Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

GAM proposes tech makeover for Hawtin’s Europe fund

GAM proposes tech makeover for Hawtin’s Europe fund

Citywire AAA-rated Mark Hawtin’s European long/short fund is to be turned into a global long/short tech fund, Wealth Manager can reveal.

Subject to investor approval, the investment policy of the £33 million GAM Star Absolute Europe will change to focus on technology companies with no market capitalisation or geographic constraints. It will duly be renamed GAM Star Alpha Technology.

Hawtin (pictured) already runs the £350 million long-only GAM Star Technology fund, which has returned 53.5% since its launch in 2011 compared with 30.9% from its benchmark MSCI World Information Technology index. Within that fund Hawtin’s top holdings are Apple and Google, which together account for 16.5% of the portfolio.

The new strategy will differentiate itself by retaining the long/short approach, with short positions expressed through derivatives. GAM Star Absolute Europe already has a tech skew, with the largest holding being Danish telecoms group TDC. Contracts for difference in ARM and Vodafone also appear in its top 10.

As well as internet businesses and technology manufacturers, the fund will invest in companies ‘which utilise business models that are driven by new technologies’. GAM is also seeking permission for the fund to hold convertible securities and exchange-traded funds. The base currency of the fund will switch from euros to US dollars too.

Investors’ agreement to the amendments will be sought at a meeting on 4 February; those who wish to will have the opportunity to redeem their units before the charges are implemented.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

On the Road Challenge: Clay pigeon shooting with Thesis' Lansdowne

Eleanor Mahmoud goes clay shooting at the National Clay Shooting Centre with Sam Lansdowne from Thesis Asset Management

Play AA-rated Flood on gov't bonds: 'the maths doesn't add up'

AA-rated Flood on gov't bonds: 'the maths doesn't add up'

He also addresses why his Newton Multi-Asset Income fund has such a high cash weighting and why he sees renewables as such a good opportunity.

Play AAA-rated Ali: Identifying the peripheral European plays

AAA-rated Ali: Identifying the peripheral European plays

Citywire AAA-rated Tawhid Ali thinks that plenty of good stocks in the European periphery are being thrown out with the proverbial bath water.

Read More
Your Business: Cover Star Club

Profile: Brewin's Cardiff boss on the Welsh opportunity

Profile: Brewin's Cardiff boss on the Welsh opportunity

Prior to becoming head of Brewin Dolphin Cardiff, Welshman David Myrddin-Evans had only previously visited the city to watch the rugby.

Wealth Manager on Twitter