Leonard Charlton, the head of the European equity team, has been managing the MSTEF from its launch on February 1st 2010. This new UCITS III European equity long-short fund will combine a fundamental approach to stock selection with an active trading overlay. The fund follows an identical strategy to the (MEF) that Leonard has managed since November 2006.

The MSTEF has a number of advantages for the investor due to its UCITS III status namely:

• Daily liquidity
• Better regulated environment
• Available to a wider range of investors
• Tax efficient for UK tax payers

The investment philosophy of the team encompasses:

• A belief in flexibility, both in terms of investment approach as well as allocation   by market cap, country and sector
• A wariness of consensus opinions, coupled with a respect for the market.
• Conservatism: a belief in using leverage judiciously.