UK - Hedge fund specialist Pioneer Alternative Investments is to launch a second version of its Momentum AllWeather low volatility alternative investment strategies fund of funds.
Pioneer’s AllWeather II hedge fund of funds will be based upon its original AllWeather fund, which was launched in May 1995 and is currently closed to new investors. The AllWeather II fund will be launched later this month.
The underlying investments within the AllWeather fund include several non-traditional strategies - primarily event-driven - such as merger arbitrage, senior distressed debt, asset-backed lending and, US equity long / short.
Pioneer selects the underlying funds so that they complement one another throughout the different phases of a business cycle. The AllWeather funds aim to return six percentage points more than the London Inter Bank Offered Rate, with low volatility and minimal market correlation.
The AllWeather fund has produced a total return of 121% for the nine year period covering its inception in May 1995 to July 2004, with annualised volatility of 3.3%.
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