caymannational.com More branches. More ATMs. More smiles. cayman compass Your most trusted news source Established 1965 75 CENTS | Funding local journalism | Wednesday, 11 March 2020 BUSINESS Hedge funds outperform as stock markets tumble Page 8 Jamaica reports its first coronavirus case Page 2 Youth Parliament displays debate skills Page 5 Musical showcases young talent Page 7 Premier says sorry for landfill fire – Photo: Reshma Ragoonath Premier Alden McLaughlin points to the landfill after a media briefing on the fire Monday. Page 3Matinees (matinee price before 6pm) • Seniors $8.00 (Mon-Fri before 6pm) Additional charges apply per 3D/VIP tickets 640-FILM (640-3456) Cayman Cinema@cbcinema6cbcinema6 SATURDAY NIGHT: For your viewing pleasure, minors under the age of 18 will not be admitted to any film starting after 6pm, unless accompanied by their parent. BAAGHI 3 (PG) 5:20 | 9:00 BAD BOYS FOR LIFE (R) 1:10 | 4:00 | 7:00 | 9:55 THE INVISIBLE MAN (R) 1:40 | 4:20 VIP | 7:00 | 10:00 VIP ONWARD 3D (PG) 1:50 | 2:40 | 9:00 ONWARD (PG) 4:20 | 7:20 SONIC THE HEDGEHOG (PG) 1:35 | 4:05 | 6:30 | 9:40 THE WAY BACK (R) 1:30 VIP | 4:35 | 7:15 VIP | 10:10 WHAT’S PLAYING THIS WEEK WEDNESDAY, MARCH 11 PRINTED AND PUBLISHED BY: Cayman Compass Ltd. Compass Centre, Shedden Road, George Town, Cayman Islands SEND US YOUR VIEWS OR NEWS: P.O. Box 1365 Grand Cayman, KY1-1108 Cayman Islands Telephone: (345) 815-0095 Email: newsdesk@compassmedia.ky ADVERTISE WITH US: T: (345) 949-5111 E: sales@compassmedia.ky W: caymancompass.com PUBLISHER KATHLEEN CAPETTA EDITOR-IN-CHIEF KEVIN MORALES Partly cloudy skies with a 20% chance of showers. weather Forecast today Cayman Islands 85°F 74°F HIGH LOW WINDS Easterly 15 to 20 knots. SEA STATE Rough with wave heights of 6 to 8 feet. A small craft warning is in effect. FIND US ONLINE Caymancompass.com Facebook.com/Caycompass cayman_compass@cayCompassCayman Compass A female patient in Jamaica has contracted coronavirus, Health and Wellness Minister Dr. Christopher Tufton announced at a press conference Tuesday. The Jamaican national has been in isolation since Monday, 9 March, after showing respiratory symptoms, Tufton said. According to her travel history, she returned to Jamaica from the UK on 4 March. Cases of coronavirus have also been confirmed in three other Caribbean countries - the Dominican Republic, St Martin, and St Barts. The Cayman Islands has no confirmed cases of coronavirus. However, as of Monday, five people in Cayman had been tested for COVID-19 and are awaiting the results of laboratory tests. Cayman’s health minister, Dwayne Seymour, told the Cayman Compass that it was “most unfortunate” to hear of the confirmed coronavirus case in Jamaica “so near to us”. “I have full confidence, with all the expertise and experience that Jamaica has, they will quickly contain this. I wish Jamaica all the best and we send out our prayers to the family of the person infected and wish them a speedy recovery,” Seymour added. Tufton told reporters at the press briefing that a health team had been sent to the home of the patient “for assessment and initiation of public health measures” and officials were identifying and tracing anyone who had been in contact with her. Jamaica has expanded its travel restrictions, adding three countries – Spain, France and Germany – to its list of restricted jurisdictions, which include China, Italy, South Korea, Singapore, and Iran. Tufton said public gatherings and non-essential travel were being discouraged, adding that Jamaica would continue to patrol irregular border crossings. The country has already designated four quarantine facilities, and Tufton said others would be identified. He added, “We are finalising the retrofitting of isolation facilities in each of the island’s public hospitals.” In his statement, Tufton appealed to the Jamaican public “to remain calm and to implement all the advisories relating to personal hygiene, social distancing, and overall infection prevention control”. Jamaica reports first coronavirus case Jamaica's Health and Wellness Minister Christopher Tufton speaks at a press breifing on Tuesday, where he confirmed Jamaica has its first coronavirus case. JEWEL LEVY jlevy@compassmedia.ky Residents on Cayman Brac and Little Cayman have been meeting with health and government officials to discuss coronavirus preparedness. Meetings at the Brac Aston Rutty Centre and the Little Cayman Beach Resort were led by a panel that included Health Service Authority’s Medical Officer of Health Dr. Samuel Williams-Rodriguez, Hazard Management Cayman Islands Director Danielle Coleman, HSA CEO Lizzette Yearwood, Sister Islands Health Services Director Dr. Srirangan Velusamy, and Sister Islands District Commissioner Ernie Scott. Williams-Rodriquez confirmed there were currently no cases of coronavirus in Cayman. At the Brac meeting last week, addressing the wearing of masks, he said, “The mask needs to be worn by the people who have the symptoms,” but pointed out that wearing masks generally did not offer protection from COVID-19 and gave people a false sense of security. Asked if Cayman’s typically warm weather would act as any kind of barrier to the virus, Velusamy said the US Centers for Disease Control and Prevention had noted that the virus dies at 86 degrees. He added that indications showed that the virus can survive on rubber and metal for two to three hours, but can live for up to five days on cardboard. Some