of the New York University Colloquium on Market Institutions, Finans Network for Turkish finance professionals and the New York Financial Writers Association.

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