Yet another socially responsible fund (in the form of a fund of funds) hits the market, giving investors yet another way to pour money down the drain while feeling (nonsensically) good about themselves (albeit without the formal tax deduction). According to HedgeWorld (subscription required), Kenmar Global Eco Fund SPC Ltd was introduced this week. Why? Far be it from me to editorialize. Let's just get it from the horse's mouth (i.e. from Ken Shewer, co-chief executive and co-chief investment officer- thank the maker they have two) shall we?
"An Inconvenient Truth" helped inspire the idea for the fund, as the film "has done quite a bit to bring environmental issues to the fore...."
The fund, set to launch July 1, primarily will invest with asset management companies whose underlying investments are considered economically sustainable as well as eco-friendly. "Our goal is—with the merger of Wall Street and environmental concerns—to have a fund that is environmentally friendly but also profitable...."
Accordingly, Going Private would like to announce the introduction of the "Spider Global Technology Fund SPC Ltd." Says Co-Multi-Founder and Co-Joint-Secondary Portfolio Manager Equity Private:
"The success of the Spider Man franchise helped inspire the idea for the fund as the film has done quite a bit to bring 'Spidey Sense' and Spidey Technology issues to the fore.... Our goal is- with the merger of Wall Street and Spider concerns- to have a fund that utilizes Spidey Technology but also be profitable."
"The fund, set to launch July 1, primarily will invest with asset management companies whose underlying investments are focused on new technologies related to Spidey Technology, webs, advanced adhesives, superhero law enforcement and security, gymnastics and silk twine technology."
The Spider fund will, reportedly, issue statements on April 10th of every year so that the most exact loss figures will be available to investors for Tax Day.