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| 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 | Japanese, Singaporean and Malaysian positions contributed significantly to the positive performance over the month as M&A activity picked up. Capital Management was the most successful strategy for the Fund, with Earnings Surprise, M&A and Stubs Trades also making meaningful contributions. Short index futures positions negatively impacted on performance as Asian markets generally rose strongly over the month. The Fund maintained an average net and gross exposure of 16% and 164% respectively. Largest month-end net exposures were China, Japan and Indonesia and biggest gross exposure by strategy was Merger and Acquisitions. April was very eventful led by a significant pick up in M&A activity and the earnings seasons in some markets. Japan was the most active M&A market in Asia, accounting for 6 of the 14 new deals during the month. Interestingly, as a sign of returning corporate confidence, 2 of the biggest Asian deals for the year were announced in April. Leading the table was the stake increase in Hindustan Unilever by parent Unilever Plc. Within the consumer space as well CP ALL, the operator of over 5,000 7-Eleven stores in Thailand, announced a takeover of Thai hypermart operator Siam Makro. A fall in commodity prices, led by the unexpected collapse of gold prices, resulted in significant volatility in resource stocks during the month. The falls did not adversely affect the risk arbitrage spreads the Fund was involved in. |
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