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Market Monitor: asset allocation - SAM fund targets capital preservation.
(From Professional Wealth Management (PWM))
Standard Asset Management has launched a hedge fund investing in both high yield and emerging market debt. The Strategic Bond Fund seeks to deliver absolute returns of 10 to 15 per cent. Volatility is to be kept at relatively low levels of around 6 to 8 per cent.
The firm's chief investment officer John Cleary said the fund would fit perfectly in the satellite-type, high alpha section of a private banking client's portfolio, although the investment approach would emphasise capital preservation.
He said: "We do not buy distressed bonds and we don't get emotionally attached to the bonds we do buy. If they start to go downhill, we cut our losses and get out before they default." He claimed the company had never been invested in a bond at the time it defaulted.
The new fund holds assets of $40m (E31.6bn) after being created through the merger of two smaller products. Mr Cleary said he hoped to reach $200m in 12 months.
The fund is able to invest globally and go short, arbitrage and use derivatives. Fund positions are expected to include bonds in local currencies, global financials, long/shorts, corporate emerging market and a range of high yield ...
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