Lang and Pattisson target October launches at Ardevora

Former Liontrust managers Jeremy Lang and William Pattisson are aiming to launch three absolute return funds in October.

The Dublin-based UK growth, UK income and global Ucits III funds are currently awaiting approval with both the UK and Irish regulators. They will aim for returns of 7% to 10% annually and will be around 50% net long. The two UK-focused products will have between 50 and 100 long positions, and a similar number of shorts. The global fund will take up to twice as many positions. Lang says the shorting of specific stocks will help limit losses. "We are focusing on the downside risk in the funds and minimizing our chances of losing money," he says. He and Pattisson have liquidated th...