Cazenove Capital Management is to reopen its UK Absolute return fund, managed by Tim Russell, on 2 M...
Cazenove Capital Management is to reopen its UK Absolute return fund, managed by Tim Russell, on 2 May before soft closing once more until October. The firm has also announced its long/short funds have tipped the $600m mark.
The firm is also launching a third hedge fund in its range, UK Dynamic Absolute Return Fund, to be managed by Neil Pegrum, following a more aggressive long/ short approach and is likely to have a higher risk/return profile than the firm's core hedge funds which follow a business cycle approach. The sterling-denominated fund's subscription period will begin on 16 May and run to 1 June.
Pegrum identifies undervalued stocks and has in Cazenove's words, "tended to tilt towards small to mid-cap positions." His fund is Cayman Islands domiciled and Dublin listed and offer sterling, dollar and euro share classes.
Cazenove Capital has announced it will close the fund for six months following its first dealing date. Russell's fund has made annualised returns of 13.9% since its October 2003 launch and displays a Sharpe ratio of 3.9. Cazenove has reached £600m in its hedge products, the UK long/short fund, and the European Equity Absolute Return Fund, managed by Chris Rice and Steve Cordell.
The fund will offer monthly valuations, and have minimum investments of $100,000, £100,000 and B100,000. Deutsche Bank is its prime broker.
Regular reminders and updates
9 December 2019 deadline
Joe McDonnell joins as head of portfolio solutions (EMEA)
Adviser of the Year - South East
Fidelity Multi Asset CIO's outlook