NewSmith, a specialist asset management firm, has unveiled plans to launch a new UCITS version of its European long/short fund later this month to UK and European investors.
Dubbed as Newsmith European Fund, the fund will be run by Jean Maigrot, portfolio manager at NewSmith Asset Management, reported Portfolio Adviser.
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Employing a long/short strategy, the fund aims to generate high risk-adjusted returns by investing in large cap European companies.
Matthew Wright, head of UK and European distribution at Newsmith said the new fund launch follows rising demand from investors as well as the growing popularity of the UCITS structure.
The fund, which employs a similar strategy as the existing Cayman Island-domiciled UCIS version, uses gross leverage and net exposure to the markets to manage volatility.
Wright said: "We already have $35m in seed capital committed to the Dublin version of the fund ahead of launch in the middle of the month."
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By GlobalDataMaigrot said: "And, throughout the life of the fund I have never been more than 140% exposed on the gross side. I would much rather, in periods of volatility, reduce my gross with a view to increasing it when the market is less volatile.
