European asset manager Ambienta has launched the Ambienta X Alpha absolute return fund.

The company, which specialises in ESG investing, says the fund is the world’s first absolute return, long/short fund entirely focused on environmental sustainability aimed at institutional investors. Ambienta says the fund will focus on European and US markets taking both long positions in companies that are well positioned to take advantage of ‘sustainability megatrends’. The fund will also take short positions in companies exhibiting ‘overhyped environmental themes’.