FUND MANAGEMENT NEWS
PIMCO LAUNCHES NEW FUND
Investment firm Pimco has launched its first active equity funds in the UK: the Pimco equities pathfinder fund and the Pimco equities pathfinder Europe fund, which are part of Pimco’s Ucits III Global Investor Series. The Funds will be managed by Anne Gudefin and Charles Lahr, and they will seek to identify mispriced stocks, distressed debt, merger arbitrage and other investment opportunities in global markets to deliver strong returns. Pimco argues that this strategy is perfect for today’s world where there are shifting growth drivers and resetting economies.
NEW INFRASTRUCTURE FUND IS LAUNCHED
Gravis Capital Partners is launching the UK’s first infrastructure fund that will focus primarily on subordinated debt. The fund will lend against UK infrastructure projects under the government’s Private Finance Initiative (PFI). The fund has a targeted dividend yield of 8 per cent per annum and it also plans to protect the fund from inflation by building protection into its loan terms. The scale of the UK’s infrastructure projects offers plenty of opportunity for investors; for example, close to 800 projects have been delivered under the PFI in the last 15 years, at a cost of £45bn.
HEDGE FUNDS ARE A BUY
The hedge fund sector had a torrid period in May as some funds were caught out by the spike in market volatility. But, in anticipation that the storm has passed, some market commentators think that hedge funds will outperform for the rest of the year. HSBC Private Bank is maintaining its overweight recommendation for hedge funds, in the belief that they are well positioned to profit from the current market conditions and higher volatility. It argues that hedge funds can normally take advantage of higher volatility and outperform – unlike their showing last month.