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The long and the short of it

Almost half of the BlackRock MLIM UK absolute alpha fund is currently shorting stocks, says manager Mark Lyttleton.

Responding to an IFA question on Asset TV, Lyttleton said he will never short stocks he holds in the long-only UK dynamic fund he also runs and insisted the two funds are run as distinct portfolios.

The absolute alpha fund can also use synthetic shorting techniques under Ucits III rules. Lyttleton added that the fund is currently invested 55 per cent long on stocks and 45 per cent short.

Lyttleton said: “I also run long only money but am very strict about not shorting any stocks that are in the other portfolios. The fund benchmark is to produce positive returns whatever the market conditions.”

The Cazenove multi-manager diversity fund also has exposure to IAM’s AISL fund of hedge funds run by Alan Djanogly.

Djanogly responded to an IFA concerned that hedge fund returns were falling saying the hedge fund universe was growing quickly and advisers had to look for experienced managers with proven track records. He added that the attitude that hedge funds were a risky investment is media-driven.

He said his fund funds is currently diversified across 30 different fund managers, with weightings typically between 3 and 5 per cent, and exposure to 9 different investment strategies and five different geographic locations.

Djanogly said: “The risky attitude towards hedge funds is perpetuated by the media. We have operated in all economic environments and our results speak for themselves.”


Equity boost from cash Isa rollovers

The Treasury is to allow money in cash Isas to be transferred into equity Isas without affecting annual limits as part of its reform of the tax wrapper.Speaking at the ABI Saver Summit last week, Treasury Economic Secretary Ed Balls said the Government wants to encourage more people to invest in the stockmarket and promote […]

Widows Bank reviews release after losing Saga deal

Scottish Widows Bank is reviewing its equity-release business model after losing an exclusive deal to supply Saga.Saga has signed up with Just Retirement’s multi-tie arm Just Retirement Solutions but Widows will be on JRS’s Saga panel, which started operating this week.Widows says the major factor behind losing the £40m Saga deal is because Saga wants […]

John Charcol happy to remain outside Concordia

John Charcol says it is comfortable sitting outside of Concordia as it already receives high proc fees and a sufficient number of exclusive deals from lenders.The broker says it was not approached to be part of the broker consortium formed yesterday that includes Alexander Hall, Chase de Vere Mortgage Management, Cobalt Capital, Hamptons International Mortgages […]

Something in the City

The New Star UK property trust has bought the UK headquarters of rival Jupiter’s parent group Commerzbank. John Duffield-owned New Star paid £146m for the building on Gracechurch Street in the City of London. Duffield sold Jupiter to the German banking giant in 2000, making £200m, then success-fully sued the new owners for wrongful dismissal. […]


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