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PSigma unveils details for American fund

PSigma’s new American growth will hold some 45 to 60 stocks when it comes to market next month under the management of James Abate.

Abate will run the fund on a sub-advisory basis, working from his New York-based boutique Centre Asset Management.

PSigma believe the time is right for the fund as after seven years of large-cap underperformance the market has reached an inflection point which currently sees them look cheaper than their mid or small counterparts.

At launch the fund is expected to be overweight the likes of financials and technology, while it will be underweight the likes of energy and basic materials.

Abate says: “We see an excellent opportunity for investors in the large cap segment of the US stock market. We believe that, in the current environment, investors will gravitate towards companies that produce sustainable wealth creation through efficient re-investment of capital. These companies have not been dependent upon the excess of cheap capital during the past cycle.

“Despite the fall-out from the US housing and sub-prime areas, fundamentally we do not feel that a recession is imminent.

“Corporate free cash flow and debt service coverage are strong, stock valuations relative to bonds as well as other regions are attractive, and global growth will continue to aid multi-national companies.”

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