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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 | The month's performance was driven by the long-term portfolio (+0.86%), primarily the international (ex U.S.) sleeve. Attribution wise, Japan was the top performing country contributing 0.59%. From a sector perspective, the largest contributor was Consumer Discretionary, which returned 0.79%, with both long and shorts contributing. Energy was the largest detracting sector for the month, with the majority of the underperformance coming from the Oil, Gas and Consumable Fuel industy, where several companies missed earning expectations. The intermediate strategies detracted slightly from returns in February (-0.03%) due to a few U.S. merger arbitrage related trades. The short-term portfolio contributed +0.04% to performance, with positive performance coming from news related and index reconstitution strategies. |
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