Neptune Investment Management is to launch a long/short sector fund that it claims is the first to use a global basket of swaps on November 1. The fund will cover each of the Global Industry Classification Standard sectors which will be represented by a basket of 20-50 large and liquid stocks that are correlated with global sector indices. The UCITS-compliant fund aims to have an average exposure of 15% to emerging markets in each sector. It will be managed by Robin Geffen, manager of the Neptune global equity fund, and Ted Alexander, fund manager of the Neptune UK equity fund.