| 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 | With volatility being a constant feature of markets in 2016, the holding company sub-strategy has performed very well during this market environment. This sub-strategy contributed +1.6% of the March return. The Fund's database has been very active in tracking and exploiting opportunities across all regional Asian markets. The M&A sub-strategy also worked well during the month and contributed +0.42% to the performance. However, the Fund performance was dragged down by a long position in Quam Limited (952 HK) which experienced regulatory delays to completion. Click below to read the latest Fund Manager's Report. |
| More Information |
