| Report Date | 27 November 2010 |
| Manager | Prodigal |
| Fund Name | Prodigal Absolute Cayman Fund |
| Strategy | Multi Strategy |
| Latest Return Date | October 2010 |
| Latest Return | 2.35% |
| Latest 6 Months | 1.19% |
| Latest 12 Months | 7.73% |
| Latest 24 Months | 85.62% |
| Annualised Since Inception | 12.28% |
| Inception Date | 01 June 2007 |
| FUM (millions) | US$42 |
| Fund Overview | Prodigal Absolute Return is an equity multi-strategy absolute return fund. It targets absolute returns, rather than those linked to any particular benchmark portfolio. Returns are generated through investment in assets or combinations of assets expected to earn a return in excess of the cost of funds and the additional risk taken. The portfolio is invested in a number of strategies, focusing on distinct opportunities in the market. Prodigal is seeking to expand the range of strategies through which it can identify opportunities that meet its investment criteria. The current strategies are: statistical trading, convertible arbitrage, risk arbitrage (including capital structure arbitrage). The strategic allocation across the three strategies is an equal weighting, in order to maintain a well diversified portfolio across all market cycles. |
| Manager Comments | Prodigal's model trading portfolio, which represented 45% of the fund's capital allocation, returned to strong positive performance during October as spread volatility increased across the region. The manager reported that the environment for the strategy had significantly improved from the previous quarter, and expected this to continue.
The Risk Arbitrage and Convertible Arbitrage portfolios also added to returns, while only representing 20% and 10% respectively of allocated capital.
Country allocation was dominated by Japan at 32% followed by Korea (16%), Hong Kong (14%) and Australia (12%). 25% of capital was unallocated as at month end. |
| More Information | » View detailed profile of this fund |
