UBS Equity Opportunity Long Short

Investment Objective

This fund is a long-short equity strategy, seeking to exploit short and mid-term stock price anomalies in companies based mainly in Europe, with opportunistic investments globally.

Latest Meeting Note

Meeting 08 Feb 2023

The fund employs a bottom-up stock selection process using a differentiated "3-circle" approach that has remained relatively unchanged since 2004, but has been constantly enhanced with advancements such as AI and big data in quant models... Read more

The fund employs a bottom-up stock selection process using a differentiated "3-circle" approach that has remained relatively unchanged since 2004, but has been constantly enhanced with advancements such as AI and big data in quant models. The team believes that market inefficiencies can be exploited and that the market tends to overestimate the upside and underestimate the downside. The process is generally factor and style-agnostic, with a focus on risk-reward, and seeks stocks with strong upside potential and limited downside risk. The 3-circle approach includes fundamental, quantitative, and qualitative analysis, in that order, with companies required to pass through each stage during the research phase. Fundamental analysis is comprehensive, incorporating the work of 75 equity analysts and PMs from UBS, as well as nearly 300 independent external research analysts from various sources, such as subscription services and industry research firms. Once a company has passed the internal and external verification process, it is run through an extensive quantitative framework that analyses a wide range of statistics including risk-return, trading history, and ratios. Finally, the qualitative analysis focuses on the company's overall ESG profile and the alignment of management incentives with shareholder interests. Both long and short positions are weighted around 1-3%, and the portfolio has a historical net of 30-40%, but can range from -30% to +70%.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.2 0.9 0.8 0.2 0.9 0.5 0.7 0.6 0.2 0.2 0.8 0.7 0.0
2022 0.3 0.2 0.6 0.0 0.2 0.1 0.5 0.9 0.4 0.2 0.2 0.4 0.3

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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.