Ethical Performance
inside intelligence for responsible business


hedge fund for ethical investors

July 2005

UK-based Armajaro Asset Management introduces the first pan-European SRI hedge fund this month.

The fund, named Coolum Strategus, will short companies it regards as overvalued and performing poorly against social and environmental criteria, and take long positions on undervalued companies with relatively good social and environmental performance, said Marianne Goris, of the Belgian research company Strategus, which is advising the fund.

UK-based Ethical Investment Research Services is providing the basic social, environmental and ethical data on companies to Strategus, which will use the information to make a qualitative assessment based on processes used by the Coolum Fund.

The Coolum SRI Fund will select from Europe's top 600 stocks and no industry sector will be excluded outright. It is looking to raise €50million ($60.4m, £33m) by the end of the year and about €200m eventually. Most of the investors are thought to be large pension funds. Coolum Fund runs a number of hedge funds and was listed on the Irish Stock Exchange in 2002.

Contact Neil Heywood, Armajaro, on + 44 (0) 20 7647 3166

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