GAM has reopened the euro, dollar and sterling share classes of its Diversity fund of hedge funds fo...
GAM has reopened the euro, dollar and sterling share classes of its Diversity fund of hedge funds for the first time since October 2003.
These were closed following strong inflows to protect existing investors, according to David Smith, chief investment director, of multi-manager at GAM.
He said: "After a difficult year for most hedge strategies we believe that opportunities will get better in 2006. Improved investment process procedures have already resulted in more positive performance, most noticeably in the equity hedge arena, but we look forward to continued improvement in trading and arbitrage as we move into 2006.
"Within our allocation to equity hedge strategies, our European performance has been strong and we believe that is set to continue. Our trading allocation is more focused on macro strategies and we have invested with some thematic macro managers who should be able to profit from opportunities in fixed income and currency markets. They also anticipate continued trends in the commodity markets which, if traded correctly, could also be profitable."
The fund has returned 12.2%pa since launch in 1989 with less than 9% volatility, according to GAM.
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