Redwood Capital's Apeiron Global Macro Fund has reported a positive result for July 2008, returning 1.53% to take YTD 2008 performance to +7.07% and a 12 month rolling return of +14.73%.
Redwood noted in their monthly report that they had benefited from being short oil and the Australian dollar during the month, while being short equities and bonds had both detracted from performance. The manager also noted economic slowdown spreading throughout the world, and the potential for geopolitical risks in both China and the Middle East to potentially lead to some counter cyclical market moves.
The Apeiron Global Macro Fund uses directional strategies in futures and FX markets to implement investment themes. The fund was formerly called Solaris Global Macro, and returned 20.79% in calendar 2007. Redwood Capital has a total of A$36.5m in funds under management.
