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Parvus and GLG funds lead
the winners at EuroHedge
RAB Capital takes coveted Management Firm award
(LONDON, 25th January 2006) Parvus European Absolute Opportunities, a long/short
European equity fund run by former Mercury Asset Management/Merrill Lynch
Investment Managers star Edoardo Mercadante, took the plaudits of the European
hedge fund industry by winning the Fund of the Year award at the annual EuroHedge
Awards, held on 25 January at the Grosvenor House Hotel in London.
In doing so, Parvus became the successor to The Children’s Investment Fund, which
was Fund of the Year in both of the previous two years at the EuroHedge Awards.
Given that Parvus is an affiliate of TCI Fund Management, it also continues the TCI
group’s remarkable run of successes at the awards.
Other big winners on the year included the GLG Emerging Markets fund, which took
away two prizes – for best New Fund of the Year in non-equity strategies, and also
for best fund in High Yield, Emerging Markets & Distressed Debt – with a return of
just under 60% for the year.
The much-coveted Management Firm of the Year Award was won this time by RAB
Capital, reflecting the London-listed firm’s tremendous success in achieving the
highest weighted outperformance over the EuroHedge medians across its range of
products, as well as the fastest rate of growth among the leading firms.
Previous winners who took awards again included the Lansdowne UK fund in UK
Equity and Gartmore’s European equity team, headed by Roger Guy and Guillaume
Rambourg, who took an award for their AlphaGen Tucana fund in the category for big
European equity funds with assets of over $500 million. An award for that category
also went to Modulus Europe, which won in the Dollar class, while Tucana won in the
The Sark fund, managed by Boussard & Gavaudan Asset Management, took the
award again for Convertibles & Equity Arbitrage. And Capital Fund Management,
based in Paris, which won two awards last year, took the award this time for Equity
Market Neutral & Quantitative Strategies with its Ventus statistical arbitrage fund.
While many other previous winners were nominated again, the other categories
mostly had new winners this time. After several near misses in previous years,
Winton Diversified was the winner in Managed Futures, while other awards were
taken by firms including JP Morgan Asset Management, Morley Fund Management, TT
Group and NewSmith Capital.
Over 1,000 people attended the EuroHedge Awards dinner, including most of the
leading managers and investors in the European hedge fund industry.
The complete list of winners by category was:
Focus Capital Investors
EUROPEAN EQUITY (under $500m)
JPMF Europe Dynamic
EUROPEAN EQUITY (over $500m)
EMERGING MARKET EQUITY
UFG Russia Select
TT Event Driven
EQUITY MARKET NEUTRAL & QUANT STRATEGIES
Ventus Statistical Arbitrage
CONVERTIBLES & EQUITY ARBITRAGE
MIXED ARBITRAGE & MULTI-STRATEGY
MKM Longboat Multi-Strategy
Morley G7 Fixed Income
NewSmith European Credit
NAC European Credit
HIGH YIELD, EMERGING MARKET & DISTRESSED DEBT
GLG Emerging Markets
Auriel Global Macro
NEW FUND OF THE YEAR - ARBITRAGE, RELATIVE VALUE & MACRO
GLG Emerging Markets
NEW FUND OF THE YEAR - EQUITY STRATEGIES
MANAGEMENT FIRM OF THE YEAR
FUND OF THE YEAR
Parvus European Absolute Opportunities
Background & Decision Criteria
To qualify, funds must submit their data to the EuroHedge database, which captures
about 90% of all European funds.
For the main categories, funds need to meet a minimum asset average of $200
million over the past 12 months, with the exception only of the Small Caps and
Specialist Credit awards – where the minimum level is set at $100 million.
The Sharpe Ratio is used to select the nominees. The best performer amongst the
nominees then wins each award, providing the fund’s Sharpe Ratio is within 25% of
the best Sharpe Ratio in the category.
The New Fund of the Year categories, as well as overall Fund of the Year and the
Management Firm of the Year, do not lend themselves to a Sharpe Ratio comparison
alone, so we use an array of other quantitative measures to decide these awards.
About EuroHedge and HedgeFund Intelligence
EuroHedge is published by HedgeFund Intelligence, the leading provider of news,
analysis and performance data on the global hedge fund industry. The company
provides dedicated information on US, European, Asian and South African single
managers as well as on hedge fund investors.
For more information contact: