| 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 M&A sub-strategy posted a positive return of 1.1%, with the position in Yingde Gases being the biggest contributor to the overall performance (25bp). The Fund's position in Huabao and in Ichiko Industries also performed favourably for the month. The overall gross exposure in the M&A sub-strategy came down from 63% to 49% on the back of some M&A deals successfully completing. The Stubs-Strategy was also positive for the month, returning +0.37%. The Wheelock Holding / Wharf was the biggest contributor, gaining 7% in relative terms. However, the Capital Raising and Options strategies detracted from the month's performance. |
| More Information |
