OCCO’s Wiles steers steady course through volatile times in emerging market equity

Mon Mar 26, 2012

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For more than a decade Charlemagne Capital’s OCCO Eastern European fund has been one of the star performers in the often-volatile emerging market equity space – managing to capture most of the upside while minimising exposure to the downside risks to which emerging market equities have been so vulnerable

Andy Wiles
Emerging market equities are notoriously volatile. Even by their usual standards, though, 2011 was a notably bad year: the MSCI Emerging Europe index was down around 24%, and many equity funds specialising in the sector posted losses at the same level or worse.

But the long-running OCCO Eastern European fund was one of the few exceptions in a generally dismal year for emerging market equity hedge funds, with a gain of 5.43% leaving the fund’s annualised compound at 13.98% since its inception in late 2001.

The fund – which is managed by Charlemagne Capital and is running assets of $455 million – has always taken a different approach to most of its peer group by aiming to minimise directional exposure to underlying equity markets. But risk controls also underwent a re-orientation in the wake of the losses sustained in 2008.

Like so many others the fund was hit...

ISSN: 2151-1845 / CDC10004H

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