Castlestone Management has launched Porcupine Absolute Return. The fund offers retail investors direct access to the firm’s Porcupine Global Macro Plus hedge fund for the first time.
Porcupine Global Macro Plus, which is domiciled in the British Virgin Islands, is run by Angus Murray, Castlestone’s founder and joint chief executive. According to the firm, the fund returned 11.61% in 2008, with a standard deviation of 7.34%.
Jerry Devlin, Castlestone’s global head of sales, declines to state the size of the hedge fund, but says it “represents a fair proportion” of the firm’s $700m (£480m) in assets under management.
Porcupine Absolute Return was launched with a dollar share class and a minimum investment of $10,000. However, Devlin says a sterling share class will follow, subject to demand from investors in Britain and other countries, including South Africa.
Investors can access the retail fund through offshore bonds. The annual management charge is 1% and there is no performance fee.