Refco Alternative Investments (RAI) and Abbey Capital, the Dublin-based alternative investment portfolio manager, have launched the first joint fund of its partnership. The pair began working together in November, promising a series of multi-manager managed futures funds specifically designed for institutional investors.
The product is described as a diversified multi-manager futures fund which has been opened with more than $40 million from institutional and high net-worth investors in the US, Europe, Asia and Latin America. It is a commodity trading advisor (CTA) portfolio that offers access to 11 managers who collectively provide diversification across time frames, countries, markets and styles. The portfolio combines trend following CTAs with non-trend following CTAs in an attempt to minimise correlations and create a consistent return profile, the companies say.
“Abbey Capital has constructed a robust portfolio that seeks to deliver returns of 12-15% with a volatility target below 10%,” says David Henritze, president of RAI. “We are confident that this fund will provide investors with a welcome opportunity to diversify their portfolios with a managed futures product with daily liquidity.”