Magna Turkey Fund issues sterling share class
Charlemagne Capital has launched a sterling share class (B Class) of the Ireland-domiciled Magna Turkey Fund.
Magna Turkey is part of the open-ended Magna Umbrella Fund plc, and is managed in line with Charlemagne Capital's bottom up investment process.
The fund, which is recognised by the FSA for marketing in the UK and will seek distributor status annually, will not generally be hedged into sterling.
Magna Turkey was launched in December 2004 and seeks to profit from the investment opportunities in Turkey as the country's economy gathers strength. To the end of October 2005, the Fund had risen 43 per cent in Euros from the start of this year, compared to a gain of 38 per cent in the Fund's benchmark, the MSCI Turkey Total Net Return EUR Index.
"Turkey presents an exciting opportunity in our view", says Stefan Bottcher, Director of Portfolio Management at Charlemagne Capital (UK) Ltd. "We are pleased to be able to offer this product to UK investors and others looking for a Sterling denominated fund."
Background notes: Charlemagne Capital is an independent fund manager with around USD 3bn under management in emerging markets. The company manages the Magna Umbrella Fund plc, with sub funds for Eastern Europe, Latin America, Russia, Turkey, Greater China and Global Emerging Markets.
Magna Eastern European Fund, the oldest of the Magna range, is the best performing out of 91 funds in its category from the period from 1 January 2001 to 7 November 2005 according to Standard & Poor's. Charlemagne Capital also manages the OCCO range of long short equity funds.
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