New York City-based hedge fund manager ValueWorks LLC has launched an offshore fund to target European investors.
The ValueWorks Offshore Fund, Ltd., a value driven US centric long- biased long/short vehicle, will offer 75% and 125% market exposure.
Charles Lemonides, founder and CIO, ValueWorks, said: “We launched the offshore fund in response to interest we received from European and Asian investors, including family offices, private banks, wealth managers and other institutional investors.”
The fund will be managed with the same process as the asset manager’s onshore vehicle, he said.
The asset manager shared that it employs bottom-up research to identify stocks it believes are priced at 50-75% of what the firm sees as their intrinsic value. The mirror image of this strategy is used to short stocks, which is intended not only to hedge the long book but also to deliver alpha, it added.
Mario J. Del Pozzo, managing director and head of distribution, added: “Our goal is to reach $500 million in assets under management over the next 12 months by tapping investors in Switzerland, the UK, Singapore and Hong Kong.”
The minimum initial investment in ValueWorks Offshore Fund, Ltd. is $1 million.
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