meeting attendees asked how long the virus lasted once contracted. The health officials responded that those with mild symptoms would display those symptoms for two to three weeks, while more-serious cases may last five to six weeks. Asked, in the event of cases being identified in Cayman, if the government would publish which districts were affected, Hazard Management’s Coleman said neither the names of the infected individuals nor the districts they reside in would be published. Another question concerning residents of the Sister Islands was the cost of treating coronavirus if individuals who contracted the illness did not have sufficient health insurance. The HSA’s Yearwood responded that government has a plan in place to assist those who do not have enough insurance. Yearwood encouraged people with respiratory symptoms to stay at home and call the flu hotline, saying a community nurse would visit. She told the Brac audience that a dedicated flu clinic was being set up at the Aston Rutty Centre, but in serious cases, patients would be taken to Grand Cayman. On Little Cayman, she also encouraged people to stay at home if they exhibit mild symptoms and to call the hotline for information. More-severe cases would be admitted to a hospital, she said. Coleman said Hazard Management was looking at potential shelters on Little Cayman to quarantine people, if the need arises. She encouraged the public not to share false information and to get their information from reliable sources. Coleman told the audience that if coronavirus cases are confirmed, mass gatherings should be avoided, and sick children should not be sent to school. For more information, visit www.hsa.ky/coronavirus or email flu@hsa.ky. The flu hotline number is 1-800-534-8600. Sister Islands residents meet officials on coronavirus 2 WEDNESDAY, 11 MARCH 2020There’s no ‘simple fix’ for the dump RESHMA RAGOONATH rragoonath@compassmedia.ky Premier Alden McLaughlin has apologised for the landfill fires that Cayman’s firefighters and Department of Environmental Health crews have been battling for the last three days. “I want to say how sorry I am, and the entire government is, about yet another one of these massive landfill fires,” McLaughlin said Monday afternoon at a media briefing at the landfill to update the country on the fires. The premier, who spent five hours Sunday night and early Monday morning at the scene of the fire, summed up what he saw that night as “hell”. He stressed that dealing with the landfill has been a priority for his administration. “We have been working; we’re coming up on seven years now since we initiated this round of discussions and negotiations to get a permanent fix, at least for the next 25 to 30 years for Cayman’s solid-waste issues. It is not a simple fix, and there’s not one particular solution that will deal with it,” McLaughlin said. The fire, which was still burning Tuesday afternoon, proved to be “challenging” for fire and DEH crews, according to Chief Fire Officer Paul Walker. He said a “real team approach” was taken, especially in the first 24 hours, to stop the fire from spreading beyond the boundaries of the landfill site. Crews continued to work on the fire Tuesday and were expected to remain on site overnight. McLaughlin: Resolution in the works Dart is set to commence remediation work at the landfill next week as phase one of the integrated solid waste management project. “Hopefully, we will get the fires under control, and that work can go ahead as planned,” the premier said. He explained that addressing the landfill situation and finding a solution that works within government’s finances has been the subject of years of negotiation, some of which is still ongoing. This first part of the project, he said, is expected to take about six months. It includes capping the landfill, which he said will alleviate the problem of dump fires. “Before we get to a complete solution, if there’s ever such a thing, we are still talking about three or four years. But the immediate concern, which has been a longstanding concern, of landfills catching fire should be resolved in six to eight months,” McLaughlin said. Negotiations are still ongoing for the other elements of the project. “We’ve struggled for how many years… to get agreement on all of these elements, but we were getting nothing done ... So, what we did is we broke it down into its constituent parts, while we are working on the more complex things like [the] waste management facility and how they [Dart] get compensated for that,” he said. Compared to “these difficult bits”, he said, “this is a much simpler exercise, which we managed to get agreement on. So, we’re proceeding with the remediation of the landfill itself.” There are also aspects involving an environmental impact assessment for the waste-management plant, he said, that still have to go through that process. “It is a very complex project involving a significant number of elements, and it is a very, very expensive exercise,” McLaughlin added. He pointed out that the project as a whole “is going to take three or four years, the complete abandonment of landfilling as we know it. The vast majority of the waste will be burned through the waste-to-energy plant,” he said. He said a big part of the challenge in dealing with the landfill was designing the request for proposal which McLaughlin said was highly technical and required expertise from the UK to develop. After