Candriam Investors Group has launched a digital equity fund that will invest in digital companies, while shorting those that face disruption in the “Uberization” of the economy.
The Digital Long Short Equity strategy is the latest thematic strategy from the New York Life Investment Management subsidiary, which currently offers demography, biotechnology and robotics.
The fund will invest globally and hold a maximum of 50 companies.
“The digital evolution of the economy is affecting all sectors and is pushing legacy firms to choose between transformation and economic death”, says César Zeitouni, who is in charge of the new strategy.
“Digital technologies are no longer confined to the technology sector, but are redefining sectors from banking, to retail, to automotive. In the current economy, we believe there is an “Airbnb” hidden in all sectors.”
Candrium says from 2000 to 2015, what it calls the “first wave” of disruptive technology, there was a proliferation of high-tech devices such as smart phones and PCs.
It says the next phase, currently taking place, reflects the “Uberization” of the economy.
The fund is currently available in Luxembourg, France and Germany, but Candriam is looking at registration in the UK.