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RWC tech-disruption fund turns in best-ever month in October

Reuters - UK Focus

LONDON, Nov 13 (Reuters) - Hedge fund firm RWC (Other OTC: RWCI - news) 's Global Innovation Absolute Alpha Fund posted its best-ever month in October, up 5.71 percent on strong gains in video game publisher Ubisoft, an investor letter seen by Reuters showed.

The $75 million equity long-short fund focuses on profiting from disruptive technological change in industries from technology to media and automotive, said manager Priya Kodeeswaran.

Kodeeswaran said he had held Ubisoft for more than a year and particularly liked the growing trend to sell products directly to consumers through their games console, which cuts costs and had the potential to materially boost profits.

"Digital distribution is a theme we use for a lot of media companies. In particular, we think for video game publishers, the gross margin potential is being underestimated by the market," he said.

As a result of its strong October, the fund - part of $11.5 billion fund firm RWC - was up 11.79 percent in the year to date, the investor letter showed. (Reporting by Simon Jessop; editing by Angus Berwick)