Palaedino Asset Management, adviser to the Axiom Fund, and Alix Capital, provider of the Ucits Alternative Index, have launched the first investable Ucits alternative index.
The Axiom Ucits Alternative Investable Index Fund is a Ucits III Sicav registered with the CSSF in Luxemburg offering weekly liquidity.
The new fund aims to replicate the Ucits Alternative Blue Chip Index.
The objective of this index is to provide a fair, reliable and unbiased representation of the Ucits absolute return performance. The index consists of a sample of the 50 top equally weighted Ucits hedge funds.
The Blue Chip Index is rebalanced quarterly. Although it is still reserved for institutional clients, the Axiom Fund will shortly be registered in a number of European countries, including Switzerland, which will enable it to be accessible to the general public.
Alessandro Mauceri, chief executive of Palaedino Asset Management, says: ”I strongly believe that Ucits alternative funds are not hype but are here to stay – especially in the aftermath of the 2008 problems encountered by offshore hedge funds, such as gates, side pockets and suspension. When investing in hedge funds, investors now demand the same level of protection as that offered by onshore regulated funds. This product will provide broad exposure to the performance of alternative strategies available in the Ucits III universe within a well-diversified and liquid product.”
Louis Zanolin, chief executive of Alix Capital, says: “We are delighted and enthusiastic about this positive evolution of the Ucits Alternative Index. Since the launch of the different benchmarks we have received a great deal of interest in tracker products from a variety of investors. The Axiom Fund is therefore a natural evolution for the Ucits hedge funds in general and the Ucits Alternative Index in particular.”
