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GVC Gaesco joins forces with WieldMore to manage an absolute return fund

Updated: Oct 6, 2022

The British company, led by Giuseppe Amitrano, will advise the Catalan manager on a new fixed income 'all-terrain' fund.

GVC Gaesco extends its network of collaborations with foreign investment boutiques. The Spanish company has sealed an alliance with British WieldMore Investment Management when it comes to launching its new absolute return fund, which the English company will advise.

The vehicle, named WieldMore GVC Gaesco Multi Asset Strategies Fund, has already been registered with the National Securities Market Commission (CNMV). It has the objective of obtaining an absolute return - which is always positive - in any market environment in the long term, with a maximum level of volatility of 10% and an average of 6% in terms of annualized volatility.

The great feature of the new GVC Gaesco Management fund is that it will carry out practically all of its strategy with fixed-income assets, which will account for 100% of its assets.

However, the fund may also have up to 10% in financial derivatives to hedge and mitigate fixed income risks, "mainly duration," as well as to capture the market premium (alpha) with fixed income derivatives, variable income (issuers of the bond portfolio), stock indices or volatility.

The manager, led by Jaume Puig, responsible for more than 1,800 million euros out of a total of 3,500 million controlled by the Catalan group, has looked at the experience of Giuseppe Amitrano, CEO of WieldMore, in the field of interest rates and credit derivatives, who has a long history behind him in groups such as Scotiabank, RBS or UBS leading investment strategies in absolute return and relative return.

International collaborations

GVC Gaesco Gestión opened the door at the end of 2020 to other international collaborators with an Asian bond fund (GVC Gaesco Asian Fixed Income) that advises the Singaporean firm Maybank Asset Management. Last year, this product rose 3.2%.

Now, its new 'all-terrain' fund with WieldMore is coming to the market with two different classes of shares: a general one with a management fee of 1.35% and performance fee of 9%, and another for institutional investors from one million euros with commissions of 0.75% for management and 9% on results.

This article was published in El Espanol.


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