Hedge Funds haben dieses Jahr deutlich besser angefangen als 2016. Trotzdem ist die Performance dieser hochbezahlten Starmanager immer noch sehr unterschiedlich. Ohne Rendite auf den Cash-Beständen und mit dem „Nachteil“ der hohen Gebühren, scheinen einige noch nicht richtig auf Touren zu kommen. Zu ihrer Verteidigung kann man anfügen, dass sich die Märkte trotz Brexit, Trump und den Wahlen in Holland und Frankreich derzeit nur in eine Richtung bewegen. Jeder der zur Vorsicht neigte, wurde bestraft. Das kann sich schnell ändern und mögliche Gründe gibt es viele.
Wir haben uns überlegt, welche Hedge Fund Themen im 2017 das Potenzial für zweistellige Renditen haben. Dabei sind wir auf vier Themen gestossen, die jedoch unterschiedliche Marktbedingungen brauchen. Das Thema „Mean Reversion“ umfasst eine Anzahl Funds, die im 2016 besonders gelitten haben und bei einer Normalisierung im 2017 einen Rebound erleben sollten. Sektor- und Faktorrotationen, aber auch erratische kurzfristige Kursbewegungen machten es systematischen Anlagestrategien im vergangen Jahr besonders schwer. Ebenfalls Mühe bekundeten Strategien, die auf eine höhere Volatilität an den Kapitalmärkten setzen. Diese ist seit einigen Jahren nicht eingetreten oder dann war sie so kurz, dass die Funds nicht davon profitieren konnten. Sollte sich das Wachstum plötzlich verlangsamen, die Unternehmensgewinne die Erwartungen nicht mehr erfüllen und die Verunsicherung steigen, würden Funds mit einem long-vola Profil profitieren. Ein weiteres, interessantes Thema stellen die Trends im Energiesektor dar.
David Friche has 16 years experience in financial markets. Prior to joining Crossbow Partners AG, David was Head of Hedge Fund Research and Portfolio Management at Vontobel Asset Management. From 2001 to 2012, David was Senior Hedge Fund Analyst and Portfolio Manager at Syz Asset Management in Geneva. David holds a Master of Science in Physics from the Swiss Federal Institute of Technology in Zurich (ETH Zurich).
Louis-Frédéric de Pfyffer has 35 years of experience in financial markets. Following an early career at Nestlé and with Prudential-Bache in New York, he became General Manager of Gutzwiller SA, the Geneva subsidiary of the Basel Private Bank. From 1993 to 2013 he was a Managing Partner of Banque Heritage in charge of the Bank’s activities in alternative investments. In 2013, he co-founded and is a Managing Partner of Bastions Partners Office where he is in charge of products and hedge funds portfolios. The oldest product has a successful track record of 26 years. Louis graduated in Business Administration at HEC, University of Lausanne.
Peter Rigg has 25 years of experience in financial markets and alternative investments. After starting his career at Rudolf Wolff Fund Management he joined HSBC in 1994, where he spent 21 years in different leading roles. From 2004 to 2007, Peter was the Global Head of Hedge Fund Research at HSBC in New York. From 2007 to 2015, he was responsible for the alternative business of HSBC Private Bank, first based in Geneva as Global Head of Alternative Investment Group and then in London as CEO of HSBC Alternative Investments Limited. Peter joined Crossbow Partners AG in July 2017. He holds a Master in Chemistry from the University of Oxford and the CFA charter.
Peter Rice, CFA has 19 years of experience in financial markets. Prior to joining Crossbow Partners AG, Peter was Head of Portfolio Management Switzerland at HSBC’s Alternative Investment Group. Before HSBC he was at UBP Alternative Investments, ECOFIN Investment Consulting and Olsen & Associates. Peter has an MSc in Finance (distinction) from Imperial College (London) and a Diploma in Engineering from the Swiss Federal Institute of Technology in Zurich (ETH Zurich).
Ivo Felder has more than 30 years of experience in financial markets. Prior to joining Crossbow Partners AG he held senior positions for the past 18 years at leading investment boutiques specialized in alternative investments such as Harcourt Investment Consulting, Horizon21 Alternative Investments and RMF Investment Management. Ivo started his career as a financial analyst in Zurich and Tokyo and worked for Merrill Lynch Capital Markets in trading and corporate finance. He is a CAIA charterholder and Swiss-certified financial analyst and investment advisor.
