Specialist funds: the discretionary experts

Fri Mar 26, 2010



One obvious answer for investors uneasy about picking their way through the increasingly over-crowded mall of indices would be to select a well-diversified, discretionary commodities hedge fund. The snag is that there is a surprisingly limited choice of genuinely diversified products available. "Among the discretionary managers in the commodities complex, most specialise in a single area like energy, agriculture or metals," says Andrew Karsh of Credit Suisse's Asset Management division. "There are very few generalists."


Andrew Karsh

That relative scarcity value goes some way to explaining why Clive Capital's $4 billion commodities fund, the largest of its kind in the world, closed its doors to new investors in December 2009. Clive Capital declined an invitation to share details of its strategy in this report, for reasons that other managers say are obvious enough. "In the commodity market, when you're big you become a target," says one. "They don't come...

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