| Report Date | 23 March 2010 |
| Manager | Prodigal |
| Fund Name | Prodigal Absolute Cayman Fund |
| Strategy | Multi Strategy |
| Latest Return Date | February 2010 |
| Latest Return | 2.57% |
| Latest 6 Months | 14.06% |
| Latest 12 Months | 54.84% |
| Latest 24 Months | 36.62% |
| Annualised Since Inception | 14.46% |
| Inception Date | 01 June 2007 |
| FUM (millions) | US$42 |
| 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 | The +2.57% return achieved by Prodigal's Absolute Cayman Fund in February takes its return for 2010 so far to +6.64%. Most of February's result came from the fund's Model Trading activities with returns diversified across pairs and countries, once again benefitting from mean reversion from the wide spread levels seen towards the end of 2009.
Risk Arbitrage also made a positive contribution to the result and spreads in the strategy continue to be attractive. The manager added new deals in the month including acquisitions involving companies listed in Hong Kong, Singapore, Malaysia and Australia.
The fund's Convertible Arbitrage portfolio did not generate significant returns in February and the manager has selectively reduced their holdings in this area. |
| More Information | » View detailed profile of this fund |
