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3A sticking with liquid strategy

Fund of hedge funds manager 3A has invested 10 per cent of its Altin fund in new equity long/short and global macro positions.

The company has been favouring liquid strategies since 2007, which enabled it to build up a 22 per cent cash weighting recently, earmarked for new investments.

3A likes global macro and equity long/short strategies as they enable Altin to benefit from market price discrepancies.

Two out of three of the new global macro positions are funds that trade commodities futures and the equity long/short position is a fund that has reopened after closing in 2008. It trades medium and bigger companies which 3A regards as a good way to allocate money.

Altin is now waiting for the right time to go into illiquid strategies such as distressed markets.

3A chief investment officer José Galeano says: “Altin is a liquid fund and that is a big advantage compared with some. We may invest in illiquid strategies – the distressed market is the most obvious one – but do not think the risk and reward it offers is good.

“We will be waiting for an entry point into distressed markets because the danger is investing too early. As the markets recover, it is difficult to know where to go for sure but we think global macro and equity long/short are great opportunities for now.”


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