Following an externally audited portfolio return of over 50% on his closed-ended US equity long/short fund in 2003, Clint Dove will be launching the Saffron US Equity Fund in August.
This directional fund will use the same combination of quantitative and technical analysis as its predecessor. The methodology incorporates rigorous earnings quality checks and has been honed over the last ten years. Dove has established Saffron Capital Management LLP as the Advisor to the new fund, which will be managed under Schneider’s FSA-registered entity, PCE Investors Ltd. Schneider is providing independent risk management, compliance, back office and other necessary infrastructure. Dove produced consistent out-performance over an 8 year period as manager of a multi-million dollar portfolio at the Abu Dhabi Investment Authority (ADIA) in the 1990s, before moving to F&C to join their US equities team. He also has experience on the short side, which dates from his first assignment with ADIA as a commodity analyst/trader. “For the first six months, Saffron’s primary objective will be to build the portfolio and focus on producing solid returns for its early-stage investors,” says Dove.
The fund has a target return of 20%+ per annum to the investor, at an annualized volatility of 10-12%. “We have a highly disciplined and transparent approach, which identifies and quantifies alpha very effectively,” says Dove. “Schneider is proving to be an excellent partner, and the presence of the bluest-chip prime broker augments our already substantial risk controls”.
Schneider’s hedge fund platform was founded in 2003 with the aim of streamlining the set-up process for emerging hedge fund managers and has since been providing facilities, trading access, administration and a regulatory framework to five hedge funds. The group’s main operating entity, STA Limited, is authorised and regulated by the Financial Services Authority, has approximately 300 associates and is a major participant in the European listed derivative and equities markets.