MANAMA: Global Investment House yesterday announced that its Global Distressed Fund won a key ranking from BarclayHedge.
It was ranked sixth in the Fund of Funds - Distressed Securities/Event Driven category for May 2010 by BarclayHedge, based on its annualised returns and rate of returns, in recognition of the fund's performance over its eight-year history.
"The Global Distressed fund continues to outperform its peers and its recognition by BarclayHedge, a leading alternative investment database, is quite an achievement," Global hedge funds head Joseph Joseph said.
"The fund is one of the flagship products managed by the Global hedge funds team and we are proud of its performance over its eight-year history.
"The fund has consistently been amongst the top performing funds globally," he added.
The fund is currently up 3.2 per cent as of May 2010, which is higher than its benchmark within the Distressed Fund of Funds strategy.
Additionally, the fund has delivered approximately 11pc over the past 18 months, during which time the benchmark index has delivered only 6.1pc.
"Distressed strategy works well during post recessionary periods as world economies undergo major restructurings, re-financings and consolidation," Global alternative asset management head Rajiv Nakani said.
"We believe that the economic and financial environment will continue to be uncertain in the near future and that these conditions provide an excellent environment for acquiring high quality distressed assets via Fund of Funds investments," he added.