Unigest, the asset management arm of Spain’s Grupo Unicaja, has launched an absolute return fund of funds.
The new fund, called Unifond Cartera Defensiva, will use alternative management techniques seeking absolute returns, regardless of the direction of capital markets.
Through third-party funds, it may invest in equities or public and private fixed income, and its goal is a volatility of less than 1.8% per year.
Active management may lead to higher costs for the investor, according to the fund’s brochure, and the management fee amounts to 0.5% per year on the asset value.
Following its merger with Caja España Fondos last year, Unigest’s assets total more than €5bn. Nearly half of these assets are invested in guaranteed funds or passive funds, compared with the Spanish fund industry average of 17.9%, according to industry body Inverco figures to the end of April.