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GLG launches Ucits-compliant version of US hedge fund

GLG has launched a Ucits III version of its Cayman-domiciled North American Opportunity Fund.


The GLG North American Equity Alternative Ucits Fund will employ a similar strategy to the existing fund, targeting risk-adjusted returns with below-market volatility.

Managed by John Gisondi, GLG’s head of North American equities, the Dublin-domiciled fund will focus on mid-to-large cap stocks, utilising a bottom-up stock selection process to identify non-consensus ideas. To generate additional alpha, the management team will apply an active trading overlay which provides dynamic exposure to the market, sector and industry groups.

GLG said this approach also helps the team evaluate ideas and proactively manage portfolio risk, in conjunction with a dedicated fund risk manager.

The GLG North American Equity Alternative Ucits Fund will be the ninth absolute return Ucits III product launched by GLG since July 2009.

Raffaele Costa, head of sales, Europe & North America at Man, said: “The GLG North American Opportunity Fund has been a strong performer since John and his team assumed sole control of the portfolio in January 2008, returning 17% versus an S&P 500 return of -8%, and investor demand has been growing for us to offer a similar strategy in a Ucits format.”

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