Micahel Michael Waresh, formerly a partner at Strome Investment Management, has launched a Global Macro Hedge Fund which focuses on fixed income and G10 currency trading. He says Savannah Asset Management received initial investment capital from a major German bank, and currently has $41 million under management.
The firm is actively marketing to prospective investors at this time.
Portfolio manager Michael Waresh has 18 years of experience trading G10 fixed income and currencies and has been responsible for the management of very large capital bases, at times approaching $1 billion. He has been a member of several prominent firms including Strome Investment Management where he was Partner, Falcon Investment Management (a macro hedge fund that managed a large pool of capital for Michael Steinhardt) where he was Trader and Assistant Portfolio Manager, and most recently Goldman Sachs where he worked on the Global Proprietary Trading Desk. Michael was responsible for Strome’s foreign exchange portfolio and traded actively in the fixed income portfolio, while also managing several separate accounts with assets in excess of $100 million. Earlier in his career from 1984 – 1991 Michael worked as an interbank prop trader, most recently as a Senior Prop Trader in Bank of America’s London office.
Michael Waresh – “Having worked with some great traders and money managers during my career, and had the opportunity to observe many others, I have learned that a trading strategy based on a low leverage, consistent return philosophy of trying to hit singles and doubles rather than swinging for the fences will keep you in the game longer and over time is more appealing to many investors. Most traders think that risk management is primarily managing the upside, but I think that controlling downside risk is the most important, and most difficult, task over time for any manager.
The Savannah Fund aims for consistent monthly performance, low drawdowns, and low volatility, with little correlation to other macro strategies. The overall strategy is risk reward driven, seeking to maximize capital appreciation while remaining within a well defined set of parameters governing capital losses. The portfolio consists of shorter-term “trading” positions and longer-term, “core” macro trades. Trading is discretionary but extremely methodical and is primarily focused in currencies and major fixed income markets.