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Pictet Targeted Funds (LUX)-Corto Europe is a UCITS III European long/short equity fund registered for distribution in the EU which invests mainly in Continental Europe. It will be managed following an absolute-return approach similar to the Corto European Fund registered in the Cayman Islands. Launched in August 2006, this latter fund now has EUR 212 million in total assets and has outperformed the MSCI Europe index by nearly 50%.

Management teamThe management team is composed of Nils Francke, Philippe Sarreau and David Dufour. In August 2006, the first two managers successfully launched the Corto European Fund, which has since registered a net annual outperformance (in euro) of 7.6%, compared to -4.6% for the MSCI Europe index. David Dufour will work closely with Nils and Philippe in his position of equity analyst.

Long/short strategyThe long/short investment strategy has two advantages: 

1. it offers more flexibility in increasing or reducing overall market exposure depending on prevailing market conditions;
2. it allows the managers to take long positions in companies with promising outlooks and short positions in companies that are over-valued.

The strategy offers an asymmetric return profile, enabling investors to capture most of the upside market performance while protecting capital against the risk of declining markets.