Aftershocks of carry trade at heart of market rout could still have reverberations

In a recent Reuters article, Zhe Shen from TIFF Investment Management cautions that the unwind of massive yen-funded carry trades could prolong market volatility, with potential for further sell-offs in the coming days.

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The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

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Kyle Ampthor
Senior Analyst, Fund Accounting and Financial Reporting

Kyle Ampthor joined TIFF in 2024 and serves as a Senior Analyst, Fund Accounting and Financial Reporting. His primary focus is accounting and financial reporting for TIFF’s alternative investment funds.

Prior to joining TIFF, Mr. Ampthor was a senior auditor at Deloitte & Touche LLP, where he provided attestation services in the investment management industry.

He holds a BS and a Master’s Degree in Accounting from The Pennsylvania State University and is a CPA.

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Daniel Wilkinson joined TIFF in 2024 and serves as an Analyst on the Portfolio Analytics & Reporting team. He focuses on portfolio analytics, client reporting, and monitoring of performance data.

Prior to joining TIFF, Mr. Wilkinson worked as a Data Analyst for SEI Investments.

Daniel holds a BS in Finance and Economics and graduated magna cum laude from West Chester University.

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Joseph Wana joined TIFF in 2024 as an Analyst in the Private Markets group, where he conducts investment research, furthers sourcing efforts, and performs sponsor and direct investment due diligence.

Joseph graduated from the University of Chicago with honors, where he double majored in Economics and Creative Writing.

He is originally from Jakarta, Indonesia, and has held a long interest in policy development, data intelligence, and international relations. He remains engaged with KitaBisa.com (Indonesia’s GoFundMe platform) and participates in Amnesty International’s Write for Rights campaign. When he’s not working, Joseph enjoys exploring different forms of writing. In college, Joseph was an active participant in various writing initiatives including the Intercollegiate Finance Journal (as a senior writer) and MODA Blog (as Editor-in-Chief).

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Hedge funds post ‘pretty strong’ performance through mid-2024

Given the dispersion in the current market environment, Zhe Shen, CFA, Managing Director, Head of Diversifying Strategies at TIFF Investment Management, remains bullish on hedge funds and their potential to generate outperformance. In a recent interview with Pension & Investments, Zhe spotlighted favorability of macro managers in the current environment and reemphasized the critical role that manager selection plays in achieving favorable outcomes.

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The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials do not constitute an offer of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.