Even though the rapid decline in oil prices is coming to an end, for many oil producers -like those in the shale market in the US and offshore oil fields-, the current oil price is a problem. According to Chris Iggo, CIO Fixed Income Europe and Asia at AXA Investment Managers, “lower prices are pushing commodity-reliant countries to devalue their currencies and Saudi Arabia recently announced that the current oil price has forced them to sell some foreign investments to cover a fund deficit.”
Nick Hayes, manager of the AXA WF Global Strategic Bonds, believes that“The declining oil price has also impacted high yield markets… We favour nominal bonds over inflation-linked bonds given the outlook for inflation. The main concern for us now is where oil prices will settle, and it’s important for fixed income investors to lower their expectations of inflation given the chance that falling commodity prices will continue to impact the level of inflation.”
During the last year, the managers have been decreasing the amount of high yield and emerging market debt exposure and they believe that we will see a rise in government bond yields once the current risk-off environment subsides. “A bear market in credit has created opportunities for us – especially with the increase in the number of negative credit ‘events’ which means we can increase credit allocations at higher spreads and yields,” says Hayes.
In regards to the Federal Reserve’s (Fed) policy, they believe that “the US economy will continue to prosper, which will periodically get people excited about the potential for a rate hike, but the global economic environment is likely to stay weak. The domestic US labour market is still very tight, but wages are picking up, as they are in the UK. However, higher wages don’t immediately translate into inflation. Core inflation has so far stayed low, removing oil from the calculation. It’s difficult to have a view on 1-2 year inflation figures, but central banks will continue to set rates to reach inflation targets. What I would like to see is the Fed being more decisive – raise the rates and be confident about the state of the US economy.” Considering this, Hayes prefers the Eurozone over US interest rate risk. “Given attractive valuations, we have increased our allocation to investment grade corporate bonds, which has started to offer interesting yield levels for high quality credit, ” he comments.
Photo: Michael Kooiman. Hedge Funds Bleeding Slowly versus Market Hemorrhage
The Lyxor Hedge Fund Index was down -1.4% in September. 3 out of 11 Lyxor Indices ended the month in positive territory. The Lyxor CTA Long Term Index (+4.0%), the Lyxor CTA ShortTerm Index (+2.3%), and the Lyxor L/S Equity Market Neutral Index (+0.4%) were the best performers.
In contrast with the sell-off by last fall, the current recovery process is proving more laborious. Continued soft macro releases, several micro turbulences (VW, GLEN, the US Healthcare) and signs that the Fed might be more concerned about global growth, drove markets to re-test the end-of-August lows. L/S Equity Long bias funds and Event Driven funds were yet again the main victims. Conversely, CTAs, Global Macro and L/S Equity funds with lower or variable bias, successfully navigated these challenging times.
“Quantitative easing combined with tighter regulation is growingly questioned. The former is boosting re-leveraging, the latter is trapping liquidity within banks. Both are increasing market risks. With few obvious growth gears in sight, we expect moderate and riskier asset returns.” says Jean-Baptiste Berthon, senior cross asset strategist at Lyxor AM.
Pressure remained on the L/S Equity Long bias funds. They continued to underperform, with broad markets bleeding back to the end-of-August lows. Their drawback accelerated by month-end on the healthcare sector’s debacle. They held their largest allocation in the non-cyclical consumers sectors (which includes healthcare stocks). The H. Clinton’s tweet, tackling drug prices hikes at one specialty-drug company, resulted in a sudden re-assessment of the whole sector’s revenues and M&A prospects. Indeed, these drug pricing anomalies reflect a broader transformation of the healthcare space since 2014. Since then, waves of Biotech and Generic companies’ acquisitions granted Pharma with much greater pricing power. The current correction might be bringing back M&A premiums and fundamental forecasts to a more sustainable profitability regime.
In contrast, Variable bias funds continued to successfully navigate a challenging space, in Europe especially. They finished the month only slightly down. They adequately not re-weighted yet their net exposure. Instead they actively traded around positions.
Market Neutral funds managed to weather the mid-month Fed sector repositioning. They also benefitted from wider quantitative factors differentiation, with Momentum outperforming Value. The short-term backdrop for the strategy remains riskier, less likely to profit from a potential rebound, and threatened by higher rotation risk, in the healthcare sector in particular.
