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.
AUTHOR
Jason Spits
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