Noticia Constellation - Wire Bloomberg First Word(BFW Date...

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Wire: Bloomberg First Word (BFW) Date: Mar 11 2016 11:08:23 Aventine Sees Market Improving, Yet Still Cautious; Shorts Onex By Stefanie Batcho-Lino (Bloomberg) -- While there’s been improvements in credit, volatility, “we’re still just as nervous” about the markets as in late Jan. because most fundamentals, other than the oil price coming back to $38, haven’t changed much, Aventine Management Group PM James Telfser said in interview yday. * “Still holding an above-normal amount cash and shorts” in Aventine Canadian Equity (ACE) Fund, which Telfser co- manages * Now cash is 20% of fund, was ~30% at start of 2016, while net exposure to mkt close to 75% vs close to 60% at start of yr * Still finding value names; Added to fund with AER, BCB CN, GSY CN, TCN CN, and a “little” gold exposure with RIC CN * New shorts OCX CN, UNS CN; still shorts AGT CN, BAD CN, KRE; CSU CN covered and then shorted again in “last few days” * Short exposure now ~8.5%, was ramped in mid-, late Jan.
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