Ex-Pimco professionals launch absolute return mutual fund
Harness Investment Management Group is launching a mutual fund, the Harness Absolute Return Fund, which is expected to commence operations on 31 December 2009.
Founded by Andre Mallegol and Don Yocham, both formerly with Pimco, Harness Investment Management Group focuses on providing alternative investment products that are aligned with the evolving needs of fiduciaries.
The firm was formed in 2008 and has offices in Portland, Oregon and Rockland, Massachusetts.
The conventional approach to investing seeks to provide excess returns relative to a benchmark that represents a particular asset class or static asset allocation. However, the goal of most investors is to earn positive returns after inflation, taxes and fees.
For that reason, the Harness Absolute Return Fund seeks to achieve absolute returns above inflation, as measured by the Consumer-Price Index. This index is not an investable index and does not represent asset values, but is instead a measure of purchasing power.
The fund strives to accomplish this through active management across a range of asset classes using a top-down, global, macro-economic process.
Yocham (pictured) says: "This fund is an alternative to conventional investment approaches, attempting to provide a solution for investors concerned about achieving their own goals rather than the goals of their peers. Investing is ultimately and unavoidably an exercise in judgment and our fund is designed for those investors that place value in our ability to exercise judgment regarding near-term and long-term investment opportunities in absolute, not relative, terms."
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