| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian stock markets and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country. The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10% |
| Manager Comments | The Fund finished up 3.3% for the first quarter of 2013. Earnings Surprise was the biggest positive contributor to performance over the quarter, followed by the Mergers & Acquisitions (M&A) and Capital Management strategies. The Fund generated strong returns in most markets, particularly Singapore, Japan and China. The Fund’s gross and net exposure for March averaged 183% and 14% respectively. Approximately 30% of the gross exposure relates to M&A, with Capital Management, Earnings Surprise and Stubs trades also receiving meaningful allocations. Markets began the year upbeat with the “fiscal cliff” overhang in the US evaporating and investors welcoming the improved macroeconomic environment. In March, macro headwinds out of Cyprus dominated headlines, briefly spooking markets. Volatility, measured through the VIX index, spiked briefly in late February but spent most of the period in the 12 to 14 range. After a healthy start to the year in January and February in terms of M&A activity, March was a quiet month with the Fund getting involved in 2 new situations. However, the volatility in the market has created opportunities in other strategies and a greater capital allocation towards the Stubs sub-strategy in particular. We have a number of potential deal bump/re-rate situations in the M&A portfolio with visible short term catalysts. |
| More Information | » View detailed profile of this fund |
