Ermitage’s European Absolute Fund was voted ‘Best Regional Focused Fund of Hedge Fund’ over 5 years at the BANCO Swiss Hedge Funds 2011 Awards held in October. BANCO is one of Switzerland’s leading media, providing regular coverage on hedge funds and recognising the best funds of hedge funds in the country each year.
As well as winning the Best Regional Focused FoHF 5-Year Award, Ermitage European Absolute Fund was also a finalist in the 3-Year category. Highlighting Ermitage’s consistent performance, two of our other products were shortlisted in four further award categories:-
Ermitage Global Long Short Fund was shortlisted in 1-Year and 3-Year categories for ‘Best Long/Short Global Fund of Hedge Fund’, and Ermitage Global Multi Strategy Fund was a finalist for the ‘Best Multi-Strategy Global Fund of Hedge Fund’ in the 1-Year and 3-Year categories.
The winners were selected taking into account annual compound return, maximum drawdown and time to recover, with the aim of recognising portfolios not only for their ability to achieve the best results over a given period (1, 3 and 5 years), but also for their prospects of maintaining their results.
Commenting on the award, Michael Howard, Head of Long Short Equity Strategies added: “We are pleased to win an award over 5 years, a period which covers several contrasting phases of the market. Ermitage builds portfolios for multiple scenarios using our proprietary software OPTICS. This allows the portfolio to be better prepared for changes in environment and also enables it to adapt to the prevailing market conditions. This proved particularly useful in preparing the portfolio for 2008 and more recently Q3 2011, allowing the European Absolute Fund to protect capital effectively. Since the Fund’s inception in December 1999 to September 2011, it has delivered an estimated 97.2% return, while the MSCI Europe Index is down -5% over the same period, achieved with less than a third of the Index’s volatility*.”
* Ermitage European Absolute Fund Euro Class. MSCI Europe Total Return Index Eur. Volatility as measured by standard deviation. Source Bloomberg.
Ermitage is a member of Nexar Capital Group. Nexar Capital Group is a global asset management firm specializing in value creation and alpha generation using active portfolio management. Nexar distinguishes itself through its expertise in engineering alpha to meet investors' objectives with a variety of innovative offerings. We manage in excess of USD 3 billion in funds of hedge funds, single strategies, as well as customized portfolios managed in accordance with each investor's unique specifications.