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Digital Subscriptions > The Hedge Fund Journal > Issue 106 - August 2015 > UBS Equity Opportunity Long Short UCITS

UBS Equity Opportunity Long Short UCITS

Adding dynamic beta to double alpha

UBS houses a wealth of fund management expertize and UBS Equity Opportunity Long Short (EOLS) is now the third UBS-branded or affiliated UCITS hedge fund that The Hedge Fund Journal has profiled in 2015! We previously flagged up the launch of the multi-strategy O’Connor Opportunistic UCITS and then the opening to external capital of the UBS Global Equity Long Short UCITS (GELS). All three of these products have separate managers, sitting in separate offices.

UBS EOLS lead manager Max Anderl recognizes that his heritage is in long-only equities, which he has managed at UBS since 2000. Anderl, who grew up in the mountains of Austria, originally trained as a biochemist but moved out of the lab and into UBS after an MBA provided his first taste of financial markets. He later became a CFA Charterholder.

Anderl heads the Concentrated Alpha Team and his first long-short product – UBS European Opportunity Unconstrained (EOU) was an “extension product” – a 130/30 mandate launched in 2007 that has become one of the most successful European equity funds and attracted €4 billion of assets. This is a relativereturn product that has generated alpha on both long and short books, with more alpha coming from the short side over the past few years – though Anderl admits that the short side was tough for the first couple of years. Having cut his shorting teeth on the 130/30, Anderl in 2010 resolved to launch an absolute-return product. EOLS was seeded in-house by UBS and run internally until 2014 – with a market neutral approach. But when UBS opened the strategy to outside capital, conversations with investors and the team’s quantitative analysis suggested that a product with a variable directional bias would be more appealing. The big surprise, perhaps, is that volatility of the strategy actually dropped when it shifted to being directional from market neutral!

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About The Hedge Fund Journal

INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry. Highlights of Issue 106: Championing Customization: Amundi Alternative Investments Tackling UK Farming’s Funding Shortfall: Helping reform UK’s agriculture and alternative energy industries Shareholder Activism as Private Equity Allocation: The resurgence of the strategy a decade after first rising CME Group Crude Oil Spread Options Suite: Volumes advance with screen-based trading growing fastest Adding Dynamic Beta to Double Alpha: UBS Equity Opportunity Long Short UCITS
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