The fund focuses on relative value, a niche strategy within the asset class. The portfolio managers identify and exploit pricing anomalies within and between soft commodity derivative markets (ie futures and options), as well as trading and investing in agricultural and related commodities.
“In order to ensure the portfolio remains liquid, the managers trade only exchange traded contracts in major agricultural commodities on the largest global exchanges. Consequently the fund has no gate and allows greater transparency for clients,” Hendersin said.
Henderson Global Investors (Henderson) has launched the Henderson Agricultural Fund, a Cayman domiciled hedge fund. The fund is co-managed by Attunga Capital, a specialist investment manager based in Australia. Henderson Group, the parent of Henderson Global Investors, has held a minority stake in Attunga since November 2008.
“The Henderson Agricultural Fund will be marketed through Henderson’s global distribution capabilities to institutional investors and will provide access to Attunga’s proven agriculture investment strategy. The fund was launched with capital from highly regarded institutional clients,” the asset manager said in a statement on its website.
The fund focuses on relative value, a niche strategy within the asset class. The portfolio managers identify and exploit pricing anomalies within and between soft commodity derivative markets (ie futures and options), as well as trading and investing in agricultural and related commodities. A parallel fund, launched by Attunga in 2008, has provided annualised returns of 14.1 per cent with annualised standard deviation of 9.1 per cent.
“In order to ensure the portfolio remains liquid, the managers trade only exchange traded contracts in major agricultural commodities on the largest global exchanges. Consequently the fund has no gate and allows greater transparency for clients,” Henderson said.
“The fund can provide opportunities for diversification in a broader portfolio as its relative value investment strategy has low correlation with the broader agriculture markets as well as other asset classes,” it added.
Commenting on the fund launch, Arno Kitts, head of institutional business at Henderson said: “Agriculture is an exciting asset class incorporating, amongst others, food and fuel, the prices of which are influenced by a wide number of social, political and financial factors. Attunga has broad expertise and is highly experienced in this area of investment and we are pleased to be adding the Henderson Agricultural Fund to our stable of hedge fund products.”
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