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Liongate warns on strategy

Fund of hedge fund managers could be overstating the value of accessing underlying managers that are closed to new business, says multi-strategy manager Liongate Capital.

It says many funds pitch themselves as adding value through due diligence and providing access to funds that would otherwise be unavailable to the average investor.

Partner Jeff Holland says: “Some managers try to say they could find access to single-strategy managers that investors may not know about or that were closed.

“Those things have become commoditised over time. We feel we add value by focusing on mid-sized managers and reallocating the portfolio in response to market shifts. The norm is to reallocate about 20-25 per cent of a portfolio but we reallocate about 45 per cent.”

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