The Dreyfus Corporation, a BNY Mellon company, has launched the Dreyfus Research Long/Short Equity Fund, an actively managed mutual fund. The fund is designed to seek capital appreciation by investing in various equity sectors globally, using long/short investment strategies in seeking to produce consistent, positive returns with low correlations with major equity markets over a complete market cycle. The fund, sub-advised by The Boston Company Asset Management Company LLC, is managed by The Boston Company’s Global Research Team. Dreyfus is the fund’s investment advisor.
"The volatility in the stock market over the years has created demand for low correlation, liquid, alternative products that can drive capital appreciation while seeking to protect the downside," said Dreyfus President Charles Cardona. "Performance dispersion exists within global sectors, creating opportunity sets that can produce alpha both on the long and short side. The Global Research Team at The Boston Company uses their institutional-quality research to identify these opportunities."
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The fund’s managers will allocate assets among various global equity sectors, each managed by a separate team of global research analysts, using a long/short strategy. The fund will be invested across the following equity sectors on a global basis: (1) Technology/Media/Telecommunication Services, (2) Consumer, (3) Financials, (4) Health Care, and (5) Natural Resources. Generally, the percentage of fund assets allocated to each sector strategy will range from 15% to 25%. The fund may also invest up to 40% of its net assets in the securities of foreign issuers.
The fund’s portfolio managers invest the fund’s assets in those companies in which the analysts have the highest degree of conviction or have identified a strong near-term catalyst for earnings growth or share price appreciation. Conversely, the fund’s portfolio managers establish short positions for the fund in those companies in which the analysts believe there has been a negative change in the fundamental factors relating to the company, or the company has become overvalued.
Matthew D. Griffin, CFA, and Elizabeth Slover are the team members primarily responsible for managing the fund. Mr. Griffin, a managing director and portfolio manager at The Boston Company and a member of its Global Research Team, has 22 years of investment experience. Ms. Slover, a senior managing director at The Boston Company, has been the director of its Global Research Team since 2005. The Boston Company has 20 years of experience in long/short investing.
"As the industry continues to evolve, we are excited to develop innovative products like this one to meet client needs in a changing marketplace," said Adam B. Joffe, CFA, director of alternatives at The Boston Company. "Matt and Elizabeth are especially suited to lead this effort, given their considerable investment acumen, risk-management skills and expertise. Additionally, Global Research Team members bring an average of 17 years of industry experience, supported by all of The Boston Company’s resources."
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