OCCO’s Wiles steers steady course through volatile times in emerging market equity
Mon Mar 26, 2012
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
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
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...
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