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Fortune fund gets A rating

Fortune Group, the fund of hedge funds subsidiary of Close Brothers, has received an A rating from Standard & Poor’s for its multi-strategy horizon fund of hedge funds.

S&P says it was impressed with the depth of experience within the team, the robust investment process of horizon and its strong track record from launch in April 2004.

The fund is based on bottom-up fund selection, with a bias towards opportunistic strategies and Asia/emer- ging markets.

S&P notes that a top-down thematic overlay was added in 2006, which had enhanced performance as it allows Fortune to position the portfolio for changing market conditions. The top-down overlay led Fortune to expect volatility to decline and stockmarkets to be dri-ven by momentum rather than fundamentals so it kept long vol- atility strategies to a minimum and avoided funds using computer-based quant strategies.

The credit crunch promp-ted the decision to invest in hedge funds with selective credit exposure and those that short sub-prime. Horizon also benefited from funds with exposure to commodities and infrastructure development.

Another boost for Fortune is the appointment of Max Schmid as managing director, investment advisory in its London office. Schmid joins from boutique investment bank City-Capital.

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