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Attractive for its risk-averse positioning, the Ironwood Institutional Multi-Strategy Fund's portfolio of big-name managers has seen good growth in assets over the last year
Ironwood Institutional Multi-Strategy Fund has seen good growth from October 2015 to October 2016. Despite the substantial inflows, the portfolio holdings have been relatively consistent over the period under scrutiny, perhaps in keeping with the largely conservative, non-directional strategy.
The fund has little equity market exposure, preferring to focus on four main strategy buckets: relative value; market neutral and low net equity; event-driven and distressed; and credit securities.
The most notable asset allocation shift is that event-driven exposure has shrunk, although from 24.38% as at 31 October 2015 to 18.66% at 31 October 2016 it is hardly a major sell-off.
One notable change here is the disappearance of Perry Partners International Inc. The fund was run out of Perry Capital, the once big New York-based firm headed up by Richard Perry. Perry announced late in 2016 that it would wind down its flagship fund, citing the strength of headwinds in the market. Assets by that point had shrunk from $15 billion at their peak to around $4 billion.
Part of the reduction also appears to have been effected by selling out of funds from the Magnetar stable, the large Evanston, Illinois-based firm headed up by Alec Litowitz. The 2015 report shows positions in three funds: Magnetar Capital Fund II Ltd, Magnetar Equity Opportunities Fund Ltd, and Magnetar Global Event Driven Fund Ltd - although from the position sizes it seems that at least one of these was only residual anyway....