Crux AM will launch a new Ucits fund, the Crux global fund, with one sub fund, the Crux European special situations feeder. This will invest almost exclusively in the £1.5bn FP Crux European special situations fund, co-managed by Richard Pease and James Milne with the aim of achieving long term capital growth, via a master feeder structure.
The new feeder fund will be registered for sale in Luxembourg, Switzerland, France, the UK and Spain with an offer period running from 2nd May to 12th May and a launch date of 15th May. At least 85% of its assets will be invested in shares of the FP Crux European special situations fund, although it may hold up to 15% in liquid assets such as cash and cash equivalents. Performance will therefore be largely dependent on that of the master fund, but with some variance arising from any cash allocation or transaction costs.
The Crux European special situations fund invests in a concentrated portfolio of European (ex UK) companies, which the fund managers believe are undervalued. The fund has a rigorous investment approach, identifying and investing in the best stocks within its investment universe without restriction by market cap or sector.
Mark Little, distribution director commented, “This launch offers our existing and new clients within Europe an opportunity to invest in a fund which has a proven investment process and track record. The move is in line with our long-term strategy of broadening our distribution channels in the UK and across Europe which, we believe, have considerable growth potential for our business.”