The Cazenove Absolute Equity trust and the Dexion Equity Alternative trust are seeking to change their investment strategy, FundWeb reports. Both the hedge fund investment trusts along with the BlackRock Absolute Return Strategies are awaiting shareholders vote on the continuation of their operations.
The Cazenove board has proposed a mechanism that will allow tender offers for shares if the average weekly discount to the net value of the fund’s assets exceeds 5% in any three month period. The Dexion board has proposed to change the trust into a concentrated portfolio of U.S. equity long/short hedge funds. The new fund will target 6-8 U.S. equity products, with an initial portfolio of seven investments, all of which are in the existing fund.
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