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Elias Nechachby B. G., Opalesque Geneva: The ICON-MoSAIQ-Carmika Market Neutral Strategy was up 9.3% (net) in Q1-2021 after returning 41% in 2020. The manager, Icon Asset Management, attributes the returns to its dynamic and permanent hedge, a behavioural finance bedrock, statistical modelling and artificial intelligence. Often when we speak to investors, they wonder how we are able to generate high returns with controlled drawdowns all the more so as we maintain an under-levered equity exposure, portfolio manager Elias Nechachby tells Opalesque. Our portfolio s average equity exposure is below 80%, it has a dynamic as well as a permanent hedge. Hedging is more often than not perceived as an additional drag on portfolio performance and as a cost. The reasons for these erroneous perceptions are judgment heuristics, deeply rooted ideas, and misunderstandings that exist in the industry when it comes to leverage, risk, hedging and model design and development; somet ....
Richard Simmons B. G., Opalesque Geneva: London-based Derby Street Managers buys a selection of undervalued European and UK equities based on the capacity and quality of the business rather than the traditional relative value or low P/E and price-to-book ratios. Their selection style has paid off handsomely. In many cases, cheap securities based on traditional value metrics are of very low quality and not cash-generating, portfolio manager Richard Simmons tells Opalesque. We don t see a category called value stocks , he adds. Value is really the philosophy of buying things for less than their true worth, whether they are old school value e.g. low P/E for a steady business, or what is sometimes called growth . An expensive stock with a high P/E or a high relative P/E can still be value; it is its future that counts. ....
Nadine Korehnke B. G., Opalesque Geneva: We have been reporting since the beginning of the pandemic on an artificial intelligence program called VSOP, which runs an equity tail hedge strategy. And for good reasons; it finished 2020 up more than 30%, and it is still on a roll with a Q1-2021 performance of +2.77%. VSOP is managed by Quantumrock, a German hedge fund manager. We are convinced that artificial intelligence (AI) will be a key driver of exceptional performance in asset management, Quantumrock s Nadine Korehnke tells Opalesque. Already today, we can attribute a significant part of our positive performance to AI technologies. ....