WHARD Stewart targets diverging global monetary policies

Abstract

Five years on from its launch by a team of former JP Morgan prop traders, the emerging markets-focused macro manager is building momentum both in terms of performance and also in assets under management WHARD Stewart, the London-based macro manager that specialises in emerging markets, celebrates its fifth anniversary later this year. Established in August 2012 by a team of former JP Morgan traders including Mike Stewart, chief investment officer, and Alexis Hombrecher, partner and portfolio manager, its WHARD Stewart Master Fund strategy notched up its largest annual return to date in 2016, gaining 9.31% for the year according to the EuroHedge database, having suffered just three down months over the 12-month period. Taking monetary policy as its starting point, it applies the history and experience of developed market models to emerging market countries, with investment themes expressed mainly through fixed-income (on average 75% of the portfolio) and foreign exchange markets (25% on average). During his 17 years at the bank, he also established a new alternatives business within JP Morgan Asset Management, and prior to that he was joint global head of emerging markets, and responsible for building JP Morgan's EMEA emerging markets business. While many hedge fund managers typically evolve from high net worth individuals and family offices at the beginning, later moving upwards into the institutional space, both Stewart and Hombrecher believe the firm - which has an office in Chichester as well as London - attracted high-calibre capital early on because of the people and infrastructure...