London-based Eddington Capital Management is opening its global macro fund of hedge funds to outside investors, while at the same time it is prepping an equity fund of funds for launch.
Eddingon, which prefers to “quietly” launch its products with seed capital before making them available to other investors, is opening its Eddington Macro Opportunities Fund to outside capital on April 1, nine months after launching it. The US$55 million Macro Fund finished its first six months up 14.91% and is up 16.42% in the first two months of 2008.
The Eddington Macro Opportunities Fund typically invests in eight to 12 managers in a range of asset classes, including equities, commodities, currencies and fixed-income via options and futures. The fund employs no leverage beyond that used by the underlying managers.
In addition, Eddington on May 1 will launch the Eddington Equity Opportunities Fund for seed investors before opening it up to outside investors in August. The fund will boast a concentrated portfolio of eight to 10 equity managers in each market-cap segment and in the best performing markets, according to the firm.
Eddington also manages the flagship Triple Alpha Fund, a multi-strategy offering that invests in 18 to 25 managers who trade 10 to 13 strategies. The fund, which began trading in September 2003, returned 16.47% last year and is up 5.58% month to date.
All told, Eddington currently manages US$200 million in assets. Its funds are only available to U.S. offshore investors
Eddington Capital Management is 50% owned by Caledonia Investments.