Henderson Global Investors has launched a Total Return fund with a target return of 12-15%. The po...
Henderson Global Investors has launched a Total Return fund with a target return of 12-15%.
The portfolio, run by Bill McQuaker, invests in nine of Henderson's managed hedge funds, with no more than 15% in any one fund.
These include the European Style Rotational fund and the Global currency Absolute Return portfolio, which launched last November, as well as the North American Equity Multi-Strategy fund, which opened for investment in July.
Kate O'Neill, director of hedge funds at Henderson, said: "One of the reasons the fund was launched was the success of the European Style Rotational fund. This product added to the diversity of our range of strategies and we felt it gave us the necessary mix to open a fund of funds vehicle. Some clients prefered a more diversified product to investing in a single strategy."
She said the fund, managed by David Blint and Steve Danby, aimed to exploit inefficiencies in style investing and had a volatility of 8% to 12%.
Each of the nine funds have a performance fee of 20% on absolute returns with a high water mark.
There is no initial charge or performance fee on the fund of funds structure, but there is an annual management charge (AMC) of 40 basis points and an AMC on each underlying fund, varying from 1 to 1.5%.
The product is domiciled in the Cayman Islands but is listed on the Irish Stock Exchange. The minimum investment is $100,000 (£52,872) and is available in sterling and euros.
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