Absolute Return Partners LLP and John Mauldin, have launched The Millennium Wave Fund (SICAV) PLC - a Malta-domiciled fund of hedge funds.
The fund will initially invest in eight to 12 underlying managers across seven to eight different investment strategies. It will invest with hedge fund managers following niche, non-directional, investment strategies each seeking to deliver a potential return of at least 10-12%. To further enhance expected returns, the Millennium Wave Fund will use leverage at an average of 50-100%, subject to market conditions, in an effort to achieve a target return of 15-20% per annum.
'I am excited to be working with Absolute Return Partners and to have launched such a unique product,' says John Mauldin, President and founder of Millennium Wave Investments. 'For a long time I have stated that I believe we are experiencing the 'muddle through' part of the economic cycle. In this environment, and with global equity markets having enjoyed a 24 year bull run, now is not the time in my opinion to be taking large bets on directional equity strategies. Rather, it is the 'New Wave' of ideas which you will want to identify. This is exactly what we are trying to do for our investors.'
Niels Jensen, Chief Executive of Absolute Return Partners, adds: 'We have invested a lot of time in identifying truly exceptional managers who operate in highly specialised fields. For too long your average fund of hedge funds has focused too much on reducing volatility, to the detriment of returns. Through our extensive network we will apply a truly bottom-up approach to finding managers and we will not be afraid of volatility. If we like the strategy, and the manager passes all of our due diligence requirements, then we will invest.'
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