Gartmore UK Absolute Return Fund celebrates milestone

The Gartmore UK Absolute Return Fund, managed by Ben Wallace and Luke Newman, successfully reached its first major milestone, celebrating its first anniversary with a 10% return on 30 April.

The Fund aims to achieve a positive absolute return over the long-term regardless of market conditions and is based on a similar investment strategy to the Gartmore AlphaGen Octanis Fund, an unregulated offshore hedge fund managed by Ben Wallace since its inception in 2005.

Commenting, Richard Pursglove, Head of UK Retail, said: "We are very lucky to have so many proven long/short managers at Gartmore - Ben and Luke have done a great job in the Fund's first year. What's interesting is not only what they've achieved, but how they managed it with lower levels of volatility than either equities or gilts. By definition the Fund has a low correlation to markets, making it an excellent diversifier.

He continued: "The IMA Absolute Return sector is still in its infancy and under some scrutiny but as experienced investors build track records our clients continue to invest in this asset class."