HSBC Investments has reopened its GIF BRIC freestyle fund to investors.
The fund was temporarily closed to new investment in June 2006 to protect performance for existing share holders. It is managed by Halbis, the ‘fundamental active’ asset management specialist of HSBC.
Christian Deseglise, global head of emerging markets business at HSBC Investments, said: “Over the past eight months, the markets in which this fund invests have grown in size and liquidity, and depth has improved. This has increased capacity to a level whereby it is now appropriate to re-open the fund. We will continue to watch the capacity issues closely and are fully prepared to close the fund again to protect clients’ interests.”
With US$2.7bn of assets, the HSBC GIF BRIC Freestyle fund is one of the world’s largest actively managed funds dedicated to investing in the Brazil, Russia, India and China (BRIC) markets.
The fund is part of HSBC’s Luxembourg-domiciled Global Investment Funds (GIF) Sicav, which has UK distributor status and is registered for sale in over 30 countries around the world. As the name suggests, the fund is managed without benchmark constraints. The minimum investment is US$5,000.
Launched in December 2004, the fund has posted a 101.53% gain over the period from 31 December 2004 to 30 March 2007, in dollar terms on a bid to bid basis with gross income reinvested, according to figures provided by Standard & Poor’s. At the end of March 2007, the fund had 28% of its assets in Brazil and in Russia, 17.5% in India and 20% in China. The cash position was 6.5%.
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