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Cairn Capital and Mediobanca have joined forces to launch a multi-asset credit UCITS fund.

The Strata UCITS fund, hosted on Mediobanca’s Palladium platform domiciled in Luxembourg, offers daily liquidity and is focused primarily on European credit investing. It will be managed by Fabio Vanerio, lead MAC portfolio manager, who reports to CIO Andrew Burke.

The fund will allocate dynamically to four credit asset classes, with a hedging strategy aimed at preserving capital and reducing volatility, with each asset class managed by a specialist portfolio team. The fund will also hedge interest rate duration and currencies risk, and offer exposure to pure European credit spread, the partners announced on Thursday.

Cairn said that the UCITS fund should follow a similar investment strategy to its monthly liquidity alternative investment fund, Cairn Strata Credit Fund, launched in January 2015.

This “nimble” MAC approach offers “the most efficient way to deliver risk-adjusted returns to investors and is consistent with the broader approach already taken across Cairn Capital’s MAC funds,” Fabio Vanerio, portfolio manager, said.