The HFRX Index is an investable hedge fund index developed by the Chicago based HFR Asset Management that tracks the performance of 60 absolute return hedge funds across eight specialised investment strategies.
“The HFRX Index is a leading industry benchmark designed to provide investors with a representation of the global hedge fund universe.”
The fund has capital protection through Commonwealth Bank of Australia’s “dynamic capital protection process”.
“This process may also leverage the fund, by up to 100% of the ungeared exposure to the HFRX, to increase the exposure to the investment strategy. The fund’s initial exposure to the HFRX is expected to be set at around 130%.”
CBA is also offering sophisticated investors a 100% limited recourse loan to invest in the fund.
The HFRX Index has delivered an annualised return (net of fees) of 12.8% p.a. for the 15-month period to 30 June 2004 in Australian dollars, the company says.
“We will offer Australian and New Zealand retail investors access to an index over global hedge funds with an absolute return focus,” Aurora managing director Alastair Davidson says.
Pengana Capital is the investment arranger of the offer, and has facilitated the provision of the HFRX Index from HFRAM.
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