Reminiscent Capital, a Sydney-based discretionary Asian macro hedge fund led by David Adams (former Brevan Howard and Morgan Stanley), has launched a new fund based in Cayman.
The founders said the fund would enable broader access to its Asia Macro Master Strategy, which is employed to construct a highly liquid portfolio centred around rates, FX and equities.
The strategy, launched in February 2019, was previously only available to Australian investors via an Australian Unit Trust.
The strategy finished Q1 2020 up 16.5% before fees, navigating the recent market turmoil and outperforming the HFRI Macro Discretionary Thematic Index YTD.
Before founding Reminiscent, Adams worked in Hong Kong as Portfolio Manager for Brevan Howard and prior to that was managing director at Morgan Stanley Australia. Reminiscent is supported by its minority equity partner, Pinnacle Investment Management Group, which provides non-investment support functions including a distribution force of 30 people located in London, New York, Sydney, Melbourne and Auckland and industrial grade middle office and infrastructure services. Pinnacle recently appointed Alison Maschmeyer as managing director, head of Americas.
The founder said that the focus of the fund, which invests only in liquid products and has a policy of no net short option positions, has contributed to it exhibiting significant outperformance during months where the S&P500 suffered bad sell-offs.
Adams, Reminiscent’s founder and chief investment officer, said he believes an agile, discretionary macro trading strategy is the best way to exploit opportunities across Asia.
“Divergent central bank policies on interest rates and foreign exchange, equity market dispersion, and temporary dislocations caused by the dominance of retail flows are combining to make Asian markets increasingly attractive for Reminiscent, at a time when many hedge fund allocators are underweight the region,” he said.
“Through this Cayman Fund our objective is to deliver investors superior risk-adjusted returns, across diverse market conditions. This means when markets turn violent, we aim to be the bright spot in our investor’s portfolios.
“After working through various market cycles, our experienced investment team is well aware that during downturns like we have witnessed in the past few months, investors who are in strong positions can take advantage of incredible investment opportunities.”
Reminiscent Capital, Macro hedge fund, Fund, Asia Macro Master Strategy, Cayman Islands