Crédit Agricole Asset Management has reportedly launched the CAAM Funds Equity Statistical Arbitrage, a long/short equity statistical arbitrage sub-fund within its Luxembourg range of international Sicav funds.

This UCITS III-compliant sub-fund aims to outperform the Euro OverNight Index Average, the effective overnight reference rate for Euro deposits, by more than 4% per annum over a minimum investment period of four years, Hedgeweek reports.
 
The fund allocates risk using mean reverting and momentum strategies, adjusting the weight of each according to market dynamics. The fund also screens and identifies risk concentration at several levels (i.e. by global exposure, asset class, sector and/or individual stock) before deciding whether to hedge it or not.