that hurdle, came the negotiations to get the project off the ground. McLaughlin, when pressed on the sticking points in the project, said it would not be “most helpful” to reveal it at this time. “You’ve got to have a sustainable agreement that doesn’t break government, but which makes the investor feel satisfied that they are getting some returns on their money,” he added. Cayman, he said, is three to four years away from the waste-to- management plant to be completed and commissioned. With negotiations, the premier cautioned, there is always a chance of failure. However, McLaughlin said, if the project is abandoned, Cayman would have to go back to a whole new request for proposals, a whole new bidding and procurement process. “That’d be somebody else’s problem, not mine. Well, I shouldn’t say that wouldn’t be my problem. I would hope to be alive and be here, but it wouldn’t be my responsibility,” he added. Premier says sorry for landfill fires Jason Mann “It’s the fire, but it’s not about the landfill fire itself, but the chaos created around the is- land. When one road closes, it basically shuts down the whole island. The government is looking to increase the popula- tion to 100,000 – not only is the amount of trash going to increase, that needs to be dealt with, but the traffic is also going to increase. So, any problems like this in the future are just going to be exacerbated. Recycling needs to be done on a major scale. Maybe some things need to be stored into separate areas, such as flammable and toxic materials need to be separated.” Erik Stever “We saw the smoke from the cruise ship when we arrived on the island. Someone told me it was the landfill on fire. I can understand it happening … I never worked for a landfill but hauled loads to the dump.” Fred Moncrieffe “Something should have been done about the dump long ago. We don’t want a landfill in Bodden Town because of all that pollution. I don’t know where they are going to move it to, if they don’t come into our area with it.” Paulette Chotan “I think they should move the landfill someplace else. They need to identify some place in the environment where we can put it away from homes and people. They need to take precautionary measures to see more how it is lighting {on fire]. Is it lighting by itself?” What the remediation entails • Covering the landfill with rock, followed up by other aggregate compaction. • Planting of vegetation. • Insertion of pipes to allow methane gas to be flared off. • The gases will ultimately form part of the waste-to- energy plant. People’s VOICE The George Town landfill erupted into flames on Sunday. 3RESHMA RAGOONATH rragoonath@compassmedia.ky Department of Environmental Health Director Richard Simms said there are no guarantees that once the current landfill fire is doused there will not be another one. “We can continue to compact it, put fill and compact it some more. Those things are preventative measures, [and don’t] necessarily mean that ... it will never, ever happen because even with the most well-compacted landfill, you can still get fires,” Simms said on Monday at a briefing on the landfill blaze that Cayman Island Fire Service and DEH crews have been battling since Sunday. He said all it takes for combustion to occur is for air pockets to open up at the landfill. Simms said the origin of Sunday’s fire, amid high winds, is unknown, but it started as a deep- seated fire. “The landfill has ... methane gas built up in it. It could be different combustions. There are things that are moving, all you need is a little pocket, a little friction, combustion, and the fire starts. The landfill could be on fire for weeks and we don’t even know until it raises itself and finds some way to the top and that’s on-the-surface fire; that’s when we discovered there’s something happening,” he explained. He said once a deep-seated fire is detected, the DEH and Fire Service start to attack it from all fronts, smothering it with water. Crews have been working on dousing the fire since Sunday, and on Tuesday they were still at it. Chief Fire Officer Paul Walker and other officials were expected to decide late Tuesday afternoon whether evacuated residents from Lakeside Apartments and Watlers Drive could return to their homes. Speaking at Monday’s briefing, Walker said crews have worked tirelessly to confine the fire to the boundaries of the landfill, but there is always a risk of the blaze spreading. “But we’ve got appropriate resources deployed in the three sectors [of the fire], and they’re fighting the fire. We’ve now got good water supplies established,” he said. Walker said DEH crews have been vigilant in looking for any signs of smoke at the dump, so there can be an early mobilisation of fire crews to douse the fire. He said drone thermal imaging is done once a week at the landfill “which gives us an idea and indication of where there might be hotspots, so that we could come up and do some preventative work through damping down”. Simms said the last major fire, which occurred in February, was at the recycling plant on the landfill site, adding that the blaze they have been dealing with since Sunday is a different type of fire. He said high winds on Sunday had escalated the surface fire. Simms added that, while the fire was a challenge, it did not affect DEH’s normal garbage collection and disposal service. He said a new mound has been created at the site for waste disposal. YesterdaY's