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| Manager | |
| Fund Name | |
| Strategy | |
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| Latest 6 Months | |
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| Latest 24 Months | |
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| 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 | Asia Pacific markets broadly traded down -1.0% (Asia Pacific ex Japan -3%) in an otherwise unexciting month, with ASEAN bourses bearing the brunt of a spike in the US treasury yields on the back of anticipated interest rate hikes later this year. The Fund's average gross and net exposures were 193.6% and 15.5% respectively. The M&A and Options strategies contributed most towards the Fund's monthly performance at 0.40% each. However the Stubs strategy was a major distractor at 0.50%. The country exposure as percentage (%) of NAV was most in Hong Kong/China with gross of 61.50% and Japan of 45.70%. Click below to read the complete Fund Manager's Report |
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