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Hi. I read the book of M. Schap ('The complete guide to spread trading'), and I tried to check if I could trade some credit spreads, beginning with a 5-30 spread (NOB). I followed Scharp's explanations but the market did not give me what I looked for, even if I was true on the yield...

Do you think that if an Offshore fund that has non-US investors and tax-exempt US investors only can have an issue with the SEC if the fund invests in US securities, or earns dividends, or...?

Ok JVM. Thanks for your replies. Your last sentence is very important: do you know what other 'SEC regulations' could apply to non-US funds that accept at time non-US investors and 'tax-exempt US investors'?

That is really interesting. So I do not understand why most non-US funds clearly write in their Memorandum/DDocs that no US investors could invest in their fund. Your answer seems to confirm that any non-US fund should allow the TAX-EXEMPT US investors to invest in their fund, so that they...

Exactly, most non-US funds clearly forbid US persons to invest, to keep the confidentiality of the non-US investors. However, what about the US-tax exempt investors? The US tax-exempt investors (associations, endowments, schools...) do not have the same issue as the other US investors...

Agreed, that would be a classic master-feeder structure. That is of course the best solution for a manager who is able to manage US and non-US based investors. However, that also means he needs to have 3 funds (1 in ths US as a partnership, 1 offshore as a partnership, and 1 offshore as a...

JVM, thanks for your new reply. Agreed, the non-US fund CAN be a partnership (or elect to be treated as a partnership?) But either it is a partnership dedicated to receive a US investor (US-funds or directly, US residents), either this fund has non-US investors. And what if this...

Hi. US citizens/residents cannot really invest in offshore (or European...) funds, as their investments would probably be deemed to be investments in PFIC or CFC (as partnership or corporation) with very complicated accounting/tax issues. Is it the same things for all US-based...

The calculator provided is a very simple one, with basic functions... But that is enough to do the maths, don't worry.

Thanks for your answer. 1. Agreed, as an foreign trader (a non-US person who trades his own account through a US broker for instance), there would NOT be the ECI issue, as the safe harbor would apply. 2. However, if the non-US investor invests in a pool in the US, established as a...

I did not ask Yahoo tech support for an explanation of this difference. I eventually was able to find the same "yield" as Yahoo when I used the last "price" of the bond securities. However, there remains a difference between the Yield of the CTD bond securities and the Yield implied by the...

ES and SP are the most traded contracts in the world, and they remain very liquid even when the US markets are 'closed'. Agreed, you can follow Asian markets, then European ones instead of following ES outside regular US hours. However, you can still look at ES to know if something happens...

Ok. So I also think that: - most investors would be rational and they would prefer paying less on the long term - some investors may prefer 'paying less when they earns less' (thus they would prefer 0/25-30 rather than 1/15-20) to avoid paying fees when the returns are very poor, while...

Hi. I read quite a lot of stuff here and on other websites about the following issue: Does a company/ an individual resident outside of the US (let's say in Europe) has to pay taxes to the IRS if it/he invests in a US hedge Fund established as a limited partnership? Of course, we would...

Thanks for your answer. I also do think so when the choice is rather obvious: the investor prefer paying less, and the 0/25 structure is much better than the 2/20 structure in almost any case 'except when the manager do as well as Warren Buffet consistently! What is less obvious is the...

Longview, Thanks for your answer. Did you receive some feedback from your current investors about your fee structure, either when they negociated their first investment with you, or added some money? Do the ones who were granted a 0/25% now want to have a 1-2%/20% or something...

Thanks for all your replies. I do not not really understand why a manager who offers a 0/30 fee structure could be seen as "desperate". ImamicPH, would you mind explaining your first answer? I also understand that an investor who can choose between 2/20 and 0/25 would prefer the...

Hi, My question is about how the fee structure of fees is seen by the Fund of funds and the 3PM? What do you think of a fund that has a 0% Man Fee and 30% Perf Fee? Would you see it as a "fair fund", because it is dedicated to get good performance, with managers earning money ONLY if...

Hi. You can find the current yields for free here : http://finance.yahoo.com/bonds/composite_bond_rates And all the bond securities here: http://reports.finance.yahoo.com/z1?b=1&so=a&sf=m&tt=1&stt=-&pr=0&cpl=-1&cpu=-1&yl=-1&yu=-1&ytl=-1&ytu=-1&mtl=-1&mtu=-1&rl=-1&ru=-1&cll=-1 My big...

i there. I would like to try some trades on future bonds, and I am interested in trading the bond futures (much more liquid than the bond securities). Currently, the 2-years rates are above 10 years rates. Moreover, we can find on several websites the current yields (YTM, Yield To...