Dalton unveils Ucits version of European hedge fund

Dalton Strategic Partnership is launching a Ucits-compliant version of its European equities fund, which bucked the industry trend by profiting in 2008.

Leonard Charlton, manager of the $1.7bn firm's Melchior European hedge fund, will run the MST European fund, a Luxembourg-based Sicav launching next month. The group says Charlton returned 6.3% and profited in 10 months during 2008; while peers lost 19% and profited in just four months, according to ddata provider Hedge Fund Research. "The market environment is not an excuse for not generating returns. Whatever happens in the world, we aim to generate positive returns," Charlton says. Magnus Spence, partner at the London firm, says the portfolio will be uncorrelated to equity and b...