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US firm aims to crack UK with trio of funds
by Robert St George on Nov 04, 2013 at 10:11
McKinley Capital, an asset manager based in Alaska, is to begin actively marketing three funds into Europe and the UK that have until now been focused on institutional investors.
The three Ucits products are all growth-focused equity funds with income, emerging market and global remits.
The McKinley Capital Emerging Markets fund, which first launched in April 2011, invests in firms listed in countries included in either the MSCI Emerging Markets index or the FTSE Emerging Markets index, but is not restricted to constituents of those indices. The strategy returned 24.2% in 2012, against 19% from its MSCI Emerging Markets Growth index benchmark. The fund’s ongoing charge will be 1.3%.
The McKinley Capital Dividend Growth fund originally appeared in January 2011 and invests primarily in derivatives such as futures, options and swaps taken out against the cash dividends expected to be paid by global companies. With an ongoing charge of 0.75% and a 20% performance fee for Class I shares, this strategy returned 8.4% in 2012.
The McKinley Capital Global Growth fund made its debut in April 2010 is benchmarked against the MSCI All Country World Growth index, a basket of 24 developed and 21 developing countries. This strategy underperformed its index in each of the past two years, losing 8.1% to the benchmark’s 6.4% decline in 2011, and returning 10.5% last year compared with the index’s 12% gain. It will have an ongoing charge of 1%.
The three funds will have no bias by company size or sector, but will emphasise businesses that have ‘the potential over time to grow faster than the economy’.
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