More macro managers should launch UCITS versions of their
funds, according to a fund of UCITS funds manager.
Macro strategies are ideal for the wrapper because they are
very liquid with lots of capacity and would therefore meet
daily or weekly liquidity UCITS requirements, according to
William Kitchin, portfolio manager for the multi-manger Casteel
However, the strategy has not performed too well over recent
months, he admits. Macro funds have been flat year-to-date to
June 2011, returning 0.32%, according to the HedgeFund
Intelligence global index.
The Absolute UCITS database currently tracks a total of 848
funds including all share classes. More than 140 of
these funds are in the European equity and only 74 are macro
Managing partner of Casteel Capital: Cedric
Kitchin says: When we started to build the portfolio and
the first question we asked which...