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HFR Industry Summit: Mid-Year 2008
April 9-10, 2008
Claridge’s Hotel in London

Industry's Top Fund Managers, investors discuss volatile quarter at HFR IS: MY08

Following the success of the HFR Industry Summit: Outlook 2008, HFR hosted the Industry Summit: Midyear 2008 at Claridge's Hotel in London Mayfair. The private engagement featured presentation from many of the industry's top managers and, many of the industry's top institutional investors were in attendance.

Volatility was the most prominent theme which each of the 17 presenters made specific reference to, presenting views on the multiple sources, impacts and strategic implications of the increasing volatility. Other strategic themes of interest & discussion included commodities, global recession, monetary policy, emerging markets and financial system leverage. Views on these represented both commonalities as well as differences of opinions, contributing to lively debate and engaging interaction with allocators in attendance.

Portfolio Managers in the Equity Hedge Strategy Session focused on cyclical aspects of valuation, strategies for responding to market dislocations, alignment expectations and opportunities created in infrastructure & commodity areas. Managers represented diverse perspectives from US, European, Asian, growth and value strategies. Audience questions focused on risk dynamics, currency impact on valuation, institutional capital requirements and cyclical valuation assumptions.

Portfolio Managers on the Relative Value Strategy Session discussed volatility and the impact of leverage on strategy. Managers specifically discussed the evolution of Convertible Arbitrage, opportunities in Credit Arbitrage, trading adjustments and access to leverage, and thematic incorporation of macro themes into arbitrage and volatility trading strategies. Audience discussion focused on structural risk presented by excessive use of leverage, risk management, liquidity in credit derivatives and weakness in structures backed by sub-prime mortgage securities.

Portfolio Managers on the Event Driven & Credit Strategy Session discussed the implications of the dramatic shift in investors' risk tolerance on the ability to execute and finance leveraged corporate transactions. Managers also discussed cross-border implications of a weaker US dollar, expansion of the opportunity set in Distressed securities and the impact of capital flows on conditions in Event Arbitrage. Audience questions focused intently on the impact of the credit losses at financial institutions and specifically on the events surrounding the Bear Stearns/ J.P. Morgan merger.

Portfolio Managers on the Macro Strategy Session discussed the drivers of the strong performance realized in Macro strategies concurrent with the increase in financial market volatility. Managers discussed both Systematic and Discretionary strategies, with the former focusing on trending behavior, volatility and conditional probability, while the later focused on emerging market decoupling, commodity market imbalances and recent developments in monetary policy dynamics. Audience questions centered around the persistence of the strong performance, expectations for continued central bank activity and scenarios and impact of global recession of market participants.

HFR plans a Fall 2008 event in Chicago later this year.

Scenes from HFR Industry Summit: Mid-Year 2008

For questions regarding HFR Industry Summit events please contact HFR at summit@hfr.com

Click here to view Video Clips from HFR Industry Summit: Mid-Year 2008


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