If I told you you could invest in the activist fund Third Point at a 6% discount to all other investors – would you be interested?
Not only that, but there are no lockups, no minimums, and daily liquidity. Loeb IPO’d a fund in London in July, and currently the shares trade at a nice discount. Here is their monthly report. Volume is still low but getting better in all of the funds. (Some of Loeb’s top holdings are BOL, PPP, CY, PDLI, SNV, and DADE).
Mark James of ABN Amro (London) publishes the best (and only that I know of) review of the listed hedge fund space titled Alternatively. This month they profiled Marshall Wace – a fund that invests in European l/s equities and listed on Euronext in Dec 2006 with a 1.5bn (Euro) IPO. That set a record for a primary offering for a listed hedge fund due to strong demand. This is one of the most interesting funds – it has a quant system that evaluates and executes ideas from more than 2,000 salespeople.
Dexion Absolute just raised another $950 million to make it the largest listed hedge fund at almost $3 billion.
A couple stats from the report:
# of individual hedge funds listed: 6
Gross assets: 3 billion pounds
(Their group expects a trend toward more individual fund listings.)
# London listed hedge fund of funds: 30
Gross assets: 4 billion pounds
Total number of funds listed: 44 (includes Zurich (6) and other (Canada, Oz))
Total assets: 8.4 billion pounds
# of US listed hedge funds: 0
Gross Assets of US listed hedge funds: 0
PS Is one of your funds ailing? Check out the hedge fund Implode-O-Meter.
