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Global Fixed Income realisation hurt by Brazilian exposure

Global Fixed Income Realisation’s net asset value fell by 17.3% over the course of 2014. A large part of that related to realised losses on the sale of the fund’s Ukrainian investments. 2% was lost to a fall in the value of Autonomy IID, a Brazilian real estate fund, which suffered in a weak Brazilian economy and with a falling currency. The Brazilian problems also affected the value of the fund’s investments in the Vision funds that hold Brazilian farmland. Altogether Brazil accounts for 43% of the portfolio. The other large holding is 3DPropCo. The fund holds a single asset, a stake in a resort close to Singapore, the Bintan Lagoon Resort. They say the investment manager of the fund claims to be attempting to find a buyer for the resort so that capital can be returned to investors but, to date, has been unsuccessful in finding a purchaser.

They got distributions from a number of holdings and now have holdings in 21 fund entities (15, if the 7 Vision funds are considered as a single entity) managed by 11 different investment managers. 72.5% of the starting market value of the Company’s equity and 42.2% of the starting NAV has been returned to shareholders in cash over the 2-year period since Gottex were appointed as Investment Manager with a remit to liquidate the portfolio over time.

GFIR : Global Fixed Income realisation hurt by Brazilian exposure

 

 

 

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