Fri, 03/08/2007 - 07:00
Ermitage Group has launched the Global Long Short Fund; the latest offering within the firm's USD600m long/short equity programme that also includes three specialist regionally focused long-short equity products.
The new fund launches with an initial USD70m investment on August 1st 2007 and has been created to provide an effective vehicle for institutional investors wishing to offset long-only volatility, a growing concern given the four year synchronized move up in global equity markets.
The Global Long Short Fund builds on Ermitage's proven track record in the strategy, with the top quartile performing Japan Absolute Fund (launched in 2002), European Absolute Fund (1999) and North American Absolute Fund (1999).
The new Fund has been built using Ermitage's innovative proprietary portfolio construction tools, which incorporate strategy and manager forecasts and feature an advanced construction algorithm to deliver a portfolio with a high probability of meeting its risk/return objectives. This approach recognises that reliable forecast generation is the most important part of the construction process and gives investors a fully-transparent "glass box" model to see the investment decisions that underpin asset allocation.
The fund's target is to provide consistent, risk-adjusted returns of 10% to 15% when equity markets are in a bull market phase and protect assets during bear markets, achieved with moderate levels of volatility.
The fund seeks to offer a diversified source of stock alpha together with smart beta management, delivered via a robust portfolio targeted to achieve top quartile performance over a 3-5 year period and capable of performing should markets turn around.
The fund's asset allocation is weighted 35% to Europe, 25% North America, 15% Asia (incl. Japan) and 25% focused on Global and Emerging market managers. The portfolio encapsulates Ermitage's 'best global ideas' by providing access to talented new and established hedge fund managers and capitalising on Ermitage's proven long-short expertise.
Incorporated in the Cayman Islands and is registered as a private investment fund with the Cayman Islands Monetary Authority, the fund is open to investors subject to restrictions applying in their own jurisdiction. It offers monthly subscriptions and redemptions, with 90 days' notice required for redemptions.
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