The new fund’s macro investment strategy is identical to its sister portfolio’s, investing in liquid asset classes and seeking to take advantage of pricing anomalies via quantitative and qualitative-based strategies. Global Macro II will differ by doubling up all of the existing fund’s positions.
HSBC said the Ucits III, Luxembourg-domiciled Sicav fund is targeted at investors who are seeking higher returns and are able to stomach higher volatility. The fund offers daily liquidity and has a return target of Euribor1M +1200 basis points with an annualised volatility of 15%.
Global Macro II will be managed by Guillaume Rabault and Jim Dunsford, the co-managers of the original Global Macro Fund. Exposure to asset classes including cash, equities, bonds and currencies will primarily be achieved by taking long and short positions in derivatives such as futures, options, credit default swaps and currency forwards.
The Global Macro Fund had over £622.7m in assets under management as of 30 September 2010, with the total return over the three years to that date standing at 15.81% percent versus a Euribor 1M return of 7.08%.
