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Friday, September 23, 2005

Rydex Opens Hedge-Like Funds

by: Sean Hanna, Editor in Chief

Rydex is opening two hedge fund like portfolios inside of a '40 Act fund structure for investors. The Rockville, Maryland-based fund firm explained that the two new funds are designed to give investors access to hedge fund-like strategies with the liquidity, transparency and lower-cost benefits of mutual funds.

The funds were first reported on in late August and are not the only hedge-like mutual funds in the works. Another fund sponsored by American Century is also wending through the SEC's registration process.

Jeff Joseph, managing director Rydex Capital Partners, explained that the decision to launch Rydex Hedged Equity Fund and Rydex Absolute Return Strategies Fund is a response to the growing interest hedge funds. Many investors, said Joseph, are in how they can gain exposure to those alternatives vehicles.

Rydex is acting as the portfolio manager for the funds and will adopt a quantitative security selection process.

"Our style analysis shows that delivering consistent hedge fund-like returns may be possible by focusing on the opportunity sets of skill-based strategies," said Mike Dellapa, portfolio manager at Rydex. "Alpha is hard to achieve on a consistent basis, and is increasingly hard to attain in directionless or range-bound markets. Thus, the new funds seek to deliver the type of performance typically sought after by hedge fund investors, but with an approach that takes advantage of premiums in the market in an attempt to deliver consistent returns."

The funds will be sold through brokers and come in A and C share classes.  

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