Government of Jersey

Current and target asset allocation (FOI)

Produced by the Freedom of Information office
Authored by Government of Jersey and published on 13 May 2025.
Prepared internally, no external costs.

Request 706406690

Under the Freedom of Information (Jersey) Law 2011, I am hoping to request monthly performance data from your investment pools for all the absolute return/hedge funds in which you are currently invested.

Specifically, we are after data for the following time period:

January 2022 to February 2025

We are looking for details, including standard data, such as:

Fund name
Management Company
Monthly net/gross returns

As per the above legislation could you kindly attempt to provide the information within 20 days. If you intend to withhold any of this information, could you please utilize redaction processes citing each exemption and detailing your reasoning as to why you believe the harm/prejudice of disclosure outweighs the public interest in transparency.

Response

In response to the questions, the following Investment Managers/Funds were components of the absolute return pool over the requested period.

Investment Manager	Fund
Maverick Capital	Maverick Capital Equity Long/Short
Palestra Capital Management LLC	Palestra Capital Offshore Fund Ltd
Marshall Wace LLP	MW Global Opportunities
Alyeska Investment Group, L.P.	Aleutian Fund Ltd
Anchorage Capital	Capital Partners Offshore
Davidson Kempner Capital Mgmt	Davidson Kempner International, Ltd.
Caius Capital	Caius Capital Master Fund
One William Street Capital	One William Street Capital Master Fund Ltd.
Brevan Howard Capital Mgmt LP	Brevan Howard Master Fund Limited
Caxton Associates	Caxton International
Capital Fund Management SA	CFM Stratus Program
Capital Fund Management SA	CFM IS Trends
Sculptor Capital Mgmt, Inc	Sculptor Master Fund
HBK	HBK Offshore

The contractual terms with the Managers prevent the disclosure of confidential data including individual performance and positioning data. Article 26 and 33 of the Freedom of Information (Jersey) Law 2011 have been applied.

Articles applied

Article 26 - Information supplied in confidence

Information is absolutely exempt information if –

(a) it was obtained by the scheduled public authority from another person (including another public authority); and

(b) the disclosure of the information to the public by the scheduled public authority holding it would constitute a breach of confidence actionable by that or any other person.

Article 33 - Commercial interests

Information is qualified exempt information if –

(a) it constitutes a trade secret; or

(b) its disclosure would, or would be likely to, prejudice the commercial interests of a person (including the scheduled public authority holding the information).

Public Interest Test

Article 33 (b) is a prejudice-based exemption. That means that in order to engage this exemption there must be a likelihood that disclosure would cause prejudice to the interest that the exemption protects. In addition, this is a qualified exemption and consideration must be given to the public interest in maintaining the exemption.

It is acknowledged that there could be public interest from a transparency perspective in providing a more detailed breakdown of how much money is invested with each individual investment manager. However, balanced against this is the interest of the investment manager and the potential impact that disclosure of this information might prejudice their commercial interests and their ability to manage their portfolios which are a combination of investments from a significant number of third-party investors. On balance we have concluded that the impact on the individual investment managers’ commercial interests is greater than the public interest of releasing the individual amounts.