Newport Investment Management has unveiled its first fund of hedge funds, HFMWeek reports. The Newport Absolute Return fund, which has been rolled out with less than $10 million, will target concentrated alpha via investments in about 10 global managers.
Around one-third of the new fund’s portfolio will focus on event-driven strategies, another one-third on relative value arbitrage portfolios, while the outstanding is split between long/short and macro managers. Matthew Lenehan will serve as the FoHF’s portfolio manager.
Click here for the story from HFMWeek.