Calibrate European Equity Long/Short UCITS Fund

Calibrate was founded in 2021 by portfolio manager John White and IAM brought its European Equity Long/Short UCITS fund to market in May 2025, running it in parallel with the offshore strategy. The approach is fundamental, thematic and valuation driven, concentrating on liquid mega- and large-cap European equities with occasional North American names, keeping net delta exposure near 8 % on average within a –25% to +25% band, while gross leverage sits between 150% and 250%. Bottom-up company research, deep industry work and proprietary models are combined with a top-down macro lens that tracks policy shifts, yield curves, commodities and investor flows to flag inflection points. Ideas that satisfy both perspectives feed four engines: Strategic Longs, Strategic Shorts, short-dated Tactical trades and portfolio-level Hedges. Flow data and block-trade intelligence sharpen timing, and positions are sized by liquidity-weighted conviction to maintain agility. The portfolio typically holds about 35 longs and 25 shorts, targets 9% volatility and seeks roughly 10%+ annual returns. Liquidity screens, daily correlation checks and an options overlay, rolled regularly to finance gamma and downside insurance from short-side carry, safeguard capital and limit hidden factor build-up. White previously ran the GLG Alpha Select Fund, experience that underpins the strategy’s disciplined execution and focus on diversified alpha from Europe’s country and sector dispersion and the pricing distortions created by passive flows and thematic rotations.