Thursday, November 8th, 2012
Sydney, Australia – The Zen Capital Management Global Fund SP fell 2.53% during the month of October. Of this 1.74% is attributable to trading activities whilst the remainder reflects fund administration and management costs.

Managing Director, Gregory Carroll said “We are disappointed to be delivering our investors a negative return for our inaugural month. However, our trading performance was quite good relative to the industry. Based on preliminary readings the HFRI Macro Index fell 2.19% over the month whilst the HFRI Macro Systematic Diversified Index fell 3.47%”.
Despite the loss, the fund achieved a very low level of volatility despite choppy market conditions. Mr Carroll said “we are pleased to report our volatility over the month, as measured by Daily Standard Deviation, was just 33% of the volatility recorded by the S&P500. This is well ahead of our target of 50%.”

Equities, commodities and currencies recorded strong gains in August and September. As such, Zen launched its fund at what was likely to be a difficult time. Mr Carroll said “We knew launching on 1 October would be challenging given some investors would be taking profits on gains from prior months whilst others would be positioning their portfolios ahead of the US elections”.

Zen believes market conditions will remain volatile in the months ahead as market participants absorb the outcome of the US Elections and ponder solutions to the pending “Fiscal Cliff”.


Global Macro, Hedge Fund



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