Value investors walk away with top FoHF prizes at InvestHedge Awards
Some 300 of the leading players in the global fund of hedge funds industry came together last night at the Pierre Hotel in New York for the ninth annual InvestHedge Funds of Hedge Funds Awards for the best risk
adjusted performance among the global funds of hedge funds universe.
Berens Capital Management walked away with the prestigious Fund of the Year having won both the Event Driven & Distressed and Global Equity Awards. The nominees for Fund of the Year were unveiled at the Award ceremony in New York on 10 March, 2011.
The Capital Holdings Funds/Edmond de Rothschild Group, collectively nominated eight times, took four awards in all – including Group of the Year, an accolade it last won in 2007.
Twenty-two awards were handed out on the evening to 17 different funds of funds groups with 14 out of the 22 winners based in North America. Twelve of the 22 firms could be considered boutiques as defined by size of firm (less than $5 billion under management) and investment philosophies.
The main challenges in 2010 were to keep performance going in often confusing markets, as well as to rebuild business, but with the correct view and product line for the future. In order not to reward managers for recent good performance if they had not also substantially recouped any previous losses, InvestHedge continued to require all nominees to be within 10% of their high water mark in order to be considered.
The Aberdeen Orbita Capital Return Strategy won Arbitrage Fund of the Year, which it last won in 2009. Fixed Income & Credit went to Lighthouse Credit Opportunities Fund, while Spruce Private Investor's Spruce Real Assets Fund took home the Commodities & Natural Resource Award.
LGT Capital Partners' Crown Managed Futures took home the Managed Futures Award, while Edmond de Rothschild's Prifund Alpha Traders took home the Global Macro prize. New Fund of the Year was the new gold share class of Leveraged Capital Holdings, which was perfectly timed to deliver huge returns.
Berens Global Value Fund took home the Global Equity Award, while last year's New Fund of The Year – the van Biema Asia Value Fund – won the Asian & Emerging Markets Award, both proving that value investing was the place to be in 2010.
The European Strategies award was taken home by LCF Rothschild's European Capital Holdings. In the US, van Biema Value Fund took home the US equity prize, while the Sire Discovery Group made its debut at the event winning the Emerging Managers Award.
The flagship Global Multi-Strategy Award continues to have many high calibre candidates, with awards given this year to reward the best three firms on a one-year basis and the best three firms on a five-year basis.
DGAM Unique Strategies won in the one-year GMS <$500m category, while Cube Global Multi-Strategy Fund took home the GMS $500bn-$1bn award and Corbin Pinehurst Partners won the larger GMS >$1bn prize over one year.
Jim Melcher's Balestra Spectrum Partners won in the five-year GMS <$500m category for a second year in a row, while SSARIS Multi-Manager Absolute Return Strategy took home the GMS $500-$1bn award for the second year running. EnTrust Capital Diversified took home the larger GMS >$1bn prize over three years.
As more end investors look at longer term performance, the Long Term Award, judged over 10 years on a risk adjusted basis, was also split into two by asset size. Stenham Quadrant Portfolio won the $500m to $1 billion category for a second year, while Permal Fixed Income Holdings won the 10-yYear Performance Award for funds with more than $1 billion in assets.
The complete list of winners by category:
Aberdeen Orbita Capital Return Strategy
Event Driven & Distressed
Berens Distressed Opportunities
Fixed Income & Credit
Lighthouse Credit Opportunities
Commodities & Natural Resources
Spruce Real Assets
Edmond de Rothschild Prifund Alpha Traders
Crown Managed Futures
Berens Global Value Fund
Asian & Emerging Markets Strategies
Van Biema Asia Value Fund
European Capital Holdings
Van Biema Value Fund
Sire Discovery Group
Global Multi-Strategy $100m-$500m
DGAM Unique Strategies Fund
Global Multi-Strategy $500m-$1bn
Cube Global Multi-Strategy Fund
Global Multi-Strategy >$1bn
Corbin Pinehurst Partners
Global Multi-Strategy <$500m Five Years
Balestra Spectrum Partners
Global Multi-Strategy $500m-$1bn Five Years
SSARIS Multi-Manager Absolute Return Strategy
GMS >$1bn Five Years
EnTrust Capital Diversified Fund
10 Year Award >$500m
Stenham Quadrant Portfolio
10 Year Award >$1bn
Permal Fixed Income Holdings
New Fund of the Year
Leveraged Capital Holdings – G
Group of The Year
The Capital Holdings Funds/Edmond de Rothschild Group
Fund of the Year
Berens Global Value Fund