PGIM Investments has expanded its global platform with the addition of the first QMA Wadhwani (QMAW) Ucits Fund since the acquisition of Wadhwani Asset Management in January 2019.
The PGIM QMAW Keynes Systematic Absolute Return fund launched on 24 September 2019 with seed capital of $30m.
The strategy on which the fund is based is calculated from January 2015 and has returned 20.9% net-of-fees year to date (as of 31 August 2019) and an annualised net return of 6.4% since inception.
Sushil Wadhwani, CBE, chief investment officer of QMA Wadhwani and lead portfolio manager of this fund, has 31 years of investment experience, which includes work in academia and the financial sector, as well as several years on the Bank of England's Monetary Policy Committee.
"The fund seeks multiple sources of alpha, using a research-based, systematic approach. Asset positions are driven by factors such as macro-economic developments, valuation, carry, inter-market linkages and sentiment. We employ an agile approach, dynamically tilting and timing our exposures and combining signals in a non-linear fashion to try to limit portfolio drawdowns, with risk management integral to the way we construct portfolios. Both long and short positions can be taken. The Fund has a low volatility, around half of equities, and a low equity beta, providing diversification and risk mitigation for traditional portfolios", said Wadhwani.
The current Ucits platform, launched in 2013, has grown to 28 funds. Domiciled in Ireland, the Ucits platform spans multiple sectors in fixed income, equity and real estate and has risen to $4.5 billion in assets under management as of 17 Sept. 2019, growing 41% annually since January 2016.
This is a sub-fund of the Irish-domiciled Ucits fund umbrella, PGIM Funds plc. It is registered for sale in the UK and across Europe.