The Polar Capital Japan Alpha Fund will be managed by Gerard Cawley, own a concentrated portfolio of between 25 and 30 stocks, and target a return of 5% above its benchmark.
Cawley will run the portfolio along the same guidelines as the $1.2bn Polar Capital Japan Fund, which he manages with James Salter. However it will not share the larger fund’s small cap focus – being 50% to 100% invested in large caps with up to 50% in mid caps – and will own fewer stocks.
The new fund will launch in late October if BACIT’s launch progresses as planned on 22 Oct, 2012. The trust is targeting £250m when it floats on the London Stock Exchange.
BACIT was unveiled last week by founder and former Cazenove manager Tom Henderson with the aim of supporting cancer charities. F&C’s Jeremy Tigue, manager of the Foreign & Colonial investment trust, will sit as chairman of the board.
Within the Polar Capital Japan Fund, Cawley has research responsibility for the technology sector. He joined Polar in 2005 from Schroders, where he gained five years’ experience in Japanese equities as an assistant fund manager.
