Vertex launches long-biased fund

Australian hedge fund Vertex Capital has launched its second absolute return fund, the Vertex Premium Equity Fund. The new Australia-focused fund is long biased, holding long positions on 30 stocks and short positions on five. The fund will employ derivative instruments to manage beta risk and protect the fund from falling markets, as well as to generate alpha, or uncorrelated income streams. The fund's exposure to the market will be varied between zero and 70%. "This is the …