The Class F Lead Series of the Multi Strategy LP returned 0.32% in December, while the Class F Lead Series of the Long Short LP returned 0.20%, both net of fees. The difference between the two is largely reflected by higher relative exposure levels in the Long Short LP, offset by positive performance from credit strategies in the Multi Strategy LP. Beta-adjusted net equity exposure was 53% in the Multi Strategy LP and 44% in the Long Short LP. Net credit exposure was 48% in the Multi Strategy LP and remained at 0% for our Long Short LP. Beta-adjusted net equity exposure was approximately 11% and 8% lower in each respective fund since November month-end. Exposure increases in the Consumer, Energy and Industrials sectors drove increases in equity exposure month-over-month, while higher deltas on equity index hedges drove reductions to exposure. We will discuss our favourable outlook for these sectors later in the commentary. Net equity exposure was highest in the Technology, Industrials and Consumer sectors at year-end.
Alternative asset manager offering investment solutions that find a balance between asset protection and capital enhancement.
Alternative asset manager offering investment solutions that find a balance between asset protection and capital enhancement.