| 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 | The deleveraging in China had a significant impact on the onshore equity markets which resulted in contagion into the region requiring state backed intervention in China to support prices. The Fund navigated the volatility by increasing short exposure to hedge their M&A positions exposed to China risk. The Fund ended the month with average net and gross exposure of 11% and 205% respectively. It was the Stubs and Index Futures strategies that contributed positively. However, the Capital Management Corp. and M&A strategies were the largest detractors. The country exposure as percentage (%) of NAV was most in Japan (60.8%), followed by Hong Kong/China (35.3%). Click below to read the complete Fund Manager's Report. |
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