Event Driven funds were again and by far, the main losers. Bargain hunting in the most beaten down securities allowed Event Driven to start the month on the right foot. However the valuation recovery didn’t last, caught up by the post-FOMC uncertainty. The losses accelerated in the last two weeks. In tandem with L/S Equity funds, they got hit by the healthcare meltdown. Strongly allocated through Merger arbitrage and special situation, the sector severely hit the whole Event Driven space. Valleant, Baxter, Allegan, Perrigo were amongst the largest return detractors.
L/S Credit Arbitrage funds’ returns were in line with the global index. The perception of risk remained elevated, factored in widening HY spreads, in the US especially. Lyxor L/S Credit funds remained reasonably conservative. There was volatility in cross credit Fixed-income arbitrage ahead of the Fed FOMC: this sub-strategy slightly underperformed.
CTAs, stars of the month. After being initially hit on their short energy exposures, CTAs then hoarded gains from their long bond exposures. With limited or negative exposures to equities, they dodged most of the market turmoil. They recorded small losses in FX and agricultural.
The sell-off since the end of August combined fundamental and technical drivers. CTAs’ involvement in the debacle was recently debated. Lyxor observes that Long term models cut their equity allocation to a conservative net exposure of 25% before the sell-off. During the sell-off, they further cut their equity exposure to around 5-10%: not a key factor in the selling pressure. During the sell-off, most Short term models further cut their about-zero net exposure down to -25%. The ST models move was more aggressive. But they manage a tiny portion of total CTAs’ AuM (less than 15% of the around $300bn CTAs’ total assets). The firm therefore see little evidence that CTAs were a substantial culprit for the equity sell-off.
By focusing on FX and rates, Global Macro dodged most of the September equity volatility. With limited exposure to commodities and shrinking allocation to equities (from 15 to less than 10% in net exposure), Global Macro dodged most of the September volatility. The bulk of their directional exposure was in the FX space. Their long in USD vs. EUR, GBP and CAD, produced marginally positive returns. Their market timing on rates added gains. They rapidly rotated their bond exposures back to the US, as it became probable that the Fed’s normalization process would be postponed.
Schroders was awarded the coveted ‘Best International Fund Group’ award at The Incisive Media International Fund & Product Awards 2015 held in London on October 7th. The award recognises Schroders for the excellence of its digital strategy and strength of its product proposition, as well as outstanding fund performance over three years.
In a highly competitive category, Schroders scooped first place above other well-known players in international asset management, which included the likes of GAM, BlackRock, Fidelity and more.
Additionally, Schroders’ Chief Executive, Michael Dobson, has been awarded the 2015 ‘Financial News Decade of Excellence’award, which recognises his leadership in the strong growth of Schroders’ profits and assets under management since 2001.
Of the award, Carla Bergareche, Head at Schroders Spain and Portugal commented “We have a strong local distribution presence around the globe and in all the major global financial centres, stretching back over 50 years. Through this we have nurtured long-standing relationships with our clients, maintaining an open dialogue based on professionalism and trust.” Adding that “We believe that digital is a key area of development to enhance our approach to servicing, engaging and communicating with our clients. We have put this into effect via the recent launch of the Schroders incomeIQ initiative, a knowledge centre which features investment guides and tools. People can also take the incomeIQ test designed to reveal investors’ behavioural biases and provide useful tips to empower advisers and investors in their decision making. We are pleased to have won the awards in recognition of our drive for excellence in delivering added value to our clients and wider society. We will continue to innovate across all aspects of our business to help meet the needs of our clients.”
You can review the list of winners and Finalist in the following link
Bob Thomas - Foto cedida. Henderson Global Investors amplía su equipo de renta variable inmobiliaria global
Following an announcement made to clients in May this year, Henderson Global Investors has further expanded its global property equities team with the addition of a dedicated North American property equities team.
Bob Thomas was appointed head of North American property equities, joining the global asset manager in August. Bob is based in Henderson’s Chicago office. His previous role was co-head of North American listed real estate at AMP Capital. Bob brings over 13 years’ experience in real estate securities, having previously worked for BNP Paribas Asset Management and Nuveen Asset Management.
Greg Kuhl has also joined the team in Chicago as portfolio manager and will work with Bob to build out the offering. He joins from Brookfield Investment Management where he worked on North American and global long only and long-short real estate funds. Finally, this month, Mike Engels joined as an analyst. He previously worked at Brookfield Investment Management.