sOLUtIONs 1234567 8 9 10 11 1213 14 151617 1819 20 21 22 23 1234567 8 9 10 11 1213 14 151617 1819 20 21 22 23 Puzzle 16322 ACROSS: 1 Quarter, 4 Right, 7 Also, 8 Encumber, 10 Far and wide, 12 Lustre, 13 Absent, 15 Scrupulous, 18 Detailed, 19 Undo, 20 Range, 21 Battery. DOWN: 1 Quaff, 2 Abstruse, 3 Renown, 4 Roundabout, 5 Gobi, 6 Turnout, 9 In practice, 11 Renounce, 12 Launder, 14 Superb, 16 Story, 17 Stun. aCrOss 1 Possession (9) 8 Conscious (5) 9 Obtain (7) 10 Dash liquid on (6) 11 Appropriate time (6) 12 Dislike (8) 15 Wealthy (8) 18 Payment for release (6) 20 Playful (6) 21 Derange (7) 22 Brightness (5) 23 Establish precisely (9) dOWN 2 Inferior in standard (5) 3 Justify (6) 4 A suitor’s song (8) 5 Cosset (6) 6 Zealot (7) 7 Process or technique (9) 11 Unwavering (9) 13 Alienate (8) 14 Appended (7) 16 Cruel (6) 17 Weakened by age (6) 19 Keyboard instrument (5) The Compass Crossword Puzzle The Compass universal kakuro Puzzle 16323 The numbers in the black cells are clues. Numbers above the slash are across clues. Number below the slash are down clues. The goal is to enter digits 1 - 9 in the white cells to add up to the number clues. You cannot enter any digit more than once when adding up to clue. cartoon Nothing new - By Caymanman Simms: Landfill fire can happen again “The landfill could be on fire for weeks and we don’t even know until it raises itself and finds some way to the top and that’s on-the- surface fire; that’s when we discovered there’s something happening.” Richard Simms , director, Department of Environmental Health Richard Simms Smoke rises from the George Town landfill fire on Monday. 4Friday, 20 March 2020 6pm - late at CI $250 per ticket or CI $2,500 for a table of 10 Reserve your table today Email: greentiegalacayman@gmail.com Limited tickets available, so don't delay! Green Tie Gala proudly sponsored by PERSONAL BANKING | BUSINESS BANKING | FIDUCIARY SERVICES | FUND SERVICES | INVESTMENT SERVICES caymannational.com Interest Rate Decrease Customer Notice Cayman National Bank advises that its CI$ and US$ Prime Rates will decrease from 4.75% to 4.25% effective 11th March 2020. All products linked to CI$ and US$ Prime Rates will be adjusted on this date. We thank you for banking with us. JEWEL LEVY jlevy@compassmedia.ky Young people took seats in the Legislative Assembly to debate two important issues during the Cayman Youth Parliament Monday. The 25 budding legislators, ages 13 to 22, first passed a motion introduced by young ‘backbenchers’, to regulate the use of e-cigarettes in the Cayman Islands. But a second motion, brought by ‘the Opposition’, to lower the voting age from 18 to 16 and implement a high school course on politics, failed. Barbara Conolly, MLA and education councillor, welcomed everyone gathered in the Legislative Assembly for the 13th sitting of the Youth Parliament, which is held annually in observance of Commonwealth Day. She said the Youth Parliament over the years has been a good training ground for young people. Students from Clifton Hunter High School, Cayman Prep and High, and Grace Christian Academy filled the public gallery on Monday to hear what their peers had to say in the House. Deputy Premier Moses Kirkconnell said the young participants showed great promise, adding that they had taken an interest in local politics and, for that, he was thankful and grateful. “It seems like we are living in troubling times ... Here at home, we experienced the largest earthquake we have ever known in January, our country has been put on the financial blacklist, and the world is worried about the spread of the coronavirus, and everyone in these hallowed halls here today knows about the landfill fire as it continues to burn.” He said he was not there to preach doom and gloom, his message was about hope for the future of the Cayman Islands because people like the young parliamentarians cared and they had their country at heart. Opposition Leader Arden McLean said he was pleased to see so many young women participating in this year’s programme, especially during National Women’s Month, with its theme #EachForEqual. “Perhaps, one day soon, one of you will look back on this day with fond memories as you take your places not as youth parliamentarians but as duly elected members for the people of the Cayman Islands,” McLean told the participants. ‘Speaker’ of the Youth Parliament Suzanne Wood said the topics chosen were ones that were affecting young people in the country. The e-cigarette motion was brought by Zachary Allen, the ‘North Side MLA’, and was seconded by Allison Flores. The second motion was brought by ‘Leader of the Opposition’ Reon Porter, and seconded by ‘George Town West MLA’ Leah Robinson. Youth Parliament displays debating skills Youth Parliament House Speaker Suzanne Wood. Members of the Cayman Youth Parliament gather at the Legislative Assembly on Monday. 5How can gender equality be the answer to creating value for future generations? EY is committed to accelerating gender equality and making a difference in the Cayman Islands. She is the answer. We are the answer. Make sure #SheBelongs #WomenFastForward ey.com/cayman © 2020 EYGM Limited. All Rights Reserved. 