Matrix delivers positive returns in May for its Asia hedge fund
10 June 2010
The Matrix Asia Fund, a long/short equity fund managed by Rupert Foster, returned +1.32% in May adding value on both the long and short books and outperforming the MSCI Asia Index by 11.16% for the month. Year-to-date the Fund is up +9.58% whilst the MSCI Asia Index has returned -5.79%. Since inception on 08/08/08, the Matrix Asia Fund has outperformed the MSCI Asia Pacific Index by 64.6% returning 50.5% (to 31 May 2010).
Back in May, Matrix announced the launch of its first UCITS III fund, the Matrix Asia UCITS Fund which is also run by Rupert and his team and has a similar investment objective to the hedge fund. Over an investment cycle, Rupert expects to add a third of the performance from his short book.
Commenting on May’s performance, Rupert Foster said:
“In May our long book was able to significantly out-perform the market with particular resilience in shipbuilding stocks and some domestic Japanese mid-cap cyclicals. Our short book also performed well with a number of shorts in over owned and overvalued cyclicals and a number of companies having very poor earnings forecasts for this year. The key to performing in current market conditions is a focus on earnings revision and not attempting to call the macro picture which remains unclear.”
The key to the Fund’s resilience is Foster’s investment focus on bottom-up, fundamental company research which is complimented by a top-down macro filter. Foster, who has over 16 years experience in investing in Asian (including Japanese) markets, and his team conduct detailed research using a TMQ (thematic, macro and quantitative) filter.
The Matrix Group is one of the largest and most successful privately owned financial services businesses in the UK with over £3.1 billion of assets under management and more than 235 professionals employed across four divisions: asset management, investment banking, property and specialised finance. Since inception in 1987, Matrix has raised over £9.5 billion of assets for investments across these business areas.
Within the asset management division of Matrix Group, as well as funds of funds, investment management, cash funds and private equity, there are currently four other long/short equity funds:
• Matrix Macro Fund, a global macro equity fund
• Matrix New Europe Fund, focused principally on the markets of Russia
• Matrix PVE Global Credit Fund, focused on global credit markets
• Matrix Redux Emerging Markets Fund, focused on emerging market FX
Citywealth Magic Circle Award winners and runners up 2010
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Winner – Lesley Lintott, Penningtons Solicitors
Woman of the Year
Winner - Suzanne Reisman, Law Offices of Suzanne M. Reisman
Runner Up – Sally Tennant, Lombard Odier
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