Bob, Greg and Mike, will work with existing global fund managers, Guy Barnard and Tim Gibson, to manage the team’s existing global mandates. This transition will take place on the 1 November. As a result of this decision, management of the North American sleeves of Henderson’s global property equities funds will be brought in-house. Since 2007, Harrison Street Securities, the US-based real estate investment firm, was mandated to manage this part of the portfolio.
Graham Kitchen, head of equities at Henderson, comments: “As a truly global business, and with recent acquisitions in the US developing our in-house equity expertise, it is a logical step to bring the management of North American property equities in-house. Not only do we believe this best serves clients in the existing global funds, but it also enables us to further develop the franchise and product offering in the future.”
Guy Barnard, co-head of global property equities based in London, says: “We’ve worked with Harrison Street for eight years and thank them for the service they have provided. Looking ahead, a strengthened property securities team, with dedicated portfolio managers in all of our key regions, will enable us to pursue a more integrated global investment process that will best serve our clients’ needs. The integration process has been carefully managed over a number of months, meaning we expect a seamless transition next month.
The build-out of the global property equities team reflects Henderson’s drive to provide quality products with consistent superior performance to our clients across the world.”
Tim Gibson, co-head of global property equities based in Singapore, adds: “Hiring quality people to help develop our global offering is intrinsic to our success, and we are happy to be in a position to attract high caliber managers such as Bob and Greg. They both have strong reputations, excellent track records and high conviction, bottom-up driven investment processes that are aligned to our own. ”
CC-BY-SA-2.0, FlickrAdam Mac Nulty, Client Portfolio Manager for Multi-Asset Solutions at Pioneer Investments. Pioneer Investments: “We Must Open up The Range of Opportunities and Ideas in order to Generate Alpha”
Volatility has returned to the markets and investors are realizing that, in this environment of uncertainty, there is a possibility of losing money in assets traditionally regarded as safe, such as fixed income. In fact, some debt and equity markets seem to be overvalued and doubts about their behavior are becoming more pressing. “Investors want more stable returns but do not want to experience losses or take risk, and in this regard, absolute return solutions are a good choice. These strategies really do have a place in portfolios,” says Adam Mac Nulty, Client Portfolio Manager for Multi-Asset Solutions at Pioneer Investments, during an interview with Funds Society.
The expert, who recently participated in the Pioneer Forum in Miami, reveals the virtues of a range of the management company’s multi-asset solutions, encompassing multi-asset products with direct investment, even in income mode, funds of funds, tailored solutions, and absolute return multi-asset strategies. The latter, which they have been managing since 2004, have aroused great appetite amongst investors, especially during the last 18 months, due to market conditions.
But not just any absolute return strategy will do. Mac Nulty explains that diversification is the key: being aware of what is in the portfolio; giving beta an increasingly less important role; and placing greater emphasis on alpha generation. “We should not depend on beta because perceptions often do not correspond to reality,” he says.
Alpha generation can be arrived at, for example, by investing in long-short, or relative value strategies: “In traditional strategies alpha is usually only generated on the long side, but it’s different with portfolios that are less restrictive. It’s important to increase the range of investment opportunities and ideas; adopt relative value positions; invest in multiple uncorrelated strategies thus ensuring robust diversification,” he says. All with the intention of reducing the volatility of fixed income and equity markets.
And he admits that the fact of having an absolute return perspective is easier with a multi-asset portfolio than with a single asset: “The fact of not being limited to an asset offers more opportunities.”
In their strategies, they invest in liquid assets, including fixed income, equities, real estate, convertible bonds, derivative strategies, commodities…
Since they started managing absolute return portfolios in 2004, the markets have changed greatly. “Many extreme events have happened, such as the 2008 crisis and periods of volatility, from which we have learned and which have helped us to improve the management of our portfolios,” explains Mac Nulty.
For example, in recent years they have introduced more diversification in portfolios (previously they had around 45 strategies, and now there’s around one hundred); more relative value strategies; they are constantly seeking to combine multiple, low correlated strategies into the portfolio; and they have introduced several layers of risk management to help protect the portfolio from the permanent impairment of capital including hedges against possible extreme events in the form of put options, or positions in Gold as a hedge to their macro base case. “We learned a lot from past experiences. It’s also very important to stress test the portfolios regularly to discover how they would behave under different scenarios. Because the next crisis will be different, and we want to be prepared,” he says.
