MutualFundWire.com: DoubleLine Subadvises, In Luxembourg
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Monday, October 21, 2013|
DoubleLine Subadvises, In Luxembourg
Maybe Jeffrey Gundlach and his old band Nuisance can play at the Rock um Knuedler festival in Luxembourg City.
The former drummer's DoubleLine [profile] will sub advise an equity product for the Luxembourg-registered UCITS IV Sicav Alma Capital Investment Funds (an affiliate of the French firm Alma Capital) .
The product, dubbed the Alma DoubleLIne US Small Cap Growth Equity Fund, will mimic the DoubleLine Small Cap Growth Equity Fund and will be managed by the recently launched DoubleLine affiliate: DoubleLine Equity LP. This arm launched in January three funds, including the Small Cap Growth Fund.
This is the second fund DoubleLine subavises for Alma. The first is a bond product, the Alma DoubleLIne US Small Cap Growth Equity Fund.
Here is the news report from Europe:
Alma Capital offers equity fund outsourced to DoubleLine
21 October 2013
The Luxembourg-registered UCITS IV Sicav Alma Capital Investment Funds (an affiliate of the French firm Alma Capital) on Friday was issued a license by the CSSF for a second sub-fund outsourced to the US firm DoubleLine. After the AlmaDoubleLine Core Plus Bond, the firm is now creating an equity fund, Alma DoubleLIne US Small Cap Growth Equity Fund, which will be managed by a new affiliate of DoubleLine Group (USD57bn), founded by Jeffrey Gundlach, entitled DoubleLine Euqity LP, founded in January 2013 by Husam Nazer and Brendt Stallings. The new fund is a clone of the DoubleLine Small Cap Growth Equity fund, launched on 1 April 2013, which has since then far outperformed its benchmark.The portfolio, which is focused on US growth small caps, will as a general rule include 60 to 80 positions, and will use the Russell 2000 Growth index as its benchmark.
The ex-ante turnover rate will be 50% to 80% per year, and the average market capitalisation of the fund totals USD1.98bn, compared with USD1.83bn for the benchmark.The objective is to select growth shares whose postential for free cash flow (FCF) in the next 3 to 5 years has not been integrated into its stock price. The management team is convinced that market prices follow distributable FCF over a 3- to 5-year investment horizon.Management commissions are set at 1.25% for institutional shares (I) available from EUR/USD/GBP250,000, and 1.75% for retail shares (R) available with a minimal initial subscriptino of EUR/USD/GBP1,000.
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