OPALESQUE’S EMERGING MANAGER MONITOR - Some emerging hedge fund managers’ reactions to Brexit

Lionel Tapiero and Wayne Himelsein, partners at Logica Capital Advisers, a Los Angeles-based asset manager formed in 2011 said that their strategies are designed to be fully neutral to market regime shifts and shocks.

“Accordingly, the effect of Brexit is two-fold,” they explained to Opalesque. “Our absolute return profile – both in real time and the future – is unaffected, but given that fact, our relative return profile (that is, our return vs. the broader market and our competitors) is quite a bit better given that most are affected. To us, this increase in relative performance is the best possible effect of being absolutely unaffected, and precisely the goal of comprehensively neutral design.” The HFRX Equity Market Neutral Index is down 1.28% MTD and down 5.2% YTD.

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Because of the stay-at-home order and related effects of COVID-19, Logica was unable to meet the original filing deadline for its ADV, and relied on the SEC CV-19 order to file by the extended deadline.

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