Proof of this is the behavior of the portfolio during last August. After the rally in the first quarter of the year, the managers decided to adopt a more cautious stance. “We believed that the market was too complacent and that valuations were not attractive.” Therefore, they reduced risk, by cutting their equity and FX exposures, and reducing duration from 4 years to 2 years. Their positioning paid off during the summer−especially in the slumps in August− as the team benefited from the low risk of their portfolio.
“We’re not market timers but we’re very good at managing risk. In summer we had very little market exposure, and moderate levels of duration when the sell-off occurred; we were well positioned and the portfolio lost only a small bit of ground,” he explains. After the falls, they assumed a bit more risk in portfolios, although they are still at low levels, and believe that, as yet, there are still no good market entry points. “We believe that volatility is making its way back, which will increase the correlation between asset classes,” advises the expert. “But we are always on the lookout for interesting opportunities and would look to add risk exposure should we experience any further sell offs”.
Among the company’s multi-asset absolute return strategies, the most noteworthy are two funds which are both managed flexibly and domiciled in Luxembourg: the first, “Multi-Strategy”, is a multi-strategy, absolute return fund launched in 2008, flexible and of long-biased duration, it targets a return above liquidity of between 3.5% and 4.5%; and the second, “Multi-Strategy Growth”, is a somewhat more aggressive version which aims to beat the cash at between 5% and 6%. “We intend to provide stable returns by focusing on risk, without relying on the beta, and with relative value strategies playing a key role,” he explains.
In general, Pioneer’s multi-asset strategies (both funds of funds and direct investment or absolute return focused multi-assets) are based on four pillars of management. The first is the macro, in which managers obtain a main scenario which leads them to favor some assets over others and some regions over others (for example, it can lead them to be positive with Europe or the US dollar but avoid investing in emerging markets, except for in some of them, such as India). The second pillar is macro hedging: a group of hedging specialists, critical of the risk taken in macro strategy, is dedicated to analyzing those risks, their probability, and their potential impact on the portfolios. For example, now they consider that there are risks of a hard landing in China, a bubble in their markets, the possibility that the rate hikes in the US occur too quickly, or too slowly, that there is deflation in Europe … and they analyze the impact on the portfolios. “If they believe that the odds are high, they use hedges,” explains the expert, and such hedgingcan be easily implemented, with gold, for example, or more complex, with derivatives and swaps.
The third pillar is based on relative value satellite strategies, favoring an asset, country, sector, or currency over others … For example, in emerging markets they favor countries that have made reforms, such as India, over those which are debt ridden, and are committed to long positions in this Asian country as opposed to short positions in currencies of countries like Hungary or Brazil. The idea is that these strategies are not correlated with each other or with the macro vision. And the fourth pillar is that of selection, which tries not to replicate the macro vision, and which is a key aspect in funds of funds strategies, but not as much for those of absolute return. In fact, these pillars have different weights depending on whether the multi-asset portfolios are funds of funds, direct investments, or absolute return.
Currently, the management company has 2 billion Euros in multi-asset absolute return strategies, but feels very comfortable, however, and believes they can grow further. “We could manage 20 billion,” says the expert.
Foto por A Guy Taking Pictures
. Mantenerse invertido en un mercado volátil requiere tener la cabeza firme y una estrategia clara
In a global environment of financial and geopolitical crises, divergent economic growth and a dichotomy of monetary policies among developed markets, volatility has dominated the investment dialogue and many professionals agree that it is here to stay.
In your search for positive returns you should remember to keep a steady head and a clear strategy—including a diversified range of investment opportunities—to help navigate the current market volatility.
