MainFirst has expanded its multi-asset fund range with the launch of a contrarian approach for relatively recent recruit Björn Esser, Citywire Selector has learned.
The MainFirst – Contrarian Opportunities fund was launched as a Luxembourg-domiciled vehicle on 26 January and has accrued €62 million in assets over its first six weeks of operation.
The focus of the fund is to generate 3-5% annual returns above the three-month Euribor over a three- to five-year timeframe. It can also use derivatives to take long and short positions where necessary.
Esser joined the Frankfurt-based group from Allianz Global Investors in 2016. He currently oversees the MainFirst Diversified Alpha fund, which sits within the Alternative Ucits – Multi-Strategy sector.
In company documents, MainFirst said the fund is essentially a long/short multi-asset fund and will be run with a contrarian ethos, meaning it focuses on mean reversion tactics and operates largely akin to a market neutral approach.
The fund is listed as relatively low risk on MainFirst’s internal risk and reward profile, where it scores three on a scale of one to seven, where seven is the highest risk.