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Alternative Market Briefing

Fulcrum builds US presence

Thursday, August 23, 2018

Bailey McCann, Opalesque New York:

As investors take a closer look at macro strategies, $6 billion Fulcrum Asset Management is building its presence in the US. The firm first opened its US office three years ago but is gaining new traction with investors looking to diversify their portfolios away from US equities, which are perceived to be expensive.

The main focus of Fulcrum in the US is its flagship Diversified Absolute Return Fund, a $4 billion multi-asset vehicle that offers an unconstrained portfolio targeting returns of inflation plus 3-5% per annum over a rolling five year period, with controlled volatility particularly during stress periods and limited sensitivity to traditional market factors.

The strategy is up 2.4% through July of this year and has now been picked up by leading US wealth platforms and is available in a 40 Act format in the US. Paul Seaton, Fulcrum's Head of US, said that investors were attracted to its multi-asset, unconstrained approach that aims to achieve positive real returns across the economic cycle, with lower volatility than equity markets. The strategy invests globally and is highly diversified, investing in equities, fixed income, currencies and commodities?.

Macro strategies started the year positively, but have underperformed as a category ever since. Some larger funds have been able to maintain positive performance but just barely. Data from eVestment shows that macro funds returned -0.07% in July. Still, inves......................

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