Thu, 02/10/2008 - 07:24
Corazon Capital, the Channel Islands-based alternative fund of funds manager formerly known as Dawnay Day Milroy, has announced the opening of its Alternative Investment Fund to outside investors.
The fund has been running as a managed account since 2002, a period during which it has averaged annualised returns of 9 per cent per annum with a volatility of just over 4 per cent. It was developed into an institutional mandate for a pension fund in 2007 and now has more than USD82m in assets under management.
The Cayman-domiciled Alternative Investment Fund is now open to outside institutional investors and high net worth individuals through share classes in sterling, US dollars and euros, with a minimum investment of GBP60,000, USD100,000 or EUR70,000.
Additionally, private investors will be able to access the fund through offshore portfolio bond providers. Corazon is also listing the fund on the Channel Islands Stock Exchange to facilitate access through UK self-invested personal pensions.
The fund aims to deliver investors 4 per cent per annum above bank rates across a three-year timescale, regardless of market conditions, with volatility of around 4 per cent, and invests in a range of long-only alternative assets as well as hedge funds drawn from Corazon's Absolute Return Fund, investments designed to provide absolute returns with low levels of traditional market correlation and risk.
The fund invests predominantly in long/short equity and event-driven opportunities, with additional exposure to global macro and fixed-income arbitrage. The rest of the portfolio will be allocated to managed futures, emerging markets, convertible arbitrage and multistrategy opportunities.
'We are going through an extraordinary period in capital markets,' says Corazon Capital director Scott Kelly. 'At the end of August the fund was down just 0.8 per cent so far this year, compared with world equity markets down between 20 and 30 per cent. The fund is perfectly positioned to preserve capital through the rough times and to capitalise on market inefficiencies as we move out of the bear market.'
'This may be considered an unusual time to open a fund for investment, but we believe this is a excellent time for investors to switch into the fund as it has shown true all-weather characteristics - preserving capital through these tough times, unlike most funds of hedge funds, yet giving real upside opportunities for when the clouds clear. This is a true alpha engine, and those seem pretty scarce these days.'
Corazon Capital, which has USD1.2bn in assets under management, completed a management buyout and rebranding in July following a five-year affiliation with the now-troubled Dawnay Day group.
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