French asset manager Amundi has teamed up with Wells Fargo Asset Management to unveil a US mid cap fund.
The vehicle, which is a sub-fund of Amundi’s Luxembourg Sicav range, will seek to outperform the MSCI USA Mid Cap index over five years.
Incorporating a bottom-up approach, the fund will target US firms that have undervalued assets and limited downside risk.
It will hold 50 to 70 equities in firms that generate 85% of their income from the US domestic market.
The vehicle will charge performance fees of 20% and ongoing charges of 2.2%, and will be managed by Wells Fargo Asset Management’s special equity team.
Wells Fargo Asset Management co-team leader of the fund Bryant VanCronkhite said: “We are excited to be partnering with Amundi to offer our unique accounting-based investment philosophy and process for investing in US mid-cap stocks. We have found this niche to provide exceptional risk-adjusted returns in the past and believe we have more of the same ahead of us.”
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