New open ended fund launches

A trans-Tasman asset manager is launching a new fund for Australian investors.

Milford Asset Management announced the launch of the Milford Dynamic Fund, saying it will build on the momentum generated by the Milford Australian Absolute Growth Fund.

The Milford Dynamic Fund is an open-ended, Australian small and mid-cap equity fund which aims to outperform the S&P/ASX Small Ordinaries index.

It is the Australian version of Milford Asset Management's New Zealand dynamic fund offering.

Co-portfolio manager Michael Higgins said: "We believe there are attractive opportunities at the small cap end of the market, which tends to be less efficient and not as widely researched."

"With a dedicated Australian investment team our goal is to deliver strong returns for our investors while remaining aware of the risks inherent in the space in which we invest."

The fund has delivered 18.45% net of fees return in the six months to the end of September.

Some of the fund's holdings include AFG, Collins Foods, EML Payments and Polynovo.

The fund's other co-portfolio manager, William Curtayne, said: "Our biggest successes have been where we've identified an excellent business before the market. The a2 Milk company is an example of this which we purchased in 2012 at NZD 28.5 cents and now trades at $13.00."

The fund is targeting up to $350 million.

Read more: MilfordMilford Asset ManagementMilford Dynamic FundASX Small OrdinariesMichael HigginsWilliam Curtayne
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