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| 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 | Negative developments continued to affect the M&A sub-strategy, in particular, the state directed 'SOE Reform' deal in West China Cement (2233 HK, WCC). The Stub Strategy remained robust posting a strong contribution to the overall performance of 87 bps. The two stub trades in Thailand alone contributed the majority of this, namely Quality Houses (QH TB) and Advanced (ADVANC TB) / versus Intouch (INTUCH TB). Within the Fund's directional strategy, the Earnings Surprise strategy contributed favourably to overall performance. The opportunity set in Asia remains robust, and reflecting this, the Fund's gross exposure remained high at 241%, whilst equity beta risk was kept low. Click below to read the latest Fund Manager's Report. |
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