Fund Awards 2008
WINNER
Portfolio Adviser fund AwArds 2008 CAtegory winner
Prifund Alpha Traders Fund
Part of the renowned LCF
Rothschild group, the Prifund
Alpha Traders fund of hedge
funds follows an absolute
return strategy.
This particular sub-fund
invests in numerous hedge
funds that are mainly geared
towards CTAs (commodity
trading advisers), futures trading,
long/short equities trading
and macro players.
There are no restrictions
on its geographical or sector
allocation.
As expected, it is not alone
in suffering through the recent
market moves when, as the
fund’s latest report says: “Our
portfolio was hit harder than
ever by this chaotic situation,
even though – small
consolation – the decline
was relatively limited. All our
underlying funds lost money
Prifund Alpha traders vs index
% 40
80
60
20
0
Jul ’05 Jan ’06
Source: Morningstar
fund facts
Funds of hedge funds
Jul
Annual discrete performance
30
%
20
50
40
10
0
Prifund Alpha Traders
Source: Morningstar
in September apart from the
systematic strategies. Macro
Prifund Alpha Traders
Fund name: LCF Edmond de Rothschild Prifund Alpha Traders Fund
Manager: Alessandro Pini Launch date: 28 Apr’ 03 Fund size: £291m
Init charge: 5% Ann charge: 1.25% Min init invest: £8,400 M’star rating: N/A
Quartile performance: 1 Jul ’05 – 1 Jul ’08
1st q’tile
2nd q’tile
3rd q’tile
4th q’tile
Jan ’07
Q3
’05
Jul
Q4
’05
Source: Morningstar
Q1
’06
Hedge fund of funds
Jan ’08
Q2
’06
Q3
’06
Jul
December 2008 [www.portfolio-adviser.com] Portfolio ADViSer SUPPlemeNt
Q4
’06
Q1
’07
Year ending Jun ’06
Year ending Jun ’07
Year ending Jun ’08
Hedge fund of funds
Q2
’07
Q3
’07
players resisted well but still
ended the month [September]
in negative territory.”
The upshot is that the
Prifund Alpha Traders subfunds
have large cash positions
amounting to 12% for
the umbrella fund that has
$4.5bn in assets under management.
It is expected that
this cash holding will increase
from now to the end of the
year and possibly into 2009.
The fund’s performance in
the year to the end of October
is -5.9% compared with a
25.7% return in 2007 following
four consecutive years of
5% to 6%. Year to date it is
down by nearly 12% compared
with to a 38% fall for
the sector, showing how hard
even hedge funds have been
hit this year.
Q4
’07
Q1
’08
Q2
’08
“
Banque Privée
Edmond de Rothschild
boasts 39 years’
experience in alternative
investments, a record
that few can match.
Investors expect absolute
returns with efficient
use of risk, which the
Alpha Traders fund has
achieved well
”
Marcus Brookes, PA Fund
Awards judge
LCF Rothschild’s Marc Sbeghen
21
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