Unlimited Funds, the investment firm co-founded by former Bridgewater Associates executive Bob Elliott, is set to run a new strategy allocating between replicated styles of hedge-fund investing, according to a person with knowledge of the matter.
Unlimited will start running the strategy this month, the person said. Designed at least initially for institutional investors, the Agile strategy is similar to multi-manager funds, and may provide global exposure to major asset classes such as stocks, bonds, fixed income, corporate credit and currencies, according to the person.
A prospectus filed with the U.S. Securities and Exchange Commission in August showed Unlimited was preparing to launch ETFs with similar return characteristics of individual hedge-fund strategies, including equity-long-short, global-macro, event-driven, emerging-markets and managed-futures.Institutional investors have already committed capital to the Agile strategy, which may initially invest in individual securities in large, liquid markets, the person said.
The $4 trillion hedge fund industry was up 4% this year through September based on the HFRI Institutional Fund Weighted Composite Index, according to an HFR report from late October. The gains were led by “directional equity hedge and event driven strategies,” HFR said.