| 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's greatest contributions for the month came from Australia and Singapore, with M&A being the most successful strategy. No significant changes were made to the structure of the portfolio during the course of the month. Gross exposures to the 5 key strategies of M&A, Capital Structure, Capital Management, Credit. and Stubs were maintained and, from a regional perspective, Hong Kong, and Japan remained the markets in which the Fund was most heavily invested. The biggest performance detractors came from the Capital Structure and Index Futures strategies. For the month, the Fund's net and gross exposure averaged 13.8% and 223.3% respectively. |
| More Information |
