Ambit Investment Advisors' flagship hedge fund Ambit Alpha Fund has crossed the milestone of Rs 1,000 crore (around $150 million) of assets under management (AUM) within three years of launch, it said in a statement.
Ambit Alpha Fund, the largest category III Alternative Investment Fund (AIF) in India, was launched with an AUM of Rs 20 crore in June 2013 raised from Ambit Holdings and a few HNIs.
The fund invests in the Indian market using a long-short investment strategy. The long-short investment strategy means taking long positions in stocks that are expected to increase in value and short positions in stocks that are expected to decrease in value.
More than 500 investors, including family offices, treasuries and HNIs, have invested in the fund, according to Andrew Holland, CEO of Ambit Asset Management.
Despite a volatile market, Ambit Alpha Fund reported low volatility of 5-7% and managed to provide a gross compounded return of 23%.
“Over the next six months, we look forward to launching unique products, with an aim to address the investment objectives of investors and distribution partners,” said Vaibhav Sanghavi, managing director of Ambit Asset Management.
Ambit Investment Advisors is a joint venture between Ambit Corporate Finance Pvt. Ltd and Nikko Asset Management Co. Ltd of Japan, which is one of Asia's leading asset managers, with approximately $160 billion in AUM.
This is the second fund under Ambit Investment, which has around Rs 1,400 crore (nearly $210 million) in AUM. The firm also advises Mauritius-based Ambit Frontier Fund which is an India-dedicated offshore long-short equity hedge fund.
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