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| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
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| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 long-term portfolio detracted -0.87% with most of the underperformance coming from the U.S. large capitalisation stocks. Intermediate-terms strategies detracted -0.45%, while short-term strategies contributed +0.11%. In the long-term portfolio, detractors included Spirit AeroSystems and Edgewell Personal Care, both of which remain long positions in the portfolio due to their good alpha scores. International positions in developed markets contributed +0.47% with good performance coming from Europe, in particular the UK and Sweden. Emerging Markets positions contributed +0.14%, with South Africa and Turkey contributing the most. The intermediate strategies detracted -0.36% due to U.S. merger arbitrage related trades where spreads widened in a volatile market. Pengana noted that this presents an opportunity to enter in to new trades at attractive levels. The short-term strategies contributed +0.09%, primarily due to good performance coming from Pengana's Analyst Day strategy. |
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