| 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 Fund has a very low correlation and systematic risk (beta) to the FTSE Asia Pacific Total Return Index of 0.06 and 0.02 respectively. For February, the positive performance of the Fund was mostly attributed to the M&A sub-strategy. By region, the investments in Hong Kong/China region resulted the biggest contribution for the month. Australia and Japan were the largest detractors. At month-end, the Fund's gross exposure was at 228.2% and net at 10.1%. Click below to read the latest Fund Manager's Report. |
| More Information |
