Thu, 13/04/2006 - 07:55
Absolute Capital Management Holdings (ACMH) and ASK Raymond James Securities (ASKRJ) have teamed up to launch the Absolute India Fund.
The absolute return long/short equity fund, will combine the excellent value driven local stock picking skills of Mumbai-based ASKRJ, who have a 5-star S&P rating, a long track record of success, and are one India's leading fund managers, with fund management company ACMH, who have a proven ability to generate consistent absolute returns with lower than the peer group volatility, by employing a disciplined risk management process.
Together ACMH and ASKRJ will manage the Fund, which will seek to deliver superior absolute returns in a geographic area of huge opportunity, and the fund will be able to benefit from the expertise of two experienced managers.
'I am delighted we are entering into a joint venture with India's premier fund manager,' says Sean ewing, CEO of ACMH. 'I believe that ACMH have found the ideal partner in Bharat Shah (CEO of ASKRJ), as it will combine ACMH's ability to manage risk with a local manager who has an outstanding track record of delivering out performance over the long-term.'
Florian Homm, CIO of ACMH adds: 'In our opinion, India is poised to embark on a long period of sustained economic growth. Fundamental economic reforms and major investment are producing fantastic investment opportunities. We wanted to create a Fund that would be able to take advantage of these growth opportunities, with a manager that shared the same fundamental, value driven investment style of ACMH and one which knew the Indian market inside out.
'In Bharat Shah, we have found a manager who not only embodies our core investment beliefs, but one with over 15 year's investment expertise and is highly experienced in dealing in Indian equities. I very much look forward to working with Bharat and his talented investment team.'
Shah has demonstrated that his core investment philosophy of focusing on fundamental bottom up research in undervalued quality businesses, will deliver his two core targets of capital preservation and generation of absolute returns. This can be demonstrated by the performance of India Value Investments Limited (INVIL), an offshore India dedicated fund managed by Shah, which was ranked as the Best Performing India Dedicated Offshore Fund by Forsyth Partners, for the year 2003 (1-year Performance) and 3-year period ended February 2005.
In addition, INVIL enjoys 5-Fund Star Ranking from Standard & Poor's, on the basis of quantitative analysis of its three-year performance numbers. Over a three year period up to the 28th February 2006, the INVIL fund rose by 351.16%, against the Indian NIFTY Index which rose 189.14% (local currency).
'Having managed money in India for a number of years, I am convinced that India will add more wealth in the next ten years than it has added in the last fifty, it is now perfectly placed to provide robust market growth for the next few years,' says Shah. 'I am delighted and excited to have entered into a partnership with ACMH to launch the Absolute India Fund. Together I believe we will provide risk adverse investors with a Fund that will benefit from our detailed local company knowledge as well as the disciplined risk management process managed by ACMH, whom we believe to have shown to be one of the most consistent Absolute Return fund managers in Europe.'
The intended launch date of the fund, which will target 15-25% annual returns with 8% volatility, a Sharpe ratio that is expected to be in excess of 2.5 and a Fund size of EUR 300million, is 1 July 2006.
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