Babylon Fund LP
Babylon Fund LP | Iraq Hedge Fund Notes
The following piece on Babylon Fund LP is being published as part of our Hedge Fund Tracker Tool, our daily effort to track hedge funds in the industry.
Resource #1: (3.4.09) Björn Englund, portfolio manager of Godvig Capital’s Babylon Fund, is feeling sanguine about the Iraqi market this year.
Despite the ongoing turmoil and risk-aversion in the general financial markets, Englund remains positive by the launch of electronic Nasdaq/OMX trading and centralized depositary systems, now scheduled for April 19, with Ishtar Hotel and Credit Bank likely to be first out of the gates. Englund is further buoyed by Dow Jones’ contractual agreement to calculate a “trustworthy” market index, as the present one is seriously flawed, he said. source
Resource #2: Iraq-focused hedge fund the Babylon Fund continued its slide last month, losing 5.9%, leaving it down 9.4% year-to-date. The fund's losses last month were primarily a result of bearish sentiments, according to portfolio manager Björn Englund.
“For example, Iraqi bonds lost heavily, with its U.S. dollar-yields spiraling back into double-digit territory, as did all oil prospecting companies,” wrote Englund in a letter to investors. Inside Iraq, Englund said markets stayed mainly flat in September, with the top 15 companies losing a few percentage points on average.
Englund reiterates that Iraqi investments are not for the faint-hearted and “financial crises more or less, now and then, are business-as-usual for many of our experienced pre-frontier institutional investors.” Source