2002-3439124 ED None. Go to www.cics.ky for ideas on what you can do. For more information call the CI Cancer Society at 949 7618 # # C A N C E R S O C I E T Y C A Y M A N IS L A N D S 25 ANNIVERSARY th ad sponsored by: So many doctors in Cayman donate their time doing cervical cancer PAP screenings every year as part of our early detection program. Doctors donate their time and CICS pays for the lab tests. All the doctors who help are unsung heroes to us. NEW DATE & VENUE BK Big Fish is proud to be partnering with the YMCA of the Cayman Islands. REGISTRATION: Opens at 6:00pm on Wednesday, March 11th at Salty‘s Bar & Grill at Grand Harbour REGISTRATION COST: $200 per boat which includes 4 anglers. Each additional angler $100 FISHING: 6:00am – 4:00pm Friday – Sunday, March 13th - 15th WEIGH IN: 4:00pm – 6:00pm by Salty‘s Bar & Grill at Grand Harbour AWARDS PRESENTATION: 7:00pm on Monday, March 16th at Salty‘s Bar & Grill at Grand Harbour FISHCAYMAN.COM For more information please contact bkbigfish@bk.com.ky, or to register visit the Cayman Islands Angling Club website MARCH 13TH - 15TH, 2020 SALTY‘S BAR & GRILL, GRAND HARBOUR cayman compass 6 WEDNESDAY, 11 MARCH 2020‘Decades: A Musical Journey Through Time’ casts spotlight on young talent The Cayman Arts Festival continues with its goal to enrich the lives of students through music, by presenting ‘Decades: A Musical Journey Through Time’ – a concert performed by the Cayman Youth Choir. The fundraising event, being held on Thursday, is designed to support the strong educational programme run by the CAF, which provides free instruments and tuition to around 250 government schoolchildren. Part of the proceeds will also go towards the choir’s upcoming choral workshops with none other than esteemed choral director, Mark De-Lisser, who arranged music and sang in the gospel choir for the wedding of Prince Harry and Meghan Markle. He has also worked on numerous TV shows such as ‘The Voice’ and ‘The Masked Singer’. The concert will feature 20 songs from the 1950s through to present day, no doubt encouraging the audience to tap their toes and sing along to hits such as ‘I Want You Back’, ‘The NeverEnding Story’, ‘We Built This City’ and ‘Stand By Me’. Beyond the money raised from entry ticket sales, there will also be a raffle on the night. Over 40 amazing raffle prizes have been gathered to give away at the concert, including several staycations, brunches, unique experiences, memberships and retail vouchers. Attendees don’t need to take a selfie, as there will be a complimentary photo booth at the venue, provided by PartyBooth Cayman. This means anyone who wants a lasting memory of the night can have a professional picture taken by the experts. Feel free to grab some of the accessories and dress yourself up for your glamour shot! The Cayman Youth Choir is unique to the island, being an organisation that is free to join and which does not require an audition. The organisers said they are delighted to have constantly growing numbers – the choir has just under 70 members – aged 6-18. The choir is actually made up of two choirs – the Tiddly-Pops for ages 6-10 and the Senior Choir for ages 10-18. Students come from nearly every school on the island, making the group a true representation of Cayman’s young people. Children come to sing, but as a result, they make lasting friendships through music. Rehearsals are every Monday after school at John Gray High School. All the students have been working very hard since January to prepare for this concert after an extraordinary Christmas season, when they performed at both the George Town and Camana Bay tree- lighting ceremonies, as well as in their own Christmas concert, and for a (rainy) appearance at the governor’s residence. The concert starts at 6pm (doors open at 5:30pm) in the John Gray High School gymnasium. For tickets, which are $20 for adults and $5 for children, email caymanyouthchoir@gmail.com or WhatsApp 922-2079. They will also be available on the door. The fundraising event, being held on Thursday, is designed to support the strong educational programme run by the CAF, which provides free instruments and tuition to around 250 government schoolchildren . The full choir has just under 70 members and more are welcome to join. cayman compass L living WEDNESDAY, 11 MARCH 2020 7MICHAEL KLEIN mklein@compassmedia.ky For much of the past decade, hedge funds on average have been plagued by poor performance relative to soaring equity benchmarks, as unprecedented accommodative monetary policy globally boosted the stock markets. It is no surprise that in a sustained bull market, the average fund manager or the average of all hedge fund strategies is likely to underperform a largely one-directional market. Given that many hedge funds invest into the same stocks as mutual funds or individual investors, superior returns must come from either selecting a more-talented fund manager or choosing a timely strategy. Hedge funds were always meant to come into their own when market volatility increases. In February’s market turmoil, the downside protection afforded by hedged strategies compared to long- only portfolios enabled hedge fund managers to post the strongest monthly outperformance over global equities since 2009, data provider Eurekahedge reported. The Eurekahedge Hedge Fund Index, a proxy for the average hedge fund, was down 1.63% in February, outperforming global equity market indices like the MSCI ACWI (IMI), which lost 7.82% over the same period. More than 90% of the hedge funds outperformed the global stock markets during the month. About one-third of funds (34.7%) generated positive returns and 43.2% of funds in the Eurekahedge database were up for