UBS Global Asset Management is set to unveil an Oeic version of Patrick Zimmermann’s global equity income strategy first launched as a Sicav in April 2011, reports Portfolio Adviser.
Subject to regulatory approval, the fund is set to launch in September. It will be run on the same quant model as Zimmerman’s £751 million Luxembourg-based Sicav.
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Zimmerman uses a screening process to rate all the stocks in his equity universe and invests in 100 equally-weighted holdings. He actively manages the top 100 stocks by putting restrictions on the proportion of he holds in any one sector or country and rebalances it every month based on the rules he has designed.
Currently, the Sicav has a 37% allocation to the US, 12% to the UK, and 6% each to Canada, Germany and Australia, according to Portfolio Adviser.
Zimmerman stated that he holds an underweight to the US compared to his benchmark (The MSCI All Country World) because of the 30% withholding tax he has to pay on US stocks, which drags on the dividend yield they provide.
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