UBS Global Asset Management said Tuesday that it had introduced UBS U.S. Equity Alpha Fund, a core equity holding that seeks to generate alpha - excess return over a benchmark - by investing in both long and short positions.
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The UBS unit started a similar strategy in the institutional market in September 2005; it managed $411 million of assets in that strategy at June 30. The new portfolio seeks to outperform the Russell 1000 Index by 250-500 basis points per year (gross of fees) over a full market cycle, with a similar level of market risk as the index.
