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WdB gives long players a spin

Williams de Broe has added the Resolution Cartesian UK equity 130/30 fund to three of its four multi-manager funds.

The company believes that the 130/30 strategy should lead to outperformance.

This strategy involves investing in a long-only portfolio, selling short 30 per cent of the value of the portfolio in stocks expected to fall in price, then reinvesting the proceeds from the short sales in the longonly portfolio.

WdB has added the 130/30 fund to its cautious, balanced and growth funds. The fund is also on the radar of the Henderson multi-manager team but they have decided to wait until the fund, which was launched at the end of last year, has a track record.

WdB says it is confident in the record that Resolution Cartesian managers David Stevenson and Andrew Kelly have established in running their long-only UK opportunities fund. It is also satisfied that the Resolution Cartesian team have the resources necessary to support the short part of the strategy.

Deputy fund manager Becky Williams says: “It is important to look at the long-only portfolio because in 130/30 funds, good managers have got to have the skills to pick long-only stocks. We can see David and Andrew’s skills from the UK opportunities fund and they also have the resources to support the short calls.”

WdB has also added a FTSE 100-linked structured product, which has a kick-out structure over six years, to the portfolios. It will provide the equivalent of a 17.75 per cent return a year, with the potential for early maturity depending on the index performance.

Cash weightings have been increased in a defensive move to protect the portfolios in the current downturn while preparing to move back into markets when opportunities appear.


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