Investment Objective
The Perspective Invest American Absolute Alpha UCITS Fund will aim to provide positive absolute returns by employing a long /short equity investment strategy that is focused predominantly on North America. The mandate of the Fund is to deliver longer-term capital appreciation for investors within a low, but variable net exposure framework of -20% to +20% that does not subject investors to the cyclicality of broader equity markets. The team’s investment process synthesizes fundamental bottom-up analysis with top-down analysis, with an emphasis on risk assessment and quantitate analysis in a process that has been labelled Alpha-Rollup.
Latest Meeting Note
Meeting 20 Dec 2022
The Perspective American Absolute Alpha Fund successfully launched in November 2022 and is managed by veteran PM Stephen Moore who is back to the market after successfully managing the same low net equity strategy at Artemis (2014-2019; ...
The Perspective American Absolute Alpha Fund successfully launched in November 2022 and is managed by veteran PM Stephen Moore who is back to the market after successfully managing the same low net equity strategy at Artemis (2014-2019; peak AUM of over $3.6bn) and previously at Columbia/Threadneedle (2010-2014). The fund aims to generate consistent returns across all market conditions with low correlation to traditional asset classes and limited drawdowns by utilising a First Principles based investment approach. Portfolio construction combines multiple ‘investment modules’ which synthetise bottom-up and top-down information to establish risk/reward hypothesis, with the team leveraging advanced data-analytics. Fundamentals (probabilistic modelling of company performance), automated analysis of Accounts (focus on financial dimensions), Thematic analysis, Market Structure (triangulate current market activity), Economic, Financial Systems and Alpha Extension (use of single stock derivatives) are the key inputs to the team’s Alpha Roll-up strategy. The final portfolio is US centric and very diversified with 50-80 long and 60-110 short. The fund’s net exposure typically ranges between -20% and + 20% vs. c. 125% gross.
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.3 | 0.9 | 0.3 | 0.2 | 0.9 | 0.2 | 0.5 | 0.3 | 0.4 | 0.2 | 0.2 | 0.6 | 0.6 | |
| 2022 | 0.4 | 0.2 | 0.2 | 0.7 | 0.4 | 0.3 | 0.5 | 0.7 | 0.8 | 0.3 | 0.5 | 0.9 | 1.0 |
