Matrix launches feeder funds

Matrix has launched two funds of hedge funds that are feeder funds from multi-manager portfolios run by Fortis and Tremont.

The Horizon fund invests in the sterling-hedged share class of the Fortis Investment fund, the dollar shares of which generated 6.55% during 2002, according to the group.

Horizon shares used in the Matrix fund returned 0.89% net of fees during December. The Fortis fund is widely diversified, investing in around 35 underlying portfolios.

Matrix's Bastion fund, launched at the end of January, invests in a sterling-hedged share class of the more conservatively managed Tremont Market Neutral fund, according to Bridget Cleverly, Matrix Money Management's managing director.

The fund invests predominantly in market neutral hedge strategies. Its dollar-denominated shares produced a return of 4.08% in 2002, she said.

Both of the funds of funds are denominated in sterling, domiciled in Bermuda and listed in Dublin.

Each requires a minimum investment commitment of £10,000 and offers monthly dealing for investors.

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