Happy third year absolute returns for HSBC

HSBC’s GIF Global Macro Fund, an absolute return UCITS III portfolio has grown to over $660m by its third anniversary.

The fund has turned in a 3-year return of 18.8 per cent in Euro terms, compared to 7.8 per cent for the Euribor 1M, and a fall of 20.4 per cent for the MSCI World Total Return Index.

Managed by Guillaume Rabault and Jim Dunsford since inception, the fund was one of the first UCITS III alternative funds to launch.

HSBC has highlighted the way the fund held up during the turmoil of 2008, a year in which it posted a positive return of 10.1 per cent, when the MSCI World Total Return collapsed by 37.6 per cent.

Jim Dunsford says: “Despite contending with an abundance of market volatility since the fund’s launch, our performance over the past three years has been consistent and conditions continue to present investment opportunities. In the current challenging environment we intend to keep our exposure to the highest quality assets which we believe will benefit in the long term despite market volatility.”