GAM launches UCITS version of US equity strategy

GAM has opened its long-running US Equity fund to UK retail investors with the launch of a mirror fund.

The $55m GAM GAMCO US Equity fund is a UCITS version of an existing US strategy launched almost 25 years ago and managed by independent investment boutique GAMCO.

GAM launched a retail share class for the fund earlier this month on the Irish stock exchange, with a minimum investment of $10,000.

Managed by chairman Mario Gabelli, the UCITS offering will feed into the existing GAM GAMCO Equity fund.

The fund’s investment process targets undervalued companies in which Gabelli can see catalysts for improved performance.

The fund complements GAM’s existing US equity strategies available to UK investors: the GAM Star US All Cap Equity fund and the top quartile GAM North American Growth fund.

As of 30 June, the portfolio’s heaviest overweights were to the consumer discretionary and industrials sectors, with healthcare and energy the largest underweights.

The largest holdings were utilities business National Fuel Gas and chemicals manufacturer Lubrizol, both of which accounted for about 4% of the portfolio. Listed on 3 August, the fund launched in the midst of significant market volatility  reminiscent of the original strategy’s 1987 launch.

That fund’s inception date was 20 October 1987, the day after Wall Street’s Black Monday, when the Dow fell 508 points to end the day 22.6% lower at 1,738.