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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 | January's underperformance was largely driven by the International long term portfolio which detracted -1.02%. Some of this detraction came from Peru (-0.16%) and Canada (-0.17%) due to the portfolio's underexposure to copper and silver, both of which were up approximately +7% for the month. U.S. Large caps and U.S. mergers and acquisitions also detracted a combined -0.30% from the performance. On the positive side, overweight positions in Incyte Corp. and Vertex held due to their strong Patent model score, outperformed for the month. |
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