The US continues to be a popular target for investment managers with two firms announcing funds this week, one in the absolute-return sector and another focusing on high yield bonds.
AllianceBernstein in London announced the European launch of its Select Absolute Alpha Portfolio, a US equity fund employing an absolute-return strategy.
The Luxembourg-based fund is managed by Kurt Feuerman, who has produced positive calendar-year returns in twelve out of 13 years since inception of the strategy, with less than half of the volatility of the S&P 500 Index, the firm said.
Sky Harbour Capital Management, from Connecticut, has launched a Luxembourg-registered Ucits to give non-US investors access to its US High Yield Fund and US Short Duration High Yield Fund.
Hannah Strasser, Tom Kelleher and Anne Yobage lead the operation and were formerly with Axa Investment Managers.
The two US dollar-based sub-funds will be registered in various European countries with a range of currency-hedged share classes available for institutional investors, including euro, pound and krone share classes for Norway, Sweden and Denmark.
“The continuing low interest rate environment along with steadily improving corporate creditworthiness is very favorable for investing in US high yield,” Strasser said.
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