| 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 will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | In comparison the HFR Event Driven Index closed +0.40%, the Asia Pacific markets were flat, whilst Asia Pacific markets ex Japan, posted a small detraction of -0.5%. The Fund maintained average net and gross exposure of 14.3% and 246% respectively. The relaxation on cross border shopping for H shares saw a considerable re-risk on deeply discounted H shares, driving significant intra-month volatility in Hong Kong. Over 46% of the Fund's monthly gross exposure by strategy was in M&A followed by Capital management at 25.1%. Whereas the country exposure as percentage (%) of NAV was most in Hong Kong/China with gross of 86.1% and Australia with gross of 34.5%. Read the latest Fund Manager's Commentary on the AFM website. |
| More Information |
