The $20.8 million Permal Hedge Strategies Fund is invested in 32 managers and, since 31 March 2012, it has seen its assets grow by more than $700,000.
Under the Legg Mason mutual fund umbrella, Permal’s first registered fund of hedge funds officially commenced operations on 1 February 2012. The investment adviser is Legg Mason Partners Fund Advisor, while Permal Asset Management – the eighth largest FoHF in the world, according to InvestHedge, with $19.4 billion under management – is the sub-adviser.
For the first month of operation the fund was up 0.4%, and for six months ending 30 September 2012, the FoHF is up 0.6%, compared to the InvestHedge Composite for the same period of time, which was down 0.1%.
The fund is managed by Javier Dyer and Alexander Pillersdorf, and unlike many of its peers has, at least at present, no defined allocation to...