Veritas opens Ucits III global hedge fund to investors
Veritas Asset Management is making its global hedge fund available to retail and institutional investors for the first time.
The GBP30m fund had previously only been available to a small group of investors including the firm’s partners and discretionary private clients.
The fund has returned 68 per cent GBP Class since inception against the MSCI World Index performance of 38.39 per cent.
The fund, which has now been restructured as a Ucits III vehicle and has been re-named the Veritas Global Real Return Fund, was launched at the beginning of January and offers daily liquidity. The first dealing day will be 11 January 2010.
The fund seeks to deliver an annualised six per cent real return over the medium and longer term by investing long and short in global equities, bonds, cash and derivatives.
It is run by Veritas’ fund manager and head of research and global Andy Headley, who also co-manages the firm’s Global Focus and Global Equity Income Funds. The fund will continue with the same investment strategy, with its objectives, policies and risk profiles all remaining the same.
The fund will be available to retail investors with a minimum investment of GBP7,000 and to institutional investors with a minimum investment of GBP30,000.
The fund is being made available to private clients, family offices, wealth managers, financial advisers and discretionary managers.
Headley says: “The Real Return Global Fund has a very successful track record and we’ve taken the decision to open it up to a wider audience. It will still continue as an absolute return vehicle and will take a global approach but it will offer greater levels of protection to investors.
“We believe the fund will create greater opportunities for new investors and greater efficiency for existing investors. It will also allow us to raise more assets for the fund given the attractive nature of the Ucits III brand and daily liquidity.”
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