At the month closing the largest part of the portfolio was cash. This is to prevent the capital for the negative momentum on most of the Emerging Eur Asian Markets. This resulted in a small negative result after closing more than 60% of the portfolio exposure. At the end of the month we see momentum picking up. Also we see some positivity in most of the TRIC-countries and we expect to buy most of the positions at the start of the new year. The first market which made an impressive turn around was Turkey. This position, the largest at the moment in the portfolio, gained almost 5% in December 2017.
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The Altaica Alpha High Performance Funds are an excellent access to the alternative investments spectrum. The funds are under management of Elite Fund Management. EFM is holder of the license assigned by the AFM, included in the register of the AFM.
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The last month of the year the fund made a positive return of 0.32%. This number does not show the performance differences between the different categories very well. The best performing category was Multi Strategy, at the opposite side we found Event Drive & Risk arbitrage. The biggest impact came from the US Dollar again. Although we hedged 30% of our US dollar exposure we still had a negative impact on the final result. This was true for December, but also for the whole of 2017. The Dollar (-13%) decline was one the investment events of 2017 and our fund suffered from it. Within our biggest allocation, CTA strategies, there was one excellent performing manager, but the largest part of…
During the month of November most of our positions delivered small positive or negative results. Nothing spectacular nor inspiring happened last month. Both the equity and bond markets in general had negative results in November. The most important reason why we had a negative result was the movement of the USD against the Euro. Our Dollar positions in the fund are partially hedged at the moment. The depreciation of the Dollar of almost 3%, brought the result of the Fund into negative territory (this unless we hedged about 20% of our US Dollar position).