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Duet Marina Horizon Fund UCITS launches on Palaedino platform


Palaedino Fund (UCITS IV) and Duet MENA Limited (Duet) have launched the Duet Mena Horizon Fund UCITS, a long only equity fund targeting listed equities in the MENA region. 

The fund's strategy is underpinned by a strong focus on fundamental analysis adapted to exploit systematic inefficiencies that exist in the fund’s target markets. The strategy will deploy a combination of thematic idea generation and bottom up stock picking to generate a high conviction top ideas portfolio in the MENA region. The new UCITS fund will mirror the SIF fund that Duet has been managing since May 2011, which delivered c.20% annualised returns and a cumulative out-performance* of c.66% from inception to end of 2014. The new UCITS fund will be managed by the existing investment team at Duet, led by Hedi Ben Mlouka – CIO, and Ali Al Nasser – Fund Manager.

Alessandro Mauceri, Chairman of the Palaedino Fund Board, says: “We are excited to on-board Duet MENA Horizon as a new fund on our UCITS umbrella. The Investment Manager is well-recognized for its regional investment expertise, resulting in top quartile returns for its SIF fund. We are delighted to enter into this collaboration which marks a new milestone as this is the first emerging and new frontier markets strategy to be plugged into our UCITS umbrella”.

Hedi Ben Mlouka, Founding Partner and CIO at Duet, says: "We are glad to have launched a UCITS version of our existing Duet Mena Horizon Fund. The Fund will leverage Duet's regional infrastructure and on-the-ground resources which have catapulted Duet to a position of key player in the investment management space in the Middle East and North Africa region. The Fund team's track record is testament to its ability to generate returns in different market environments and reflects its deep understanding of the impact of local and global factors on the opportunity set and expected returns.”

Ali Al Nasser, Fund Manager at Duet, says: "MENA markets now represent less than 2% of most emerging market indices. We expect that to grow substantially in the coming few years, with improved accessibility, an increase in primary market activity and continued improvement in the corporate governance framework being key drivers. We believe our regional specialist model and benchmark agnostic security selection approach will continue to generate very unique and profitable investment opportunities for the Fund and provide a continuation of the return profile we have achieved for investors since inception.”

This is the seventh sub-fund of the Palaedino UCITS Platform, a Luxembourg SICAV established in November 2009.  The Management Company of the Platform is FundPartner Solutions (Europe) SA, a 100% affiliate of the Pictet Group based in Luxembourg.

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