the first two months of 2020. Although February started reasonably well for the markets based on a slowing number of COVID-19 infections in China and stimulus packages announced by central banks, the second half of the month saw a shift in market sentiment. Investors concerned about the extent of the outbreak outside China, particularly in Italy and South Korea, prompted a massive sell-off of global equities. During the week ending 28 Feb., the US Dow Jones and S&P500 indices lost 12.36% and 11.49%, respectively, while the French CAC40 was down 8.55% and Germany’s DAX lost 8.41%. The Chicago Board Options Exchange’s VIX index, also known as the ‘fear index’, which measures the stock market’s volatility expectations based on the S&P500 index, jumped from 17 to 52 during the last week of February and spiked briefly above 60 on Monday this week – levels not seen since the 2008 financial crisis. Funds that bet on volatility gained more than most other asset classes, including gold, during recent weeks. Managers betting on lower interest rates and rising prices for bonds, in anticipation of further monetary easing by central banks, have also seen above-average returns. Many other funds made money shorting stocks that are heavily affected by the coronavirus outbreak, including airlines, cruise lines, entertainment companies and the oil business. Certain multi-strategy funds, which spread risk across several asset classes to protect against volatility, performed well, whereas funds holding equities were hit harder. On Tuesday, global markets stabilised, staying mostly flat, after the S&P500 had closed down 7.6% and the FTSE lost 7.7% on Monday in the biggest one-day fall since the last financial crisis. Crude oil saw a 6% rebound, despite Saudi Arabia’s move to increase oil production and cut prices, which sent the price of oil down by as much as 30% the day before. Hedge funds outperform as stock markets tumble MICHAEL KLEIN mklein@compassmedia.ky Greenlight Re reported a net loss of $30.3 million for the fourth quarter of 2019, impacted by a $14.2 million catastrophe loss related to typhoons Hagibis and Faxai. This compares to a net loss of $80.8 million for the same period in 2018. Tropical cyclones Faxai and Hagibis, which hit Japan in September and October 2019, were largely responsible for a net underwriting loss of $15.8 million, compared to a net underwriting loss of $18.0 million reported in the fourth quarter of 2018. Gross written premiums of $98.5 million were down from $135.1 million during the same period in 2018, while net premiums decreased 6.2% to $98.4 million, as the Cayman-based reinsurer did not renew retrocessional coverage of certain auto business. The hedge fund-backed reinsurer faced unexpected losses in its private automobile business in 2019 due to adverse rulings that affected a significant number of claims in Florida, which had previously been considered closed. Greenlight Re ceded a significant portion of its exposure from failed Windhaven Insurance to the retro market before non- renewing its reinsurance of the Florida non-standard auto insurer last year. Simon Burton, chief executive officer of Greenlight Re, said when comparing the company’s portfolio at the end of 2019 to the beginning of last year, “we are pleased with the progress we’ve made”. “Excluding the adverse loss development on our private passenger auto business recognised in the first half of 2019, our portfolio performed acceptably during 2019, despite $17 million of natural catastrophe losses that we incurred during the year,” Burton said. “We are optimistic about our positioning in 2020, which will enable us to take advantage of improving market conditions.” The reinsurer’s net investment loss of $8.8 million during the fourth quarter includes a loss of $5.7 million on the Solasglas fund and a $6 million valuation allowance provision made on notes receivable. Greenlight Re chairman David Einhorn said, “We gave up some ground during the fourth quarter, given the unabated outperformance of growth vs. value stocks.” But investment returns from the Solasglas fund, managed by Einhorn’s DME Advisors, were positive for the year, reporting a 9.3% return and an overall net investment gain of $46.1 million. Ratings agency A.M. Best & Co. last year criticised the reinsurer’s underwriting performance, prompting Greenlight Re to announce a strategic review in May. This review is still ongoing and the reinsurer is in talks with interested counterparties. Einhorn admitted in an earnings call on Tuesday that the strategic review has taken longer than anticipated. “I think you can take from that, that whatever our first course of action choice was did not pan out, so now we’re thinking about other courses of action and when we eventually come up with something that we think is the best available choice, we will make it,” he said. Greenlight Re’s stock traded at around $7.30 at midday on Tuesday, well below its 52-week high of $12.60. The International Federation of Accountants has appointed Sheree Ebanks to its Professional Accounting Organization Development Committee. The 12-member committee is responsible for identifying and sharing development best practices, providing guidance and facilitating knowledge sharing. Ebanks, the CEO of the Cayman Islands Institute of Professional Accountants, attended the committee’s first meeting of the year in New York, which focussed on challenges facing the