Hedge Funds

Cornerstone opens offshore vehicle

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New York-based Cornerstone Capital Management recently began trading an offshore version of the flagship hedge fund it launched in October 2004.

Cornerstone Icon Fund follows a global macro strategy and has produced an annualized net return since inception of approximately 40%. Both the domestic and offshore funds are managed by Joseph Profit, Cornerstone's chief executive officer and chief trader.

The fund can invest in a range of global markets, including currency, interest rate, stock index and energy sectors and uses a variety of instruments (including options and futures) as a hedge against adverse price movements during forecasted price patterns.