HSBC's Global Absolute Limited fund re-classified its shares in November to US dollar and sterling-h...
HSBC's Global Absolute Limited fund re-classified its shares in November to US dollar and sterling-hedged shares, allowing investors to participate in returns of sterling shares without risks of currency fluctuations. Jamie Murray, head of marketing at HSBC Republic Investments, said the unhedged sterling product displayed too much volatility for typical FoHF investors. Those wanting exposure to currency fluctuations can still invest in the unhedged dollar product. Euro-hedged shares will be launched in early 2005.
HRI's chief executive Paul Dunning, said: "Since the launch of HGAL in 2001, US dollar investors have benefited from positive investment returns but sterling investors have suffered as a result of currency fluctuations, despite a successful discount mechanism that ensured the company's shares traded close to its net asset value."
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