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As the increasingly heterogeneous universe of hedge funds has expanded and matured, we believe it requires a well-honed focus on investment objectives. The New Capital All Weather UCITS Fund embraces these developments by taking a considered multi-manager approach.
The objective of the Fund is to have low correlation to traditional equity and fixed income markets, by mainly focusing on hedge funds with uncorrelated and relative value strategies rather than directional approaches.
Compared with many UCITS multi-manager funds, the Fund does not have a high allocation to long/short equity strategies. Instead, we take a core/satellite approach.
The core of the portfolio has a low turnover with 80-90% comprising uncorrelated and relative value strategies – stable medium to long-term positions. The satellite positions are short-term, opportunistic strategies in the more dynamic and flexible part of the portfolio, which makes up the remaining 10-20%.
The investment process consists of top-down asset allocation, based on the input of our macro research team, and the bottom-up manager selection procedure.
The bottom-up process is divided into strategic and operational due diligence and conducted by two separate teams, both of which need to be satisfied to include funds in the portfolio.
We seek out experienced managers with a strong team and broad research capabilities, as well as something that differentiates them from the rest of the pack. We analyse their long-term performance and added value as well as the consistency of their track records.
When it comes to portfolio construction, the weightings of the funds depend on our quantitative optimisation and discretionary overlay.
The Fund offers diversification for investors who want to hold hedge funds without having to conduct their own fund selection, as well as those with high equity-like exposure who want to protect their portfolios against large market downturns.
Jerome Berset, Senior Portfolio Manager, explains the benefits of adding this liquid alternatives fund of hedge fund to an investment portfolio
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Issued by EFG Asset Management (UK) Limited. Registered in England and Wales 7389736.Registered Office: Leconfield House, Curzon Street, London, W1J 5JB. Authorised and regulated by the Financial Conduct Authority.
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