Cazenove opening UK Absolute Target to Euro investors

Cazenove is introducing a European share class to its UK Absolute Target fund on 17 November. The g...

Cazenove is introducing a European share class to its UK Absolute Target fund on 17 November. The group said it was hoping to widen its appeal for UK investors who might prefer investing with euros. Run by Tim Russell, who is also head of pan-European equities, the beta-free fund is totally uncorrelated against the market, taking a neutral stance with an equal number of long and short positions. The fund is currently short on industrial cyclical stocks with high operational gearing, such as engineers and chemical stocks, while long on pharmaceuticals, tobacco and utilities. It curre...