* Says boards may be more open to engaging with activists
* Amber Capital's most profitable trade filmmaker PinewoodGroup (Adds background, quote, investments)
By Maiya Keidan
LONDON, Sept 13 (Reuters) - Hedge fund Crystal Amber FundLtd on Tuesday said Britain's vote to leave theEuropean Union had created opportunities for its brand ofactivist investing, although it remained cautious on the marketoutlook.
Activist funds such as Crystal Amber search for companiesthey believe are undervalued, take a position in the stock andthen agitate for change at board level to try and increase thevalue of the firm.
Faced with a challenging market and economic outlook afterBritain's late-June referendum on European membership, CrystalAmber said, as it reported full-year results, that it believedcompany management may be more open to engaging as a result.
"We believe the fallout from Brexit has created a number ofactivist opportunities as companies are forced to adjust toinevitable changes," it said.
The activist manager, which has 151 million pounds ($200.80million) in assets, said its top-10 positions include Britain'slargest listed residential property owner Grainger andoil exploration company Hurricane Energy.
Its most profitable investment for the year was a 5.7percent stake in James Bond filmmaker Pinewood Group, which earned Crystal Amber 6.1 million pounds after a takeoverdeal by Aermont Capital.
Some of Crystal Amber's investments, such as in STV Group and Northgate, lost money for the hedge fundover the year. ($1 = 0.7520 pounds) (Reporting by Maiya Keidan, editing by Louise Heavens)
