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| Manager | |
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| Latest 6 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 | The MSCI inclusion of Chinese US listed ADRs was a key event for the Fund during the month. The M&A sub-strategy contributed 0.58% of Fund performance as a number of deals in the portfolio reached maturity or completion. Main contributors were Youku Tudou (YOKU US), Jingwei Textile (350 HK), Mindray Medical (MR US), Veda Group (VED AU) and Affinity Education (AFJ AU). Capital Structure and Capital Management strategies also contributed positively to the Fund's performance. Biggest negative contributor came from the Stubs strategy. The Fund's average gross and net exposures were 186.3% and 3.2% respectively. Click below to read the latest Fund Manager's Report. |
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