Benedict Götte has 16 years experience in financial markets. Prior to joining Crossbow Partners AG, Benedict had founded Compass Capital AG (2007), an independent advisory and asset management company using a proprietary macro and behavioral/technical approach. Before Compass, he was an investment manager with a Swiss single family office and worked for a venture fund. During his studies at University of St. Gallen, he has started his first company Infosearch GmbH. Benedict is a Chartered Market Technician (CMT) and a member of the International Institute for Strategic Studies (IISS).
Armin Vogel has 16 years of experience in financial markets. Prior to joining Crossbow Partners AG, Armin co-founded and co-managed Primores AG in Zurich since 2003. Before he was CRO at ACT, a currency hedge fund. He started his career with Winterthur Insurances (AXA) where he acted as a portfolio manager for hedge fund portfolios. Armin holds a Master of Science in Mathematics from the University of Zurich.
Detlef Repplinger has over 25 years investment and trading experience. Before joining Crossbow Partners AG he worked for Man Investments and was the portfolio manager of a quantitative short-term futures trading hedge fund. Detlef holds a Master in Physics and a Master in Business Administration of the University Tübingen in Germany. He received a PhD with summa cum laude and an award for his thesis on pricing of bond options.
Bjoern Schwarz has over 15 years of experience in financial markets including systematic and quantitative trading. Before joining Crossbow Partners AG, he worked for various financial institutions globally and was portfolio manager of a hedge fund focusing on quantitative strategies as well as several fund of hedge funds. Bjoern holds an MBA (High Honors) from the University of Chicago Booth School of Business as well as a dual degree in International Business Administration from EBS Reutlingen and Universidad Pontificia Comillas (ICADE) Madrid. He is a member of the CAIA Association and of the Beta Gamma Sigma Honor Society.
Harald Schnyder has 9 years experience in financial markets. Harald joined Crossbow Partners AG in 2010 and is employed as finance and operations manager. Prior to joining Crossbow Partners, Harald was a finance and operations manager at Primores. From 1994 to 2006, he worked as head of finance and administration for the tourism organisation of two leading Swiss tourism resorts.
Davor Cvijetic has 8 years of experience in financial markets. Davor joined Crossbow Partners AG in 2008 and is employed as a hedge fund analyst. Prior to Crossbow, he graduated from University of Basel with a Master in Business and Economics, majoring in Finance, Banking and Controlling. He wrote two essays and his Master thesis about Hedge Fund specific topics.
Markus Moser has 35 years of experience in financial markets. Prior to joining Crossbow Partners AG, he worked as a hedge fund analyst at Equation Risk & Asset Management. From 1981 to 2006 he held various positions at Citigroup, UBS Wealth Management and Swissfirst Bank. Markus holds a Bachelor in Business Administration from HWV Zurich, a degree from Swiss Banking School and a Diploma of Advanced Studies in Compliance Management from Lucerne University of Applied Sciences and Arts.
Andreas Apitz has 17 years of experience in financial markets. Prior to joining Crossbow Partners AG, Andreas co-founded ISPartners AG in Zurich being responsible for the fund of funds business. From 1998 to 2003, he was with Lehman Brothers London in equity trading and prime brokerage before becoming the head of equity finance trading. Andreas studied economics with a special focus on equities and derivatives trading and holds an MBA from the Ludwig-Maximilians-University in Munich.
Franz Odermatt has 30 years experience in financial markets. Prior to joining Crossbow Partners AG, Franz was the CEO of Steinbeck Holding AG and ran an independent asset management firm. From 1986 to 2004, Franz held various senior management positions at UBS. He is a Swiss-certified expert in finance and investments and holds a Master of Arts in English and History from the University of Bern.
Stefan Steiner has 25 years experience in financial markets. Prior to joining Crossbow Partners AG, Stefan was a senior advisor of a large single family office, responsible for hedge fund, equity and derivative investments. From 1990 to 2000, Stefan worked for UBS Asset Management in Zurich, New York and Tokyo. Stefan holds a Master in Business Administration and Finance from the University of St. Gallen and the CFA charter (1998).
Lucio Genovese has 31 years experience in financial and commodity markets. Prior to joining Crossbow Partners AG, Lucio was the co-founder of Nage Capital AG specialising in corporate finance transactions. From 2000 to 2003, Lucio worked for InCentive Capital AG, a company involved in takeovers and mergers. Before this, he held senior positions including managing the Moscow Office of Glencore International (formerly Marc Rich Group). Lucio holds a Bachelor of Commerce and a Bachelor of Accounting from the University of Witwatersrand in Johannesburg.