Zev Marynberg Reveals to Bloomberg the Investment Keys of Its Top Performing Adar Macro Fund in 2017
Zev Marynberg, Founder and CIO of the hedge fund Adar Macro Fund, one of the top performing hedge funds of 2016 with a 33.5 percent return on investment in 2016, reveals in an interview with Bloomberg his investment strategy for 2017. “We invest mainly in Latin America and Europe. We look for undervalued assets, mainly fixed income securities issued by sovereign or quasi-sovereign issuers, in countries where we believe macroeconomic changes will occur. We perform only fundamental analysis and visit each of the places where we invest. Our main focus is on securities issued or backed by nations or states. A sovereign issuer may have to restructure, but given sufficient resources and time, would be able to repay its debts. Corporations can disappear, as happened with Lehman Brothers. We don’t want to take that risk for our investors”.
Brazil, Colombia and Venezuelan bonds contributed to the fund’s great performance in 2016. Marynberg thinks there are great opportunities in the areas Adar Macro Fund focuses on. “We don’t look for 20 assets; we look for five to ten ideas. Still, some assets are very undervalued and some yields are well above U.S. Treasury yields, with very attractive coupons.”
“In 2017 Adar Macro Fund took profits in Colombia because our investments matured. We added assets in Argentina, since we believe the economy will begin to grow, as well as in Portugal, since some quasi-sovereign fixed-income securities trade with a spread of 400 over sovereign,” says Zev Marynberg.
Concerning its strategy for 2017, Zev Marynberg comments: “In the first place we have a current yield above 8 percent per annum. Some of our investment opportunities may mature sooner rather than later because the macroeconomic indicators in those countries are already improving. You can never predict a day for a capital appreciation to occur, but it’s certain that over time, distortions in undervalued assets will disappear.”
“We like sovereigns; they are liquid, have good payment capacity and will never disappear, at least not in our lifetimes. In currencies, we like the U.S. dollar. We are optimistic that President Trump is pragmatic, has experience and will take the measures the U.S. economy needs in order to grow more. Over 85 percent of our investment is in the U.S. dollar. We reduced duration in our portfolio since interest rates have only one direction to go, and that’s up,” said Marynberg.
On the rise of populism in Europe, the CIO of Adar Macro Fund stated: “We are overweight in Germany. REITs dedicated to eastern Germany are still trading very cheap, cheaper than the rest of Germany, Europe and even South America. You still can buy the best offer space in Berlin at a discount with respect to Mexico City, Buenos Aires and even Caracas, Venezuela. In Portugal, fixed-income markets still have good opportunities.”
Adar Macro Fund
Adar Macro Fund is a hedge fund managed by Adar Capital Partners. Founded in 2011, Adar Capital Partners Ltd. provides investment advice to institutions, family offices and private equity funds, mainly in Latin America and Europe. It currently manages total assets in excess of $1.5 billion. In 2016 Adar Macro Fund obtained the awards "Best Latin America Emerging Markets Fund 3 Years" by Acquisition International and "Most Innovative Hedge Fund of the Year 2016" according to the magazine Wealth & Finance. Ticker Bloomberg: ADARMAA KY.
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