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| Fund Overview | PanAgora believes the best way to find opportunities in the global markets is to combine fundamental analysis with robust quantitative techniques in order to filter the investment universe and select the investments. The Fund invests primarily in listed equity securities from a global universe of developed markets and a select group of emerging market countries. The Fund's objective is to seek absolute returns by identifying and exploiting multiple inefficiencies that may exist in global equity markets. These inefficiencies are primarily exploited through the use of a long/short equity strategy which aims to construct a portfolio that is generally neutral to market movements. As such the performance of the investment strategy is largely independent of the market's performance. The Fund seeks to achieve its objective by using a diversified set of strategies that have low correlation to one another. In addition, because many of these strategies are designed to generate profit under different market conditions, their combination is expected to result in more stable returns over time than any individual strategy in and of itself. |
| Manager Comments | The healthcare sector was the biggest detractor costing the portfolio approximately 1% for the month. While the long term portfolio ended the month down 1.72%, the intermediate term portfolio rose 0.55%. March was a good month for M&A trading and a number of deals that have been in the portfolio for some time closed. At month-end, the Fund's total gross exposure was 388% and zero net. Click below to read the latest Fund Manager's Report. |
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