Recently formed Harvey Asset Management is launching its first fund, a Bermuda-registered open-ended...
Recently formed Harvey Asset Management is launching its first fund, a Bermuda-registered open-ended investment company listed on the Luxembourg Stock Exchange.
The Gunny fund is a global equity fund that focuses on companies with a market capitalisation of more than $500m. The investment approach combines a quantitative screen based on dividend, cash flow and share price history with both fundamental and technical analysis.
Patrick Harvey, managing director of the group, said: "We look at a universe of 2,700 stocks listed on 24 exchanges in Europe, the Far East and the US and apply a value-based quantitative screen that identifies companies undergoing change.
"We then use traditional fundamental analysis methods to further investigate the companies and make sure there is nothing fundamentally wrong with them.
"Finally we use technical tools to time the purchase and sale of the stocks. The end portfolio holds approximately 30 to 40 stocks diversified between the various regions of the world.
The stock selection methodology has been developed over the past four years by Patrick Harvey who previously worked in the financial industry in Malta and in the City.
This is the first time Patrick Harvey and his general manager, Michael Spoures, have launched a fund. The two other partners in the company are Edward Fuchs and John Camilleri and both based in Malta.
The Gunny fund is targeted at institutions, financial intermediaries and high net worth individuals. The minimum investment is $10,000 and the annual fee is 1.5% with up to 5% initial charge.
Bermuda's mutual funds business has grown rapidly over the last 15 years following a concerted campaign by the Bermuda Monetary Authority to improve the image of the island as a base for offshore funds.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation