Team: Sergey Ilchenko, Yury Roslavlev, Tikhon Moiseev
History: The Greater Europe Fund (“GEF”), launched March 1998, produced 21.0 % pa for a decade, winning several awards: “Best Performing Global Macro Hedge Fund” (Hedge Fund Review 2004 and 2006) and “Top Hedge Fund” by Bloomberg Markets January 2007, under direction of CIO Jochen Wermuth, who has overseen > $1bn in AUM invested in Russia. The 2008 financial crisis proved challenging for the Fund (for a more detailed explanation please click here) and in March 2009, a side pocket (GEF S Class) was created to protect the value of some of the illiquid assets in the Fund.
Following 2008, the Greater Europe Fund focused primarily on liquid equities and since July 2011 is overseen directly by CIO Jochen Wermuth and Sergey Ilchenko, Head of the Quant Department.
Strategy: The Fund uses the macroeconomic views of Economist, Dieter Wermuth and the bottom-up research results of the research team headed by Sergey Ezimov who produce lists of “long”, “short” and “neutral” stock picks. The stocks may be anywhere in the world, but related to Russia and the former Soviet Union. Positions are entered and exited based on the Quant strategy developed by Yuri Roslavlev and Tikhon Moiseev of WAM’s quant team. Since 2005, the strategy has generated roughly twice the return of the RTS index, with half the volatility. Going forward the Fund will now always rely on the quant strategy for the entry and exit of positions, enforcing tight stop losses for all non-core positions with monthly liquidity.
Fund Terms:
· monthly redemptions with five-day notice,
· no subscription or redemption fees,
· no mandate for private equity or real estate
· pays performance fees only after a six-month clawback,
· no gate provisions.
Minimum investment size: USD 250,000,
Fees: 2% of NAV per annum / 20% of investment profits.