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Magnum launches India fund of funds

Magnum has launched a new India fund of funds. The Magnum India Fund hopes to provide diversified exposure to India, investing with approximately 9-12 different hedge fund managers across a range of strategies and industry sectors. The strategies include long/short large-cap and mid-cap equity, long-only small-cap equity and PIPES, event-driven/risk arbitrage, multi-strategy arbitrage, and distressed debt.

The broad-based exposure seeks to minimise volatility, while capturing the upside of India's growth opportunities. A Master Fund in which the fund invests, has produced returns of 40% since inception in November 2006, with standard deviation of 12% and beta of 0.45%.

Magnum has deferred the manager selection on India focused funds to a third party firm (Sub-Manager) that is focused exclusively on selecting India focused funds. The fund takes advantage of the Sub-Manager’s deep experience investing in India and strong relationships with India-focused managers.

“Our management team possesses diverse skill sets, allowing them to find, evaluate, and select the best managers by following a strong discipline to investing, due diligence, and risk management,” says co-manager of the fund Rohit Aggarwal, a former executive director with Oppenheimer & Co.

Aggarwal is joined by Anand Sekaran, founder and portfolio manager of Wasson Capital Advisors, a New York-based investment firm managing option writing strategies, and Robert Rahbari, former director and chief compliance officer at Ferro Capital LLC, New York, a $500m global fund-of funds firm.

“The India growth story is broad-based and diverse — no single manager can capture the entire opportunity,” says Dion Friedland, Chairman of Magnum Fund Management Ltd., the investment advisor of the fund. “And Magnum India Fund provides a vehicle to take advantage of this opportunity with less invested capital.”

Source: Hedge Fund Review

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