Firstly, do not let fear and emotions decide your investment strategy. Unfortunately, after many years of low volatility, making sense of the current environment without giving free range to your emotions can prove challenging. Above all, you need to always remember that you are invested for the long run. You should maintain this long-term perspective, and avoid turning over your positions too often with the market’s ups and downs. “Timing the market” and trying to sell stocks when you think the market is about to decline, and buy when you think it is about to rise, is difficult to do successfully with consistency and can be quite risky for your portfolio. For example, if you had invested $100,000 in the S&P 500 Index between January 1st, 1995, and December 31st, 2014 your initial investment would have grown to $654,055. However, missing just the FIVE best days would have cost you over $200,000,
Also important to note is that diversification has changed. Having a bond and stock portfolio is no longer sufficient to ensure effective diversification and consistent returns. Given current market conditions, if you want to protect your investments and/or take advantage of all the potential opportunities in the market, you need to cast a wider net across variety of assets, including active, index and multi-asset strategies as well as nontraditional investments. While nothing can guarantee consistent outperformance, enhanced diversification does expand your sources of risk and return.
To increase your portfolio’s chances of success, considering the following actions:
Build a better bond portfolio – Analyze why it is you want exposure to bonds, and look for the best fixed-income tools for your particular case. For example, an unconstrained bond strategy and the flexibility it gives you, might be useful in navigating interest rate risks.
Increase global exposure – The same techniques for diversifying via sector and asset classes, can be applied to geography. International exposure, to the right markets, can offer better returns than just investing in your domestic market.
Look for dividend paying stocks – This strategy can help provide much-needed downside protection in difficult environments while participating in up markets. Although there is no guarantee that companies will continue to pay dividends, this income can help smooth volatility in unpredictable markets.
Expand to other asset classes– By creating a more diverse and flexible portfolio you start to take advantage of all the financial markets have to offer. This may require seeking opportunity in places you have never looked before such as Real Estate or Long-short funds. It also warrants the use of a wider variety of active, index and multi-asset strategies.
In today’s environment of low growth it is important to use all tools, from the precision exposures allowed by exchange-traded funds (ETFs) to the unbridled reach and flexibility afforded by unconstrained active strategies, to achieve your investment goals.
This material is for educational purposes only and does not constitute investment advice nor an offer or solicitation to sell or a solicitation of an offer to buy any shares of any Fund (nor shall any such shares be offered or sold to any person) in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities law of that jurisdiction. If any funds are mentioned or inferred to in this material, it is possible that some or all of the funds have not been registered with the securities regulator in any Latin American and Iberian country and thus might not be publicly offered within any such country. The securities regulators of such countries have not confirmed the accuracy of any information contained herein.
Photo: Frédéric Janbon, new Head of BNP Paribas IP. Frédéric Janbon Appointed Head of the Asset Management Business of BNP Paribas
BNP Paribas announced the appointment of Frédéric Janbon as Head of BNP Paribas Investment Partners (IP), the Group’s asset management specialist. He succeeds Philippe Marchessaux, who will support and advise him during a transition period before taking on, at his request, another project within the BNP Paribas Group.
After successfully steering the integration of various asset management teams from ABN Amro AM, Fortis IM and BNP Paribas Investment Partners to build a global-scale asset management business, Philippe Marchessaux worked further to simplify its structure, consolidate its client base and prepare the business for tomorrow’s challenges.
Frédéric Janbon is to take up his new responsibilities on 20 October 2015. His main task will be to further accelerate the development of BNP Paribas Investment Partners as a benchmark player in institutional asset management and client service. Having started his career in 1988, Frédéric has over 25 years’ experience in financial markets. With the BNP Paribas Group he served in various management positions in the interest rate, derivatives and options markets, before being appointed global head of Fixed Income in 2005, an activity which he successfully steered until the end of 2014. Frédéric Janbon will therefore bring to BNP Paribas Investment Partners his long experience in managing relationships with international institutional investors and in the development of client solutions.
BNP Paribas CEO Jean-Laurent Bonnafé said: “BNP Paribas Investment Partners is a key business for the BNP Paribas Group, both in terms of serving our institutional clientele and providing savings & investment solutions to individual retail customers. This business is very much a part of our growth strategy, which focuses on developing businesses where we are able to achieve high performance in order to offer our clients the best products and services.”
Jacques d’Estais, BNP Paribas Group Deputy Chief Operating Officer and Head of International Financial Services, said: “I would like to express my sincere thanks to Philippe for his contribution to the growth of BNP Paribas Investment Partners over these past six years, particularly the international institutional business line. I have every confidence in Frédéric’s ability to reinforce our range of investment solutions for institutional clients, distributors and individual customers in what is a highly strategic business for the BNP Paribas Group.”
