One man’s secondaries are another man’s pleasure

Stefan Edberg still giving net returns Compared to the baselinehugging boredom merchants who dominate the world tennis tour today, watching old Stefan Edberg footage is a revelation. The Swedish legend’s varied style of game, peppered with plenty of serve-and-volley, is but a cherished memory in 2011. Give Unbalanced a see-sawing Edberg vs Becker match over the trench warfare of Federer vs Nadal any day. Which is all by way of saying that when Stefan Edberg recently announced a foray into the funds management industry, one might have expected him to back some sort of dynamic multi-strategy hedge fund, instead of the asset class he has gone for – bonds. London’s Citywire reported last month that the racqueteer had been “turned on” to opportunities in the credit market during the global financial crisis. He used his notinconsiderable fortune to buy debt from Nordic banks, convinced that they would not suffer the collapse inferred by the price. Edberg part-owns a Stockholm- based boutique, Case Asset Management, which has launched a corporate bond fund called Safe Play, targeting post-fee returns of 5-7 per cent a year. If Edberg can achieve that, it means he’ll continue a trend begun at the 1987 Australian Open Men’s Final – beating Cash.

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‘Not an ATM’: Sicilia shrugs off private credit liquidity fears

The chief investment officer of the $150 billion industry super fund says that Hostplus’ portfolio will weather the ongoing downturn in software companies and that moves by a number of large private credit managers to gate their funds are a result of the asset class being offered to retail investors who should not have assumed the funds would be liquid enough to get money out when everybody else is trying to do the same.

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