Isosceles America, run by ex-Merrill Lynch and Fidelity manager Gary Lowe, launches on 3 March. A...
Isosceles America, run by ex-Merrill Lynch and Fidelity manager Gary Lowe, launches on 3 March.
As exclusively revealed by Investment Week last November, the fund, the boutique's first offering, will be a large and mid-cap mandate domiciled in Dublin. Lowe, a US fund manager at Fidelity and Merrill Lynch, will be assisted by ex- DLJ fund manager and fellow founding partner, Dale Gibson.
The fund will typically run with 50-60 stocks and be benchmarked against the S&P 500, targeting a tracking error of between 3% and 6%. Investment in companies with a sub-$2.5bn market cap will be limited to 20% of the fund.
It will carry a performance-related fee equal to 15% of any outperformance above the S&P 500 plus 1.25%, the fund's annual management fee. Although it is to be benchmark-aware, Lowe will have the freedom to back his ideas with conviction and avoid large benchmark stocks he believes will underperform.
Lowe described his approach as a blend of sectoral and macro analysis overlayed with bottom- up research to identify the stocks best placed to benefit from these themes.
He added quality US funds are few and far between, creating an opportunity for the group.
Lowe said: 'We think there is room for a good quality long only US product. There are so few people with experience in London it has become a marginal activity for UK houses.'
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, research from Legal & General (L&G) has found.
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Alongside Barrett, Hopkins, Boston and Thorman on 17 October