Gartmore has launched its European Absolute Return Fund after a three-month delay blamed on extreme market volatility and temporary restrictions on short-selling.
The Luxembourg Sicav is managed by Roger Guy and Guillaume Rambourg, veteran managers of the Gartmore European Selected Opportunities Fund (see graph).
The new fund will follow a long/short strategy and aims to generate positive returns regardless of the direction of equity markets.
Shorting will be achieved through swaps and futures contracts, while long positions may be held through direct equities or derivatives. It can also move 100% into cash or cash-like instruments.
It is anticipated the portfolio will have 50 to 100 stock positions, with typically 0% to 50% long.
