The hedge fund manager Bluenose Capital Management Ltd., registered in the British Virgin Islands as a Professional Fund under the 1996 Mutual Funds Act, is launching the Bluenose Capital Market Neutral Fund, aimed at accredited and professional investors. The new fund is going to start work on October 1, 2009.
The letter to investors informs that the fund will trade highly liquid US & Canadian equities using a proprietary factor-based approach. According to Bluenose capital, the goal of the new fund is ‘to achieve absolute returns regardless of market conditions by combining US and Canadian equity market neutral and opportunistic trading strategies.” The priority of the fund is preservation of capital.
Bluenose in September is conducting meetings in 13 cities worldwide. The fund also published projected timeline for the investment vehicles, the first of which is Market Neutral Fund with estimated maximum capacity of $350 mln.