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&#39Hedge&#39 aims for 15% growth

Sophisticated high-net-worth clients are being targeted by the Frank

Russell Company to invest in the alternative strategies fund.

This offshore Oeic aims to produce ret-urns of between 10 and 15 per cent

a year.It invests in hedge fund strategies such as event-driven,

market-neutral arbitrage and long and short selling.

Event-driven strategies take advantage of circumstances such as

stockmarket flotations and takeover bids and market-neutral arbitrage

involves trading between different securities issued by the same company.

Long and short selling is where overvalued securities are sold by the fund

manager, who intends to buy them back at a lower price.

Global stockmarkets tend to follow the same direction and as a hedge fund,

the alternative strategies fund is independent from this movement, which

may be an advantage given recent volatility.

Some hedge fund strategies are not as volatile as stockmarket investments,

but this does not mean they are low risk.

The alternative strategies fund tries to reduce risk by using 14 different

managers who use different investment strategies. However, investors must

be prepared to take a gamble on the fund manager making the right choice to

buy or sell securities at the right time.

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