Investment Objective
The fund aims to achieve high single digit returns (net of fees) with below 7% volatility; a low correlation to equity indices; and downside protection through disciplined risk management. The strategy seeks to take advantage of temporary stock mispricings occurring before or after a corporate event takes place. It captures investment opportunities through Short/medium-term catalysts including equity capital market trades, thematic and special situations; and M&A - either pre-event or announced.
Reference Index
Euro Short Term Rate (€STR) (EUR)
Latest Meeting Note
Meeting 30 Jun 2023
The fund is a Pan-Asian equity Event Driven and Special situations strategy that aims to exploit a rich, less-crowded and differentiated opportunity set, including short to medium-term corporate catalysts, and longer-term secular themes ...
The fund is a Pan-Asian equity Event Driven and Special situations strategy that aims to exploit a rich, less-crowded and differentiated opportunity set, including short to medium-term corporate catalysts, and longer-term secular themes such as the growth of South East Asian and the improving corporate governance in Japan. The portfolio is managed by Jon Withaar (ex Millenium) who has 20+ years experience in the region with the support of two dedicated analysts (all based in Singapore). The strategy invests across three main areas: announced M&A (approx. 1/3rd of risk), pre-event (pre-announced speculative situations, sales processes, auctions, etc; up to 10% of risk) and defined catalysts (ECM, thematic and special sits), with the latter sleeve representing the largest portfolio allocation. The final portfolio typically comprises 25-40 situations with an average position size of 1.5-2%. The fund is run with a low net exposure (20-305 ex. cash M&A) vs. 120-160% gross.
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.4 | 0.3 | 0.5 | 0.1 | 0.4 | 1.0 | 0.1 | 0.8 | 0.8 | 0.4 | 0.7 | 1.0 | 0.3 | |
| 2022 | 0.7 | 0.2 | 0.2 | 0.1 | 0.4 | 0.1 | 0.8 | 0.7 | 1.0 | 0.7 | 0.8 | 0.2 | 0.8 |
