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Portfolio > Portfolio Construction

Top Portfolio Products: New London Derivatives Market Opens

By Marlene Y. Satter

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Portfolio Products logoNew developments over the last week include the opening of a new London derivatives market by NASDAQ OMX and LCH.Clearnet and new funds from Grandeur Peak and Salient Partners.

1) NASDAQ OMX NLX Opens

NASDAQ OMX NLX (NLX), the new London market offering a range of both short-term interest rate (STIRs) and long-term interest rate (LTIRs) euro- and sterling-denominated listed derivative products on a single market, launched Friday.

NLX launched trading of futures products in 3-month EURIBOR, 3-month Sterling, Long Gilt, 2-year Schatz, 5-year Bobl and 10-year Bund. All products will be cleared through LCH.Clearnet.

2) Grandeur Peak to Launch Firm’s Flagship Global Reach Fund

Grandeur Peak Global Advisors announced Thursday that it will launch a new global equities fund. The Grandeur Peak Global Reach Fund (GPROX/GPRIX) will launch June 19 with a broad mandate to find what the firm believes are the most interesting equity investments anywhere in the world.

GPROX/GPRIX will have a similar investment focus to the Grandeur Peak Global Opportunities Fund (GPGIX), which was closed to new investors on May 1. GPROX/GPRIX will be more diversified, with 300-500 holdings, while GPGIX will continue to become increasingly concentrated in just 100-150 companies. Blake Walker, chief investment officer, is portfolio manager, and Amy Hu Sunderland, Randy Pearce and Spencer Stewart are associate portfolio managers. The entire research team will be involved in managing the fund.

3) Salient Launches Salient Alternative Beta Fund

Salient Partners announced Thursday that it had launched the Salient Alternative Beta Fund (A shares: SABAX; C shares: SABCX; I shares: SABFX). The fund was created to seek long-term capital appreciation by investing in asset classes with low correlations to traditional stocks and bonds. It tracks alternative betas and offers an annual management fee of 0.95% of its average daily net assets, and targets a constant volatility level of 20% for the complete portfolio.

The fund primarily makes long and short investments in futures and forward contracts, but may also invest in securities, derivatives and other financial instruments in order to obtain extra diversification. Lee Partridge, chief investment officer, serves as portfolio manager, along with Roberto Croce, director of quantitative research, and Bill Enszer, director of investments.

Read the May 23 Portfolio Products Roundup at AdvisorOne.

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