Exane Asset Management is targeting long/short opportunities in the energy and commodities markets through a new dedicated Alternative Ucits fund, Citywire Selector has learned.
The Exane Pangea Fund was soft-launched in the summer of 2016 and has gained €56 million in assets since inception. It is overseen by Raphaël Dubois.
This new approach further expands the Paris-based group’s long/short equity fund range and will operate in a similar thematic style to the Exane Mercury fund, which focuses on the chemicals industry.
According to the December factsheet for the Pangea fund, the strategy is primarily focused on the oil and gas drilling industries, which account for 17% of long exposure and around 21% of the fund’s short book.
This is while also having exposure to diversified metals and mining, exploration and production companies, steel stocks and aluminium. The geographic focus of the fund is largely on the European market.
Dubois joined Exane Asset Management as an equity analyst focused on the global natural resources sector in July 2015. He was previously a natural resources fund manager at Edmond de Rothschild Asset Management and SocGen Asset Management.
This new approach is Luxembourg domiciled. It aims to achieve absolute performance, regular and uncorrelated from financials markets. Eonia is used as a reference but is not the fund’s benchmark.