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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate funds across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia (ex Japan incl. Australia). The Fund may invest outside of this region to the extent that: • The investment decision is driven from the Asian region or • The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The Fund's low risk characteristics since inception (October 2009) are notable with an annualised vol of 5.58% as compared to 12.08% (Index), 80% positive months, maximum draw-down of 2.69% (15.13% Index) and a down capture ratio of -0.88. The Sharpe ratio is 2.30 over the same time frame. The Manager's market comment noted that 'Some 'growth darlings' in the NASDAQ suffered some extreme falls: Netflix lost 21%, Facebook 12% and Google 8%. These appear to be big numbers until phrased in terms of the number of months of recent gains that were lost: 5 months' of gains lost, 3 months and 4 months respectively. Some research seen recently highlighted that coming into 2014 the median of the most expensive top decile of stocks in the US had a Price/Book [PB] ratio of 9.4 the highest since 1926. Looking at eight other points (1929, 1937, 1946, 1961, 1968, 1973, 1990 and 2000) when markets peaked and had extreme distribution of valuations, the top decile of P/B lost an average of 30% over the following 18 months. We are a couple of months post the peak and have fallen 10%.' |
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