Palmer Square Capital Management, a manager of hedge fund-of-funds partnerships and customised alternative investment solutions, has launched the Palmer Square Absolute Return Fund, its first open-ended mutual fund.
Launched in partnership with Montage Investments, the objective of the fund is to seek capital appreciation with an emphasis on absolute (positive) returns and low correlation to the broader equity and bond markets. The fund offers investor and institutional share classes, trading under the symbols PSQAX and PSQIX, respectively.
The fund utilises a concentrated group of seven institutional managers that operate a broad range of hedge fund-type strategies, including global macro, long/short and event-driven credit, long/short international and domestic equity, and convertible bond arbitrage. The fund is managed by alternatives veterans Christopher D Long (pictured), founder and president of Palmer Square and chief investment officer Angie K Long, a pioneer in credit derivatives and former Deputy Head of Credit Trading for North America for JPMorgan Chase & Co.
"With the Palmer Square Absolute Return Fund, we are excited to leverage our experience investing with fund managers who have had great success executing hedge fund style strategies across numerous different market cycles," says Christopher Long. "We invest directly in equity, credit, and macro-related hedge fund strategies while maintaining a keen focus on absolute returns and downside protection."
CIO Angie Long adds: "In this challenging environment where the risk of rising interest rates has increased and global equity markets remain volatile, we believe that we have designed a compelling product that can offer positive risk adjusted returns and serve as an attractive alternative to fixed income or equity products."
The fund was enabled by Palmer Square's affiliation with Montage Investments – a diverse group of asset managers including well-known Tortoise Capital Advisors. Montage's asset managers offer multiple investment solutions, including mutual funds, closed-end funds, separately managed accounts and alternative partnership investments to financial intermediaries.