Gartmore is to launch AlphaGen Pictor, a long/short Asia and emerging markets vehicle to be run by C...
Gartmore is to launch AlphaGen Pictor, a long/short Asia and emerging markets vehicle to be run by Chris Palmer and Seok Teoh, in July.
The fund will be run along the model used for the $40m Key Emerging portfolio. This is a mandate the pair have run for Key Asset Management since last May, with some success, the fund having returned around 8.5% on a gross basis at a time when the S&P IFCI index was down by more than 25%.
The fund will be non-directional in nature, with a maximum gross position of no more than 200% of NAV. The focus will be on stockpicking, with a blend of long-term strategic positions and short-term trading or tactical opportunities.
A long-term position tends to be in a stock identified by Gartmore analysts as having potential for unexpected earnings growth or for disappointment. Short-term trading ideas usually emerge out of newsflow, earnings forecasts, changes to indices or other indicators.
Martin Phipps, head of alternative investments at Gartmore, said the plan was to go for a relatively low-key launch in early July. 'We think we are unlikely to raise a huge sum at the time of opening,' he said.
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