Wells Fargo Advantage Funds has announced the introduction of an alternative fund employing similar strategies used by institutional-quality hedge fund managers.
The Wells Fargo Advantage Alternative Strategies Fund [WALTX] will provide access to a diversified portfolio of alternative investment strategies and will be advised by managers recommended by The Rock Creek Group, LP, a respected name in hedge fund management for more than a decade.
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Karla Rabusch, president of Wells Fargo Funds Management, said: "True alternative strategies, offered with the daily liquidity of a mutual fund, are in demand by institutional investors, pension funds, and financial advisors. Clients are looking for out-of-the-box investing options they can trust to help navigate and thrive in unpredictable, volatile markets. We are pleased to offer the deep expertise of The Rock Creek Group in subadvising the Wells Fargo Advantage Alternative Strategies Fund."
The Rock Creek Group uses a top-down approach to develop an outlook on different asset classes, strategies and regions. It varies the Fund’s exposure among the underlying managers and strategies to capitalize on market opportunities while managing for risk, a key ingredient in alternative strategies.
Afsaneh M. Beschloss, president and CEO of Rock Creek and a former treasurer of the World Bank, said: "We are delighted to be working with the Wells Fargo Advantage Alternative Strategies Fund. Our global investment outlook combined with disciplined risk analysis and experience in vetting and recommending institutional-quality subadvisers will give investors access to an array of alternative investing expertise."
The Wells Fargo Advantage Alternative Strategies Fund offers access to four different hedge fund-like styles:
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By GlobalDataThe equity hedged strategy takes both long and short positions in equities or related instruments, believed to be under- and over-valued.
The global macro strategy analyzes economic variables in an attempt to forecast future movements in equity, fixed income, currency, and commodity markets.
The relative value strategy seeks to identify and capitalize on valuation discrepancies between related financial instruments rather than on the direction of the general market.
The event driven strategy seeks to capitalize on the movements in security prices of companies currently or prospectively involved in a wide variety of corporate transactions.
