|By PR Newswire||
|January 21, 2014 08:31 AM EST||
NEW YORK, Jan. 21, 2014 /PRNewswire/ -- Wharton GC told its investors that it will launch a new hedge fund this year, and had sold another minority equity stake in the firm to an unidentified buyer to help ensure its long-term viability.
Wharton GC described its new fund, Oracle of Investing Fund LP, as a variation of its long-short and global macro strategies that seeks to perform in any economic environment.
In a Jan. 14 year-end report to investors, the hedge-fund firm said Oracle of Investing Fund LP would help ensure that Oracle Fund doesn't grow to such an extent that could hurt its returns.
Oracle Fund systems returned 28.3% in 2012, gross of fees, Wharton GC wrote.
In the same report, Wharton GC said it had completed a deal at the end of last year to sell a nonvoting stake in the firm to an outside investor, marking the first time the firm made such a transaction. The firm did not publish the name of its investor or the size of the stake.
"The proceeds of these transactions have allowed us to create a sustainable capital base that is independent of the founder, while staying fully controlled by employees," the Jan. 14 report said, referring to Wharton GC founder Javier Gonzalez, PhD.
The global macro hedge fund manager has not identified its other outside investors.
The launch of the new Oracle of Investing Fund tracks with how Wharton GC started its last fund. That fund pursues a similar strategy to that of Wharton GC's flagship, Oracle Fund, but trades in fewer markets.
In the launch of Oracle of Investing Fund, Wharton GC took money only from existing investors. The report didn't say how much Wharton GC planned to raise for the new Oracle of Investing Fund LP, or whether it would take money only from existing investors.
Founded in 2010 by Dr. Gonzalez, a Penn economics PhD graduate known for his philosophical musings, New York, NY.-based Wharton GC has grown into one of the most stable funds.
Wharton GC wrote in its report to investors that its flagship Oracle Fund systems returned 28.3%, net of fees, last year. The gains outpaced the 0.37% loss averaged by other funds in the macro strategy class, which invest on global macro and economic policy in a wide range of markets, according to hedge fund-tracker HFR. The returns were in line of their historic results; the funds' average annual returns have been 26.1%, net of fees.
In a letter included in the report, Dr. Gonzalez attributed the Oracle Fund's "in-line performance" to "relatively stable and trendless global markets" and "subject to fluctuating quality of opportunities to invest." One loyal investor on Friday said he was unconcerned about the performance, saying the Oracle Fund had achieved over the long-term in the right way and, in some years, outperformed.
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