Alternative asset manager GLG has launched a UCITS III absolute return version of its Cayman-domiciled North American Opportunity portfolio.
The GLG North American Equity Alternative UCITS fund, domiciled in Dublin and with a long/short portfolio, is run by John Gisondi, head of North American equities. The fund targets risk-adjusted returns with a lower level of volatility than the market.
Investment Week reports the manager will invest chiefly in liquid mid- and large-cap stocks, combining bottom-up research with an active trading overlay. Currently the hedge fund’s largest exposure, sector-wise, is consumer discretionary and financial. It is also running a small short position in consumer staples.
Gisondi told IW the fund has benefited from holdings ranging from financials to industrials to retails:
“The fund’s financial holdings participated profitably in mega-cap banks, investment managers and smaller speciality finance companies. Our industrial company performance was positive and focused in several company-specific developments” Gisondi said.
Including this latest vehicle, GLG has launched nine absolute return UCITS III funds since July 2009.
GLG was acquired by the Man Group in October 2010. The acquisition resulted in an alternative asset manager with funds of about $63 billion under management.