Despite rallying equity markets, these are not times to be either “all-in or a contrarian”. Some hedge fund managers have started to call themselves “reluctant bulls” because of these market dynamics. Still, for the majority of investors, the most important question is what to do with the bond exposure. The debt issue has not gone away. While in the late 1990s and early 2000s we saw a move from equities to alternatives, at the moment assets are moving from bonds to alternatives.
We shouldn’t forget that $100 invested in the S&P 500 Total Returns Index in January 2000 grew to only $148 by September 2013. The same $100 invested in the average hedge fund portfolio grew to $218. People tend to forget that halving your wealth-- which stocks did twice in the last decade-- is not good for your long-term financial health.
Therefore, for a number of reasons, investors express enormous appetite for alternative fixed income strategies, absolute return or unconstrained approaches. The search is on for less conventional products and strategies based on select risk premia that offer maximum diversification, like catastrophe bond funds, volatility products, equity long/short, event driven, mergers & acquisitions, credit and corporate loans.
This Opalesque Roundtable, sponsored by Eurex, IDS and Taussig Capital, took place in December 2013 in Zurich with:
- Alexander Ineichen, Founder, Ineichen Research and Management
- Daniel Durrer, Head of Institutional & Fund Distribution (Continental Europe), GAM
- Hansjoerg Borutta, Group CIO, Marcuard Heritage
- Ian Hamilton, Founder, IDS
- Joe Taussig, Founder, Taussig Capital
- Markus-Alexander Flesch, Head Sales and Marketing, Eurex Zurich
- Phoebus Theologites, CIO, SteppenWolf Capital
The group also discussed:
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