Fri, 08/08/2014 - 06:00
Old Mutual Global Investors has marked the anniversaries for two of its funds managed by Ian Heslop, Amadeo Alentorn and Mike Servent.
The USD1,422 billion Old Mutual Global Equity Absolute Return Fund celebrated its fifth anniversary and the USD103 million OM Arbea (Hedge) Fund was one year old.
In the last 12 months, the assets under management of these two funds have grown by USD1.3 billion. The Old Mutual Global Equity Absolute Return Fund has returned 3.9 per cent, 9.0 per cent and 7.0 per cent annualised over one three and five years respectively, whilst the OM Arbea hedge Fund has returned 8.4 per cent since launch.
Donald Pepper, managing director of alternatives, says: “We are delighted that clients are seeing, and enjoying, the benefits of a strategy that has delivered genuinely uncorrelated returns. This is an objective also achieved by our other two hedge funds, the Old Mutual UK Specialist Equity Fund, managed by Ashton Bradbury, and the Old Mutual Global Statistical Arbitrage Fund, managed by Paul Simpson.”
Launched in July 2009 and domiciled in Dublin, the objective of the Old Mutual Global Equity Absolute Return Fund (a UCITS fund) is to deliver absolute returns over rolling 12 month periods that have a low correlation with equity and bond markets, through a market neutral portfolio of around 700 global equity stocks.
The team’s approach is to rigorously assess companies against criteria including stock price valuations, balance-sheet quality, growth characteristics, efficient use of capital, analyst sentiment, and supportive market trends.
The team builds a diversified portfolio of stocks that is expected to outperform in the current macroeconomic environment, while applying stringent risk-management techniques, carefully controlling turnover and trading costs, and maintaining strict limits on sector and stock positions.
The OM Arbea Fund shares the same investment process as that of the Old Mutual Global Equity Absolute Return Fund. Domiciled in the Cayman Islands, the fund is a global equity market neutral fund with an investable universe covering 3,500 liquid stocks across developed markets, and the major emerging markets of Korea, India, Taiwan and China (through Hong Kong). The objective of the fund is to target nine per cent volatility using gross leverage of between 300 and 400 per cent and aim to ensure that the correlation of the fund’s returns to equity returns is very low. The fund is aiming for a return of cash plus nine to 10 per cent annualised.
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