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By Rory Jones | Published Jan 11, 2010

Veritas offers Ucits III hedge fund

Offering daily liquidity, the Veritas Global Real Return fund will invest long and short in global equities, bonds, cash and derivatives.

The fund will be run by Veritas' head of research and global, Andy Headley, who is also co-manager of the firm's Global Focus and Global Equity Income funds.

Previously available to few investors - including the firm's partners and discretionary private clients - the £30m fund is currently 25 per cent invested in healthcare sector and 20 per cent in telecoms.

Investing globally with 20 per cent in Asia and 5 per cent in Latin America, the fund has returned 68 per cent to December 31, 2009 since its inception in July 2004.

Mr Headley said the firm had made the decision to open the fund to a wider audience due to the "attractive nature" of the Ucits III brand and daily liquidity.

"It will still continue as an absolute return vehicle and take a global approach, but it will offer greater levels of protection to investors," he said.

The manager's investment style is based around a thematic approach, with a real-return mindset, aiming for capital preservation and growth.

The fund will be available to retail and institutional investors with a minimum investment of £7,000 and £30,000 respectively.

There will be an annual management charge of 1.5 per cent and a 20 per cent fee for outperformance of the consumer prices index plus 2 per cent.

Veritas is making the fund available to private clients, family offices, wealth managers, financial advisers and discretionary managers on a global basis.

Mr Headley added: "The fund will create greater opportunities for new investors and greater efficiency for existing investors."

The company, which has £2.4bn in total assets under management, is a subsidiary of the Real Return Group, 100 per cent owned by management and employees.

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