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Alternative Market Briefing

Thornburg launches long/short equity fund

Friday, January 06, 2017

Bailey McCann, Opalesque New York:

Santa Fe, New Mexico-based Thornburg Investment Management has launched its first long/short equity liquid alternative fund. The fund will be managed by Connor Browne. Browne, a managing director of the firm, also co-manages Thornburg Value Fund " the firm's first equity fund.

Thornburg's long/short equity strategy is biased toward long bets underpriced companies across all geographies and market-caps, with a smaller number of shorts on overvalued names. The fund will hold approximately 40 long positions and 30 short positions in the strategy at any given time.

The fund will keep approximately 80 percent of its assets invested in equities.

Thornburg Long/Short Equity Fund is a conversion of a private hedge fund incepted in 2008 and closed on December 29, 2016. The minimum initial investment for individuals and qualified institutions in the liquid alternative fund is $2.5 million.

This isn't the first mutual fund product for Thornburg. The firm manages approximately $53 billion as of September 30, 2016 across traditional mutual funds, separately managed accounts, institutional strategies and a UCITS vehicle.

"We saw success in terms of providing good total return and lower volatility with the predecessor private hedge fund and wanted to introduce the same active, focused portfolio strategy in a fund available to the public," Browne said in a statement on the launch.

The fund officially......................

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