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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | KIS noted that in January the Fund suffered 106bp of losses due to usage of index futures and options to hedge the portfolio of stock positions which had a long bias. They contrast this with a gain of 160bp in February, noting that over the two months 1/3 of the Fund's gains came from long positions and 2/3 from shorts. In February, the Fund suffered on long stock positions with China Life Insurance Company Ltd H Share contributing a loss of 30bp and Flamingo AI contributing a loss of 28bp. On the short side, in addition to the gains from index hedges of 160bp, the Fund also made 42bp on the decline in share price of Vocus Group, a position KIS have now closed. In KIS Capital's latest commentary they give their view on the market decline in February. They noted that the decline was attributed by many to a positive feedback loop between increasing volatility, declining prices and shifts in correlation in bonds and equities with risk parity/targeted volatility strategies being blamed, and that the rally later in the month seemed to be supported by US corporate buyback programs. |
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