| 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 drawdown was largely due to unsystematic factors including M&A deal breaks. The Fund was resilient around the Brexit event, with minimal impact on the portfolio from this macro event. The Fund was hurt by two positions which were unexpectedly delayed or called off; namely Inotera Memories (3474 TT) and West China Cement (2233 HK). Collectively, these two deals negatively impacted the Fund by -4.60%. The Fund navigated the month with an average gross and net exposure of 247.2% and 11.3% respectively. The Index Futures and Capital Raising strategies contributed positively to the Fund's June performance. Click below to read the latest Fund Manager's Report. |
| More Information |
