FINalternatives- Bedrock Alternative Asset Management in May launched its Global Diversified Fund, a fund of funds covering private equity, hedge funds, real estate and commodities, combined with traditional stock and bond investments.

The fund will invest in a 15 to 25 underlying hedge fund managers, with exposure to event-driven, long/short equity, managed futures, global macro distressed, volatility and emerging markets strategies. Some 70% of its portfolio was weighted toward hedge funds, followed by equities (19%) and cash (8.4%). The firm is limiting its p.e. and real estate exposure to no more than 15% and commodities at 10%.

The US$65 million fund finished its first month of trading up an estimated 0.68%. Its hedge funds sub-portfolio was the strongest contributor to its performance in May, providing almost two-thirds of its gains, according to the firm.

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