The fund is a Commodity Trading Advisor (CTA) portfolio that offers access to 11 managers who collectively provide diversification across time frames, countries, markets and styles. The portfolio combines trend following CTAs with non-trend following CTAs that attempt to minimize correlations and create a more consistent return profile, according to a news release.
The fund opened with more than $40 million from institutional and high net worth investors in the United States, Europe, the Far East and Latin America.
The offering is a product of a strategic alliance forged between RAI, the alternative asset management division of REFCO Group Ltd., LLC and ACL on November 6, 2003. ACL is responsible for portfolio construction, manager selection and risk management whereas RAI defines which products should be created. The products are then distributed to the institutional and high net worth marketplace whereby RAI is responsible for investor services. An independent, third party administrator prices each fund on a daily basis.