Steben & Company, a US-based alternative investments provider, has unveiled a new fund of hedge funds, the Steben Select Multi-Strategy Fund.
The fund will invest to seek capital appreciation with low long-term correlation to traditional public equity and fixed income markets.
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In addition, the fund will maintain a low correlation to managed futures and real estate investment trust (REIT) markets.
Steben & Company said that the new fund aims to avoid managers with high beta and those involved in less liquid investing strategies.
The fund has already been invested across eight managers and four hedge fund styles including equity long/short, global macro, fixed income relative value, and equity market neutral.
Ken Steben, president and chief executive officer at the firm, said: "The Steben Select Multi-Strategy Fund brings together multiple top tier hedge fund managers whose historical performance has low correlation to both traditional investments and a number of other alternative investment styles in one easily accessible product under the oversight of our highly experienced research and risk management team."
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