| 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 | Despite the global macro uncertainty, deal activity in September picked up significantly and was well diversified with Hong Kong, Australia and Taiwan the more active markets. The M&A sub-strategy contributed to +0.97% of the Fund's monthly return with China Resource Enterprise (291 HK) and Affinity Education (AFJ) being the two significant contributors. The Capital Management strategy was the biggest detractors of the month. On average, the Fund's net and gross exposures were 6% and 201.1% respectively. Click below to read the complete Fund Manager's Report. |
| More Information |
