Australian locally-managed global market neutral fund, Watermark Global Leaders Fund (WGF), is closing its initial public offering (IPO) with more than $90 million from self-directed investors, and is commencing trading on the Australian Securities Exchange (ASX) next week.
The IPO of WGF had an issue price of $1.10 per share; investors received one option for each share issued under the offer, with trading to commence on 21 December.
Watermark founder and chief investment officer, Justin Braitling, said: “For an alternative strategy in the current investment environment, this is a great result”.
“WGF gives investors the opportunity to achieve stronger, more consistent performance amidst the current volatility.”
The WGF was the third listed investment company managed by Watermark Funds Management, with its IPO contributing to the fund’s total funds under management (FUM) of over $700 million.
