Hedge Fund That Rode Cat Bond Rally Mounts Tactical Retreat [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
Tenax Capital, which has a €100 million ($110 million) portfolio of insurance-linked securities — an asset class that's dominated by catastrophe bonds — delivered an 18% return last year thanks to the strategy. Now, the fund is converting a large chunk of its stake into cash, Marco della Giacoma, who manages the portfolio, told Bloomberg. It's not a great time to be in cat bonds when “everyone is trying to buy, no one wants to sell,” Toby Pughe, an analyst at London-based Tenax, said in an interview. Tenax is among a handful of hedge funds along with Fermat Capital Management and Tangency Capital that delivered record returns in 2023 thanks to bets on insurance-linked securities. According to Preqin, a consultancy that provides data on the alternative asset management industry, ILS was the best performing of all hedge fund strategies last year, delivering more than 14% overall compared with an 8% benchmark. Cat bonds gained 20% in 2023, Swiss Re data show. Catastrophe bonds rew
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