IAM Carrhae Capital UCITS

Investment Objective

The investment objective of the Fund is to seek to generate long-term capital appreciation. The Investment Manager seeks investment opportunities in all global markets, although a particular focus of the Fund will be issuers operating in or substantially exposed to emerging markets i.e. countries in Asia, Latin America, Eastern Europe, the Middle East and Africa. The portfolio has low net exposures and is risk managed with tight constraints by country, factor and sector risk.

Latest Meeting Note

Meeting 06 Jun 2022

Carrhae Capital was funded in 2011 by Ali Akay (ex SAC, HBK) and currently manages around $800m across two distinct strategies: a long/short fund launched in 2011 and a long-only fund launched in 2014 (c. $400m), with the flagship long/s... Read more

Carrhae Capital was funded in 2011 by Ali Akay (ex SAC, HBK) and currently manages around $800m across two distinct strategies: a long/short fund launched in 2011 and a long-only fund launched in 2014 (c. $400m), with the flagship long/short strategy launched in UCITS format at the end of March 2022. The fund is an equity low net strategy focused on fundamental stock selection in emerging markets, with the portfolio highly risk managed with tight constraints in country, factor and sector risk. The fund’s bottom-up investment process is based on deep industry and country level work. At the country level, the team scan for significant changes in financial positions, fiscal and monetary policy, and politics, with a core macro focus on analysing the banking system and how it distributes capital. At the industry level, understanding industry trends and their impact on companies is key to generate consistent medium-term alpha. Cross border industry analysis is one of the ways the team use to identify industry patterns and cycles. At the company level, after the team have identified the perceived winners and losers in any given industry, the next step is the in-depth fundamental bottom-up analysis with the team scrutinising stakeholders alignment, management teams, business strategy, etc to identify perceived corporate out/underperformers in earnings delta vs. the market. The portfolio typically includes around 40-80 ideas (20-40 longs and 20-40 shorts) with a decent level of concentration. Net exposure typically ranges between +30% to 10% vs. 150% to 250% gross.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2021 0.7 0.7 0.6 0.3 0.7 1.0 0.3 0.4 0.9 0.1 0.7 0.8 0.7
2020 0.4 0.8 0.5 0.4 0.9 0.4 0.8 0.2 0.3 0.9 0.5 0.8 1.0

or Register for Free

  • Access the full universe of UCITS Hedge Funds and Absolute Return Funds.
  • Build and curate a watchlist.
  • View the latest research.
Close Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.