Since launch in Sept. 2012, the Clerkenwell Matterhorn Fund, a European listed real estate equity long/short fund, is up net 91% (annualized 20.5% until January 2016). Also 2015 was a playbook year for fund manager Adrian Elwood’s investment strategy, as he was up 22.8% versus 12.8% for the EPRA benchmark, while the FTSE 100 was down 5%.
Elwood has 30 years of real estate experience. Before setting up his absolute return fund, which is going to be capped at GBP 50m, he managed billions as co-manager of the Henderson Horizon Pan European Property Equities Fund.
Clerkenwell Matterhorn Fund: Absolute Return, Thematic Fund Yields 20.5% Net P.A.
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In this Opalesque.TV BACKSTAGE video, Elwood speaks about how to successfully run an absolute return fund in a cyclical sector, and how he creates Alpha and protects capital. He also explains the different advantages of investing in listed real estate, which for him is much more than just property in a listed format. In addition. Elwood also speaks about:
- Investment Style: Special situations, opportunistic trades, themes and select shorts
- How to pick the long-term winners in real estate
- Where are we now in the real estate cycle? How QE created a real estate super cycle which is still going on: Why Elwood thinks we are still mid-cycle in real estate
- Real estate still supported by low interest rates, but in the current environment Elwood has de-risked the fund. How Elwood plans to continue to outperform
- Lessons from UK’s 1970’s banking crisis where ‘Cork’s dam’ saved the system
- The role of bond yields for real estate
- Who are the large real estate investors now? Why institutions have come back and will provide constant support to the market
- Risk management, concentration and diversification parameters
The Clerkenwell Matterhorn Fund is a European listed real estate equity long/short fund set up as Maltese Professional Investor Fund (PIF) with voluntary UCITS portfolio constraints that ensure a balanced portfolio and restrict leverage.
Adrian Elwood, the founder of Clerkenwell Capital, brings an absolute return approach to the management of portfolios of listed real estate securities. Adrian has specialized in listed real estate since 1985 as a sell-side analyst and as a portfolio manager. He was a member of the real estate equities team at Henderson Global Investors from 2004 until 2010 where he was co-manager of the Henderson Horizon Pan European Property Equities Fund. He has an accountancy degree from Exeter University and is a member of the Institute of Chartered Accountants in Scotland.