profession including those from changes in technology. “We are thrilled to be a part of the global conversation on the future of the profession and share CIIPA’s story with other developing PAOs,” Ebanks said. “It is also an excellent opportunity for CIIPA to work in partnership with other international institutes to ensure the profession works toward sustainable development goals, capacity building and strengthening not only other professional organisations, but also working as a liaison to regional bodies.” She noted that the profession is changing rapidly through the impact of new technologies and increased regulation. “This is a wonderful opportunity for the Cayman Islands to participate with and learn from these international leaders of the profession,” Ebanks said. Market volatility CBOE's VIX index Ebanks named to international accountancy committee CIIPA CEO Sheree Ebanks, front row second from right, at the first meeting of the Professional Accounting Organisation Development Committee in New York. Greenlight Re reports fourth-quarter loss “Excluding the adverse loss development on our private passenger auto business recognised in the first half of 2019, our portfolio performed acceptably during 2019, despite $17 million of natural catastrophe losses that we incurred during the year.” Simon Burton , chief executive officer of Greenlight Re 8cayman compass 9 B business WEDNESDAY, 11 MARCH 2020 Cayman Islands Stock Exchange Third Floor, SIX, Cricket Square, P.O. Box 2408 Grand Cayman KY1-1105 Telephone: (345) 945 6060 Fax: (345) 945 6061 Email: csx@csx.ky Website: www.csx.ky Mutual Fund Nav Date Curr Nav Mutual Fund Nav Date Curr Nav Mutual Fund Nav Date Curr Nav Disclaimer: The Cayman Islands Stock Exchange (“CSX”) makes no representa- tions about the suitability or accuracy of the information contained in this report. This report does not constitute advice or a solicitation to subscribe, purchase or sell securi- ties. The CSX expressly disclaims any liability or in reliance upon any part of this report. The information published in this edition together with the information on the listed specialist debt securities and derivative warrants, not included in this report, and contact details for CSX broker members and fund administrators is available on the CSX website at www.csx.ky or on the CSX Bloomberg pages at CSX <Go>. Equity Listings wk% chg Date Cur Close XD Div. Amt Weekly report as of 10 March, 2020 Total Market Capitalisation of listed securities: USD 430.894 Billion Class J- JPY Share Series 3 31-Jan-2020 JPY 105,795.43 Class J-JPY Shares 31-Jan-2020 JPY 104,259.61 Class J-USD Share Series 3 31-Dec-2017 USD 1,025.67 Class J-USD Share Series 4 31-Dec-2019 USD 1,039.33 Series 1 Class J-USD Shares 31-Jan-2020 USD 1,137.11 Class A shares 09-Mar-2020 USD 103.46 Class N shares 09-Mar-2020 USD 95.96 JPY Units 31-Jan-2020 JPY 9,618.00 D Lead Series 31-Jan-2020 USD 936.13 D Series 01-16 31-Jan-2020 USD 1,054.56 D Series 01-17 31-Dec-2019 USD 1,177.86 D Series 01-19 31-Jan-2020 USD 995.93 D Series 02-16 31-Jan-2020 USD 1,170.05 D Series 02-17 31-Jan-2020 USD 1,172.86 D Series 02-19 31-Oct-2019 USD 0.00 D Series 03-16 31-Jan-2020 USD 1,142.87 D Series 03-17 31-Jan-2020 USD 1,146.51 D Series 03-18 31-Jan-2020 USD 832.81 D Series 04-15 31-Jan-2020 USD 826.13 D Series 04-16 31-Mar-2019 USD 1,162.07 D Series 04-18 30-Sep-2019 USD 775.50 D Series 04-19 31-Jan-2020 USD 902.30 D Series 05-15 31-Jan-2020 USD 805.07 D Series 05-16 30-Apr-2019 USD 1,109.94 D Series 06-15 31-Jan-2020 USD 824.89 D Series 06-16 31-May-2019 USD 1,029.73 D Series 06-17 31-Jan-2020 USD 1,074.65 D Series 06-18 31-Jan-2020 USD 866.57 D Series 07-15 31-Jan-2020 USD 849.71 D Series 07-17 31-Jan-2020 USD 1,000.29 D Series 07-18 31-Jan-2020 USD 869.33 D Series 07-19 31-Jan-2020 USD 957.89 D Series 08-15 31-Jan-2020 USD 908.40 D Series 08-16 31-Jul-2019 USD 1,087.17 D Series 08-17 31-Jan-2020 USD 958.90 D Series 08-18 31-Jan-2020 USD 876.77 D Series 08-19 31-Jan-2020 USD 1,045.52 D Series 09-15 31-Jan-2020 USD 976.88 D Series 09-16 31-Aug-2019 USD 1,080.13 D Series 09-19 31-Jan-2020 USD 1,057.86 D Series 10-15 30-Sep-2018 USD 1,031.50 D Series 10-16 30-Sep-2019 USD 1,054.68 D Series 10-18 31-Jan-2020 USD 943.56 D Series 10-19 31-Jan-2020 USD 1,049.00 D Series 11-15 31-Jan-2020 USD 1,000.08 D Series 11-16 31-Oct-2019 USD 1,059.01 D Series 12-14 31-Jan-2020 USD 761.61 D Series 12-15 30-Nov-2018 USD 1,093.47 B 31-Jan-2020 USD 1,269.07 B 31-Dec-2019 USD 1,325.80 Class A 29-Feb-2020 USD 17,963.95 30-Sep-2019 USD 31.11 GBP Class B Shares 31-Dec-2019 GBP 61.86 GBP Class C Shares 31-Dec-2019 GBP 59.04 USD Class A Shares 31-Dec-2019 USD 74.15 USD Class B Shares 31-Dec-2019 USD 60.70 USD Class F Shares 31-Dec-2019 USD 16.83 Balanced Fund Class A 28-Feb-2020 USD 135.61 Equities Fund Accumulation (A) Shares 28-Feb-2020 USD 104.40 Short Duration Income Fund Class A 28-Feb-2020 USD 117.23 28-Feb-2020 USD 962.39 04-Mar-2020 BMD 34.21 03-Mar-2020 USD 17.45 US Dollar Class 04-Mar-2020 USD 30.65 Class A CAD 10-Mar-2020 CAD 17.25 Class A GBP 10-Mar-2020 GBP 20.47 Class A USD 10-Mar-2020 USD 25.63 Class B CAD 25-Sep-2019 CAD 17.60 Class B GBP 26-Nov-2019 GBP 20.85 Class B USD 10-Mar-2020 USD 26.12 Alternative Investment Class 27-Feb-2020 USD 15.72 Equity Class 27-Feb-2020 USD 16.69 Fixed Income Class 27-Feb-2020 USD 22.55 Class A 04-Mar-2020 USD 10.93 Class B 04-Mar-2020 USD 11.15 CNS International Equity Fund Shares 06-Feb-2020 