| 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 | In the Stub universe, the position in Wharf/Wheelock, added favourably to overall performance. Also, the Fund's long/short position in Evolution Mining/Newcrest Mining contributed 38 basis points to overall performance. The M&A sub-strategy also posted a small contribution of 0.1% for the month, bring the total return for the current year to 2.9%. There were several M&A deals that successfully completed over the month including Cover More, Yingde Gases, and Innovalues. During the month, the Fund's net and gross exposures averaged 16.1% and 173.2% respectively. |
| More Information |