WE Family Offices, "Mejor firma de Wealth Management" de Florida y de Nueva York- Foto cedida. Doble galardón para WE Family Offices: "Mejor firma de Wealth Management" de Florida y de Nueva York
WE Family Offices has been awarded with the “Best Family Wealth Management Firm” awards both in Floridaand in New York by the Wealth & Finance International 2015 Finance Awards.
After months of voting, research and hard choices, the publication has finally decided on the worthy winners of this year’s awards, celebrating the service, skill and dedication of individuals and firms across a multitude of financial disciplines and sizes; from local to national players, from single-office firms to international juggernauts, the firm celebrates them all.
The 2015 Finance Awards were developed to recognise and reward excellence, best practice and innovation in finance, and were open to individuals and firms operating and working in a wide range of industries, including personal finance, corporate finance, accountancy and financial management, reaching out to thefour corners of the globe.
“To be named a Finance Award winner is no mean feat: it is not only a “stamp” of professional excellence, it is also a badge of merit, integrity and leadership”, Wealth & Finance International said in its announcement.
According to Fabio Mostacci, Senior analyst at Mirabaud Securities Spain, the Spanish financial sector will present weak revenues and a lower net income on a qoq basis. “We expect that this upcoming quarter will not deviate meaningfully from the general trends seen during previous quarters. In general terms, we expect good asset quality trends to be partially offset by declining NII due to weak volumes, continued pressure on loan pricing and declining contributions from the ALCO portfolios. In other words, we anticipate that the market perception of a lack of core revenue growth will be confirmed.”
Although they are expecting that deposit repricing will fuel growth in net income, analysts at Mirabaud, anticipate “a sequential decline for all of the banks we cover. This is mainly due to lower contribution from ALCO portfolios following the decision of most of the banks to sell part of the exposure and crystallize capital gains in Q2, and/or to swap part of the portfolios to reduce duration risk.”
They predict that commissions should confirm the positive trend on a year – on – year basis, but sequential growth should be negative due to seasonality and to the weak market performance throughout the summer, which negatively affected asset management commissions. “As for other revenues, we expect trading income to substantially decline towards normalized quarterly run rates following exceptionally high levels over the last few quarters.”
Mirabaud also anticipates asset quality to keep improving on the back of the supportive macro backdrop and pick up of real estate prices. Given that in 1S15 many banks frontloaded a sizable part of their expected provisioning effort for the year, Mirabaud expects that the sequential decline of provisions should be meaningful.
Spanish banks will present their results according to the following list:
Satya Patel and Teresa Kong, portfolio managers of the Credit Opportunities Fund. Matthews Asia Launches Credit Opportunities Fund, Adding to its Offshore Line-Up
Matthews Asia has launched the Credit Opportunities Fund, the newest fund to its offshore line-up, which invests in all countries and markets in Asia, including developed, emerging, and frontier countries and markets in the Asian region.
The Matthews Asia Credit Opportunities Fund intends to distribute its dividends quarterly for the Distribution share classes. Teresa Kong, portfolio manager at Matthews Asia leads the team with Satya Patel. Most bonds in the portfolio will be sub-investment grade, or so-called ‘high yield’ bonds.
The aim of the Matthews Asia Credit Opportunities Fund is to provide investors with a compelling fixed income investment solution that offers yield enhancement and diversification. Asia high yield credit has historically generated attractive returns compared to assets of similar risk: about 10% annualized returns with 10% annualized volatility. By identifying compelling opportunities in the growing Asia credit universe, the asset manager hopes to generate an attractive risk-adjusted return profile over the long run.
The firm points out that Asia has a large and liquid corporate bond market and, as a relatively under-researched asset class, it provides opportunities to potentially benefit not only from attractive levels of yield, but also capital appreciation. The fund intends to leverage Matthews Asia’s 24 years of experience in Asia equity and fixed income security selection to effectively manage this strategy.
Asia’s contribution to global growth continues to grow and the region generally has high levels of foreign currency reserves, high personal savings rates, and low levels of inflation, particularly when compared to Latin America, Russia, and Central and Eastern Europe. Currency regimes across the region have become more flexible over the past 15 years, which generally facilitates more flexible monetary policy by countries in the region. Currencies in the region can be volatile, which is one reason why the Matthews Asia Credit Opportunities Fund focuses primarily on U.S. dollar-denominated investments.
