2013 Investor Outlook: Morgan Creek's Hennessy favors equity over credit
By Lawrence Delevingne
Thu Jan 10, 2013
The co-founder of $7 billion fund of funds Morgan Creek Capital Management weighs in.
What hedge fund strategies will do best in 2013? Why?In a world where outcomes are especially uncertain and where strategies can have widely disparate results depending on central bank interventions, governmental policies, and fickle investor sentiment, we continue to advocate a diversity of strategies. That said, we generally favor equity over credit. We are not as interested in the broad markets as in certain sectors and countries. We are still keen on emerging markets: select frontier markets and the BRICs including China, where we also maintain a convex, low cost left tail hedge. We are also more interested in natural resources than we've been in a year, both select energy investments where there are interesting ways to win despite the...
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