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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 | In the long-term portfolio, positions in the U.S. detracted -1.29% for the month. The U.S. alpha model underperformed as growth and sentiment metrics disappointed. Consumer Discretionary (-0.47%) and Consumer Staples (-0.45%) were the largest sector detractors. International positions contributed +0.50% as value and momentum related factors performed well. On a country basis, Japan (+0.37%) and the UK (+0.34%) were the top contributors. The Fund's intermediate-term strategies were flat and short-term strategies detracted -0.21% due to the underperformance of the Analyst Days strategy and Index Reconstitution trades. |
| More Information |
