| Report Date | 23 November 2009 |
| Manager | Prodigal |
| Fund Name | Prodigal Absolute Cayman Fund |
| Strategy | Multi Strategy |
| Latest Return Date | October 2009 |
| Latest Return | 4.10% |
| Latest 6 Months | 34.53% |
| Latest 12 Months | 72.69% |
| Latest 24 Months | 28.69% |
| Annualised Since Inception | 14.33% |
| Inception Date | 01 June 2007 |
| FUM (millions) | US$35 |
| Fund Overview | Prodigal Absolute Return is an equity multi-strategy absolute return fund. It targets absolute returns, rather than those linked to any particular benchmark portfolio. Returns are generated through investment in assets or combinations of assets expected to earn a return in excess of the cost of funds and the additional risk taken. The portfolio is invested in a number of strategies, focusing on distinct opportunities in the market. Prodigal is seeking to expand the range of strategies through which it can identify opportunities that meet its investment criteria. The current strategies are: statistical trading, convertible arbitrage, risk arbitrage (including capital structure arbitrage). The strategic allocation across the three strategies is an equal weighting, in order to maintain a well diversified portfolio across all market cycles. |
| Manager Comments | Prodigal's Absolute Cayman Fund had another strong performance in October, up 3.87%, continuing a trend that has seen the fund gain almost 60% since the start of this year.
The manager says that their Convertible Arbitrage strategy performed strongly with two positions experiencing large increases in value. However the portfolio reduced holdings in some positions that had a limited expected return.
On the Risk Arbitrage side opportunities are increasing as the number of deals being announced over the last few months has increased significantly. The fund's capital allocated to Risk Arbitrage has increased as a result which the manager says is in line with previously expressed expectations of forthcoming opportunities for the strategy. |
| More Information | » View detailed profile of this fund |
