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| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
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| 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 | Macro turbulence hit full swing with the de-risking in China overshadowing events in Greece. This extreme volatility made hedging the Fund's greater China exposure challenging, resulting in the negative performance of Chinese companies across most sub-strategies. The Fund ended the month with average net and gross exposure of 10.7% and 231% respectively. The Index Futures strategies contributed most towards the Fund's monthly performance. However, Capital Management and M&A strategies were the major detractors. The country exposure as percentage (%) of NAV was most in Japan with gross of 59.40%, followed by Hong Kong/China at 50.30%. Click below to read the complete Fund Manager's Report |
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