GLG unveils North America Absolute Return fund

GLG has launched a Ucits III absolute return version of its North American Opportunity portfolio, a Cayman-domiciled hedge fund.

The new long/short portfolio, the GLG North American Equity Alternative Ucits fund, is run by John Gisondi, head of North American equities. The Dublin-domiciled fund targets risk-adjusted returns with a lower level of volatility than the market. The manager will invest primarily in liquid mid- and large-cap stocks, using bottom-up research with an active trading overlay. At present, the hedge fund’s largest net sector exposure is to consumer discretionary and financials, and it is running a small short position in consumer staples. Gisondi says the fund has profited from holdin...