The Children’s Investment Fund, Jabre Capital Partners, Toscafund and VR Capital led the line-up of winners at the annual EuroHedge Awards last night – which were announced and presented at a big hedge fund industry dinner and awards ceremony held at London’s Grosvenor House Hotel.
Chris Hohn’s $8 billion TCI fund won the Fund of the Year award, emerging victorious from a strong field of contenders that had all delivered exceptional performance on the year – and achieving an unprecedented hat-trick of awards in the overall fund of the year category, having previously won back-to-back trophies for its performances back in 2004 and 2005.
Philippe Jabre’s Jabre Capital Partners landed the Management Firm of the Year award, again against stiff competition from seven other firms – Chenavari, Cheyne, Henderson AlphaGen, Lansdowne, Odey, Marshall Wace and Toscafund – after a year in which the Geneva-based group generated outstanding performance across its diverse range of hedge fund strategies spanning multi-strategy, global equities, convertibles, emerging markets and event-driven.
Martin Hughes’ Toscafund group was also a big winner on the night – taking home two trophies for its Tosca Mid Cap and Tosca Opportunity funds in a year when the firm’s very strong performance in 2013’s buoyant equity markets saw its stable of funds winning multiple nominations in their respective categories.
Richard Deitz’s VR Capital specialist emerging markets investment firm was also a double-winner this year – winning two awards for its flagship VR Global Offshore Fund in Emerging Markets and also in Long-Term Performance for non-equity strategies, which judges risk-adjusted performance over a five-year period.
Several of Europe’s largest, longest-running and best-known hedge funds were also on the winners’ podium in a year when many hedge funds – especially those focused on equity strategies – delivered exceptional returns and risk-adjusted performances for their investors.
Lansdowne Developed Markets, the $10 billion fund run by Peter Davies and Stuart Roden, won the award for best Global Equity fund with assets over $500 million – while Pegasus, managed by David Yarrow and Angus Donaldson, took the award for best European Equity fund with assets of up to $500 million after a banner year for the 16-year-old fund.
Crispin Odey’s Odey Asset Management – a previous winner and multiple nominee at the EuroHedge Awards over the years – landed the prize for best UCITS fund with its CF Odey Absolute Return fund, which is managed by James Hanbury.
New York-based Dabroes, run by brothers Jack and Abe Eisenstat, formerly of Caxton and SAC, was a first-time winner of the award for European Equity funds with assets of more than $500 million – while the Dublin-based Kinsale Compass strategy collected the award for Global Equity funds with assets of up to $500 million.
Jonathan Hiscock’s GSA quantitative group took the Long Term Performance award for equity strategies with its GSA Capital International flagship – and was unlucky not to win the award for Equity Market Neutral and Quantitative Strategies too, with its GSA QFF strategy being pipped at the wire by winner BlackRock Eos in the quant equity category.
Among specialists in credit, another high-performing strategy area in 2013, Cheyne and Chenavari were to the fore after a year that saw both firms winning multiple nominations for several of their credit-focused funds.
Chenavari claimed the Multi-Strategy award with its Chenavari Multi-Strategy fund, while Cheyne took home the New Fund of the Year award with its Cheyne Multi-Strategy fund – with both victories emphasising the strength of both firms’ performance across a wide range of their fund strategies last year.
Henderson’s AlphaGen Volantis Catalyst was the winner of the other New Fund award – for equity strategies – after a very impressive start to the new activist strategy that is managed by the firm’s long-running former Gartmore team of small-cap equity specialist managers.
Citi spin-out Napier Park took the Credit award with its Napier Park European Credit Opportunities fund – a second successive victory in that category for manager Michael Micko – while Alcentra Structured Credit Opportunity, the winner of the Emerging Manager & Smaller fund the previous year, also won an award for a second year running in the Specialist Credit & Fixed Income category this time.
Polygon was another repeat winner this year, with Mike Humphries’ Polygon Convertible Opportunity fund taking the Convertibles & Volatility award that it had won in 2011 with a performance of exceptionally low volatility that resulted in a very high Sharpe ratio.
Danske Invest Hedge Fixed Income Strategies won a very close-run race in the Fixed Income category to land a debut victory at the EuroHedge Awards, while the Emerging Manager & Smaller Fund award this year went to Dromeus Greek Advantage.
Other first-time winners at the EuroHedge Awards this year included Chamberlain Davies Asset Management’s CDAM Global Opportunities strategies in Macro; Polunin Capital Partners’ PCP Emerging Markets Active fund in Emerging Market Equity; and Lyxor Asset Management’s Epsilon systematic trading programme in Managed Futures, Commodities & Currency – with the latter winning a very close-fought battle between several contenders at the end of a torrid for many managers in the CTA, commodity and FX space.
The EuroHedge Awards for 2013, now in their 13th year, paid recognition to those funds that had achieved the best risk-adjusted performance across a range of strategy areas. Over 800 people attended the EuroHedge Awards gala dinner, including most of the leading managers and investors in the European hedge fund industry.
A full write-up of the Awards will appear in the February issue of EuroHedge.
The EuroHedge Awards 2013 winners:
EUROPEAN EQUITY (under $500m)
EUROPEAN EQUITY (over $500m)
Tosca Mid Cap
GLOBAL EQUITY (under $500m)
GLOBAL EQUITY (over $500m)
Lansdowne Developed Markets
EMERGING MARKET EQUITY
PCP Emerging Markets Active
EQUITY MARKET NEUTRAL & QUANT STRATEGIES
CONVERTIBLES & VOLATILITY
Polygon Convertible Opportunity
EVENT DRIVEN & DISTRESSED
Danske Invest Hedge Fixed Income Strategies
Napier Park European Credit Opportunities
SPECIALIST CREDIT & FIXED INCOME
Alcentra Structured Credit Opportunity
VR Global Offshore
CDAM Global Opportunities
MANAGED FUTURES, COMMODITIES & CURRENCY
EMERGING MANAGER & SMALLER FUND
Dromeus Greek Advantage
CF Odey Absolute Return
NEW FUND OF THE YEAR - EQUITY STRATEGIES
AlphaGen Volantis Catalyst
NEW FUND OF THE YEAR – MACRO, FIXED INCOME & RELATIVE VALUE
LONG TERM PERFORMANCE – EQUITY STRATEGIES (5 yrs)
GSA Capital International
LONG TERM PERFORMANCE – MACRO, FIXED INCOME & RELATIVE VALUE (5 yrs)
VR Global Offshore
MANAGEMENT FIRM OF THE YEAR
Jabre Capital Partners
FUND OF THE YEAR
The Children’s Investment Fund