Artemis Investment Management has announced the proposed launch of the Artemis Pan European Absolute Return Fund – subject to regulatory approval.
The new fund, a ucits, will be managed jointly by Tim Steer and Paul Casson, and is based on the Artemis Pan European Hedge Fund strategy (formerly Artemis UK Hedge Fund), a Cayman Islands-domiciled vehicle managed by Tim since 2009. The point here being that, when Paul Casson joined Artemis in April 2013 from Henderson, the Cayman fund broadened its opportunity set to include Pan European equities.
The two managers intend to implement their usual fundamental bottom-up approach to stock analysis, coupled with a proprietary screening tool, which has already generated a 10.9% annualised absolute returns for investors ince August 2009.
While exact timings have yet to be decided, it is expected that the new fund will launch in Q3 2014 – initially for Sterling investors. Multi-currency share classes should follow in Q4 2014, allowing international investors to access the fund.
At first, two GBP share classes will be made available: R class with 150bps AMC and I class with 75bps AMC. Subject to a high watermark, a performance fee will apply.
“We are delighted to bring this strategy to a wider audience," said Richard Pursglove, Artemis’s Head of Retail said. "We are doing so in a UCITS fund for the first time, and in a sector that continues to be popular with our clients.”