HSBC Global Absolute is set to reveal details of corporate action to be taken within the next two weeks, after its board announced a strategic review of the $100m listed fund of hedge funds.
The board of the fund – one of the sector’s oldest, listed in November 2001 – says a discount to NAV, currently 13.7%, and inadequate liquidity in its shares is spurring it to action. The announcement of the revue in late January boosted its shares by 4%. The board says it is “actively considering options for the future of the company ahead of the AGM”, to address the two issues. A spokesman for the fund declined to elaborate on what the measures could be. Shareholders get to vote on the fund’s future at its AGM in August. The fund’s NAV has made annualised gains of 5% since launch...
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