Magellan lists hedged version of global equities fund


Magellan Financial Group has launched a currency hedged version of its ASX quoted Magellan Global Equities Fund (MGEF) and is set to begin trading from today onwards.
The fund will carry the stock code of MHG and follows the listing of the MGEF in February of this year.
Magellan, General Manager of Distribution, Frank Casarotti, said support for the MGEF had been strong with the fund attracting $257 million from more than 4400 unit holders.
"Following the recent fall in the Australian dollar we have seen increased investor demand for the currency hedged versions of our funds. The MGEF (Currency Hedged) will give Australian investors a complementary choice to access our global equities expertise via a simple ASX-quoted solution.
The newly listed vehicle will be driven by bottom-up stock analysis, industry research and macroeconomic analysis and invest in a portfolio of between 20 and 40 global equity stocks and can hold up to 20 per cent of its net assets in cash.
Recommended for you
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.