RUSSIA - The Brunswick Russian Directional Fund is up 78% in 2003 (to 31 December 2003), beating the market by 20%.
The fund’s performance compares with an increase in the CSFB/Tremont Hedge Fund Index of 15.44%. The three and five year performance of the fund is 332% and 1029.4% respectively. The performance of the CSFB/Tremont Hedge Fund Index for the same periods is 60.74% and 24.21%.
The fund which invests solely in the Russian market, aims to achieve long-term capital appreciation through an aggressive management style, exploiting over and under valuations of equities, although it may also invest in bonds. The fund also uses cash as an essential hedging and market timing tool.
Vadim Degtiarev, fund manager commented; The strong fundamentals of the Russian market have led to superior returns this year. Market volatility and individual stock performance divergence has benefited the Directional Fund through our ability to hedge downside risk and protect NAV, while picking the true out-performers and selling short the laggards.”
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