Thursday, July 11th, 2013
A unique Global Macro Hedge Fund designed to deliver attractive returns, excellent liquidity, and low correlation with the major asset classes.
Sydney, Australia –The Zen Capital Management Global Fund recorded a loss of 0.95% (gross) for June. The fund recorded its fourth consecutive month of outperformance against the HFRI Fund Weighted Composite Index which lost 1.31%. Over the month the daily volatility of the portfolio was 0.65%. This is approximately 40% lower than the volatility of the S&P500 over the same period.
Managing Director Gregory Carroll said “June was a difficult month for most managers. Of the 28 investment styles monitored by the HFRI Indices only 3 finished the month with a gain”.
Intra-month volatility was high in many markets. For example, the 1.5% decline recorded by the S&P500 over the month hides a large 5.7% intra-month trading range. Similarly, the 3.3% decline in US Bonds (as indicated by the TLH ETF) hides a very large 7.7% trading range.
Mr Carroll said “In terms of outlook our system is currently showing mixed signals. The bounce we are seeing in the major equity markets could well be an oversold bounce within the confines of an intermediate downtrend. The signals are not clear at this stage so we have reduced our exposure to equities as we await some clarity”.
Global Macro, Hedge Fund