Smead Capital Management launches UCITS Fund
Smead Capital Management has launched the Pareturn Smead US Value Fund domiciled in Luxembourg.
The fund, which became available to qualified non-US investors on 29 November 2013, will initially be offered through the US Dollar-denominated Institutional Share Class with a USD1m investment minimum.
The fund will also offer the institutional share class in British Pounds Sterling and Euros.
The portfolio of the Pareturn Smead US Value Fund will mirror the US-based Smead Value Fund and the firm’s flagship US large cap equity strategy.
Chief investment officer William Smead will serve as lead portfolio manager of the fund with director of research Tony Scherrer serving as co-portfolio manager.
Director of marketing and sales Cole Smead will head the firm’s UCITS distribution and will serve as the primary contact for UCITS shareholders. BNP Paribas Securities Services is the custodian and fund administrator to the UCITS Fund.
“We are excited to offer our long-duration US common stock ownership to investors outside the US borders,” says Bill Smead. “We see a bright economic future for the US paired with a strengthening dollar as the economy improves and consumer confidence returns. We believe our stock picking criteria combined with what will likely take place in the US over the next five to seven years will be a delight to foreign investors.”
Andrew Dougherty, head of alternative & institutional solutions, BNP Paribas Securities Services, says: “We are honoured to be the service provider of choice for a well-established firm like Smead Capital. The company’s interest in establishing distributions abroad is forward-thinking and speaks volumes about the increasing global nature of asset management. Our know-how in cross-border distribution coupled with their disciplined investment strategy will prove to be a fruitful long-term relationship.”
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