Majedie Asset Management’s Tortoise Fund is up 25.4 per cent over the last six months, according to figures released by the UK equity boutique.
Majedie Asset Management’s Tortoise Fund is up 25.4 per cent over the last six months, according to figures released by the UK equity boutique.
The long/short UK equity fund has also beaten its benchmark index – the Credit Suisse Tremont Long/Short Equity Index – by 17.5 per cent over the same period. When measured against the same index, the Tortoise Fund has recorded outperformance of 41 per cent over the last 12 months and 65.7 per cent since its inception a seed capital basis on 31 August 2007.
The fund has also outperformed the FTSE All-Share Index by 24.6 per cent over the last six months, 48.4 per cent over the last 12 months and 86.6 per cent since inception.
The Tortoise Fund currently has assets under management of GBP29m, following investments by seven institutional clients since its launch. A pipeline of additional institutional client inflows will soon raise assets under management above GBP50m.
‘In the context of some of the worst financial markets in modern history, investment ability is more important than ever,’ says James de Uphaugh, Managing Director of Majedie. ‘Our Tortoise Fund has not only avoided losses but consistently beaten the industry and delivered real returns. We view this as testimony to the quality of the team’s fund management ability and their specialist knowledge of the UK equity market.’
The Tortoise Fund, which is managed by Matthew Smith and Chris Reid, is an old fashioned hedge fund that aims to maximise long term total returns from a focused portfolio of around 15-30 long and 20-30 short positions. It is the first fund Majedie has launched which has the ability to take short positions.
The Fund will have finite capacity of GBP250m, as Majedie values performance over asset gathering.
‘We believe that our approach is ideally suited to making the most of these volatile markets,’ says Smith. ‘Over the last six months there have certainly been plenty of opportunities to make good returns if you knew where to look.’
