Liongate Funds of Funds Up Double-Digits In ‘07

Jan 16 2008 | 1:00am ET

A pair of Liongate Capital Management funds of hedge funds has the British fund manager smiling. The firm’s $1.44 billion Multi-Strategy Fund gained 17.73% while its $216 million Select Fund fared even better at 24.36%.

The Multi-Strategy Fund has a diversified portfolio investing in 30 to 40 hedge fund managers. The fund returned an estimated 0.83% in December, with 31 of 37 underlying managers in its portfolio contributing to the positive performance, according to the firm. The best performing strategies in the portfolio were global macro and sector specialists, which contributed 0.45% and 0.28% respectively. Merger arbitrage was the worst-performing strategy, contributing a 0.27% decline to the portfolio.

The Select Fund is a more concentrated portfolio, investing in 20 to 30 underlying managers. The fund returned an estimated 1.41% last month as 27 out of 30 underlying managers were in positive territory. The best performing strategy in the portfolio was sector specialist, contributing 0.47%, with additional strong returns from event-driven, global macro and emerging markets, according to the firm. Activism was the only significant drag, contributing a 0.21% decline.

The funds charge a 1.5% management fee and a 20% incentive fee. The Multi-Strategy Fund has a minimum investment requirement of US$1 million, while the Select Fund requires a US$100,000 minimum investment.


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