New York manager converts US equities hedge fund to Ucits
New York manager Act II Capital LLC has converted its US equities fundamental long-short hedge fund to an UCITS III format.
Act II is the latest manager to use the Liquid Alpha Ucits Platform (LAUP) offered by the Luxembourg Financial Group to convert its offshore hedge fund into an UCITS III-compliant structure.
Launched on 1 April 2011, Act II Capital Specialist Equities Fund sits within a SICAV. It will precisely follow the investment strategy of Cayman-based Act II Capital Fund and offers daily liquidity.
Initially, the fund is available in sterling, euros, and US dollar share classes.
It uses long/short equity strategy focused on bottom-up, fundamental analysis of the media, leisure, internet and consumer, technology, business services, and telecommunications sectors, seeking growth areas. It will invest in primarily US companies.
Incepted in March 2002, the original Cayman version of the fund has generated annual returns of 10.4%.
The Luxembourg Financial Group meanwhile is preparing to launch a host of other funds seeking a more regulated structure.
FTSE-listed RAB Capital is due to launch two funds, aimed at capitalising on opportunities in global mining and resources, and gold and precious resources equities respectively.
Expecting imminent regulatory approval is a fund from emerging markets specialist hedge fund RP Capital, based in London.
An FX fund from UK-based Cornhill Capital is also set to launch soon, as well as an index-linked fund trading on fixed income currency and commodities markets from German investment manager Fortinbras.