USD 9.35 CNS US Bond Fund Shares 06-Feb-2020 USD 10.52 CNS US Equity Fund Shares 06-Feb-2020 USD 19.94 Class A Shares (Minimum Subscription: EUR equivalent of US$1,000,000) 29-Feb-2020 EUR 769.99 Class B Shares (Minimum Subscription: EUR equivalent of US$25,000) 29-Feb-2020 EUR 655.64 Class C Shares (Minimum Subscription: US$1,000,000) 29-Feb-2020 USD 764.07 Class D Shares (Minimum Subscription: US$25,000) 29-Feb-2020 USD 648.25 Class G Shares (Minimum Subscription: CHF equivalent of US$1,000,000) 29-Feb-2020 CHF 766.37 Class H Shares (Minimum Subscription: CHF equivalent of US$25,000) 29-Feb-2020 CHF 651.62 Axiom Balanced Fund - Institutional 04-Mar-2020 USD 153.92 Axiom Balanced Fund - Retail 04-Mar-2020 USD 147.95 Axiom Balanced Fund - Wealth 04-Mar-2020 USD 151.44 Axiom Capital Preservation - Institutional 04-Mar-2020 USD 118.03 Axiom Capital Preservation - Retail 04-Mar-2020 USD 114.61 Axiom Capital Preservation - Wealth 04-Mar-2020 USD 116.90 Axiom Conservative Fund - Institutional 04-Mar-2020 USD 136.39 Axiom Conservative Fund - Retail 04-Mar-2020 USD 132.36 Axiom Conservative Fund - Wealth 04-Mar-2020 USD 133.70 Axiom Growth Fund - Institutional Class 04-Mar-2020 USD 181.92 Axiom Growth Fund - Retail 04-Mar-2020 USD 165.94 Axiom Growth Fund - Wealth 04-Mar-2020 USD 173.15 CIBC Canadian Dollar Money Market Fund 04-Mar-2020 CAD 31.95 CIBC US Dollar Bond Fund 04-Mar-2020 USD 40.72 CIBC US Dollar Money Market Fund 04-Mar-2020 USD 24.79 Class A shares 25-Feb-2020 USD 71.93 Class A Interests 31-Jan-2020 EUR118,326,923.98 Class B interests 31-Jan-2020 EUR 538,766.56 Class A Taiwan 28-Feb-2020 USD 30.87 Class D Malaysia 28-Feb-2020 USD 11.75 Class E South Korea 28-Feb-2020 USD 11.46 Class G Indonesia 28-Mar-2018 USD 20.65 Class H Philippines 28-Feb-2020 USD 16.53 Class I Shares E.I.P. China 28-Feb-2020 USD 10.00 Enhanced China Index Fund 29-Mar-2019 USD 47.04 Enhanced Indonesia Index Fund 12-Apr-2018 USD 20.69 Enhanced Malaysia Index Fund 28-Feb-2020 USD 11.76 Enhanced Philippines Index Fund 28-Feb-2020 USD 16.57 Enhanced South Korea Index Fund 28-Feb-2020 USD 11.48 Enhanced Taiwan Index Fund 28-Feb-2020 USD 30.93 31-Dec-2019 USD 123.17 An unlimited number of Class A non-voting shares of RMB1,000 each 29-Feb-2020 CNH 1,017.50 Class B Initial Series 31-Jan-2020 USD 44.99 Class G Shares GBP 31-Jan-2020 GBP 51.05 Class A 31-Jan-2020 USD 1,184.09 Series A1-1 31-Jan-2020 USD 177.28 Series A1-2 2011 31-Dec-2017 USD 181.82 Series A1-3 31-Dec-2017 USD 181.83 Series A1-4 31-Dec-2017 USD 181.84 Series A1-6 31-Jan-2020 USD 175.69 Series A1-7 31-Jan-2019 USD 202.71 Series A1-8 31-Dec-2017 USD 179.23 Series A2-1 31-Jan-2020 USD 173.06 Series A2-2 31-Dec-2017 USD 179.15 Series A2-3 31-Jan-2020 USD 172.05 Series A2-5 31-Dec-2017 USD 179.14 Series B1-1-09 31-Jan-2020 USD 166.65 Series B1-2 2011 31-Dec-2017 USD 171.67 Series B1-3 31-Dec-2017 USD 171.68 Series B1-4 31-Dec-2017 USD 171.72 Series B1-5 31-Dec-2017 USD 171.67 Series B1-6 31-Dec-2017 USD 168.16 Series B1-7 31-Dec-2017 USD 181.62 Series B2-1 31-Jan-2020 USD 162.51 Series D1-1 31-Jan-2020 EUR 99.52 Series S1-1 30-Sep-2017 USD 98.34 06-Mar-2020 JPY 8,303.43 Series 1 Units 02-Mar-2020 JPY 9,982.00 Series 2 Units 02-Mar-2020 JPY 9,972.00 Series 3 Units 02-Mar-2020 JPY 9,987.00 Series 1 Class J-USD shares 31-Jan-2020 USD 2,606.54 Series 4 Class J-USD shares 31-Jan-2020 USD 0.00 Series 5 Class J-USD shares 31-Jan-2020 USD 0.00 Series 6 Class J-USD shares 31-Jan-2020 USD 0.00 Series 7 Class J-USD shares 31-Jan-2020 USD 0.00 Series 8 Class J-USD shares 31-Jan-2020 USD 0.00 31-Jan-2020 USD 121.39 31-Jan-2020 USD 50.64 GBP Class A Shares 31-Jan-2020 GBP 16,325.60 GBP Class B Shares 31-Jan-2020 GBP 17,978.39 GBP Class E Shares 31-Jan-2020 GBP 11,462.93 USD Class A Shares 31-Jan-2020 USD 26,991.61 USD Class B Shares 31-Jan-2020 USD 29,552.25 USD Class E Shares 31-Jan-2020 USD 12,071.50 GBP Class A Shares 31-Jan-2020 GBP 23,450.70 GBP Class B Shares 31-Jan-2020 GBP 25,594.79 GBP Class E Shares 31-Jan-2020 GBP 11,514.87 USD Class A Shares 31-Jan-2020 USD 23,372.95 USD Class B Shares 31-Jan-2020 USD 25,346.51 USD Class E Shares 31-Jan-2020 USD 12,065.01 Class A 28-Feb-2020 USD 83.93 Class B 28-Feb-2020 USD 89.46 Class I 28-Feb-2020 USD 93.47 USD Class S Share 28-Feb-2020 USD 92.93 31-Jan-2020 USD 104.93 31-Jan-2020 USD 105.34 Class F-1 03-Mar-2020 USD 102.75 Class F-2 03-Mar-2020 JPY 9,602.21 Class F-4 03-Mar-2020 AUD 117.13 Class A Shares 09-Mar-2020 USD 2.40 Class AC Shares 09-Mar-2020 CAD 3.69 Class NC Shares 09-Mar-2020 CAD 3.36 Class NU Shares 09-Mar-2020 USD 2.41 Class A Shares 09-Mar-2020 USD 2.77 Class NU Shares 09-Mar-2020 USD 2.75 Class A Shares 09-Mar-2020 USD 13.58 Class A Shares 09-Mar-2020 USD 9.51 Class IU Shares 09-Mar-2020 USD 9.99 Class NU Shares 09-Mar-2020 USD 9.35 Class A Shares 09-Mar-2020 USD 2.96 Class NU Shares 09-Mar-2020 USD 2.80 Class A Shares 09-Mar-2020 USD 15.65 Class NU Shares 09-Mar-2020 USD 15.66 Euro Class 31-Jan-2020 EUR 106.79 Class A Initial Series 30-Sep-2019 EUR 1,108.94 ASEAN Prime Fund 29-Nov-2019 USD 7,232.41 Europe Premier Fund 06-Mar-2020 EUR 8,165.65 Strategic Asia Fund 29-Nov-2019 USD 4,967.46 Strategic Europe Fund 06-Mar-2020 EUR 4,098.99 Class A 31-Jan-2020 USD 1,383.44 Class B 31-Jan-2020 USD 1,386.08 Class C 31-Jan-2020 USD 1,421.09 Class A1 31-Jan-2020 USD 89,457.35 Class B1 31-Jan-2020 USD 81,412.27 Cargill Andean Agribusiness B.V. 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