Sunday, November 15, 2009

My "Hedge Fund" Investments

I got a question on a recent post about our hedge fund investments. I count any fund that uses hedging instead of straight asset class investing as a hedge fund. Some of our investments in this class are traditionally classified as hedge funds, some as mutual funds, and some as closed end funds. Here is a list of what is included in this category in order of size of investment:

Platinum Capital: This fund is a global long-short (about 70% long, 30% short) stock fund that also uses currency hedging and is listed on the Australian Stock Exchange (ASX). Information here. We are also invested in this strategy through Snork Maiden's account with Colonial First State. 4.95% of net assets.


EAIT
: This is an unlisted fund of hedge funds. You can get information on it here. I originally invested when it was listed on the ASX. The fund is invested in major US based hedge funds. It uses some leverage. 4.29% of net assets.

TFS Market Neutral Fund: This is a US mutual fund that uses a quantitative long-short investing style in US stocks. It is somewhat net long and net market exposure doesn't change much over time.
Info here
. 2.91% of net assets.

Hussman Strategic Growth: This is another US mutual fund that is long US equities with a variable options overlay that alters the fund stance from market neutral to fully long. For info see here. 1.78% of net assets.


Aurora Sandringham Dividend Income Trust
: This fund uses a dividend capture strategy on large cap Australian stocks. It holds shares for long enough to capture dividends and franking credits in a tax effective manner (there is a minimum holding period under Australian tax law in order to be able to claim the tax credit). It hedges much of it's market exposure. Info. 1.78% of net assets.

Acadian Global Long Short Fund: We invest in this through Snork Maiden's account with Colonial First State. It's a 130/30 fund. 0.74% of net assets.

PSS(AP): 0.58% of net assets are in hedge funds that the PSS(AP) superanuation fund invests in.

We are also invested in Man-AHL but I count that under "commodities" rather than "hedge funds".

Overall we have 17% of net assets and 12% of gross assets invested in hedge funds. I'm happy with the gross level rising back to 14%. I wouldn't want to invest more than 5% in any one fund, so Platinum Capital is capped pretty much at the current level. I'd be happy to see our TFSMX investment grow in size and our allocation via PSS(AP) will inevitably grow. I'll be happy to allocate more to Aurora too. Down the road we might invest in a new fund, but I don't have any compelling choices in front of me right now.

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