Pictet Agora

Investment Objective

The fund follows a long/short investment strategy which is generally market neutral. The fund takes a differentiated catalyst-driven approach leading to a high conviction portfolio that has low correlation to equity markets.

Reference Index

EONIA

Latest Meeting Note

Meeting 17 Jan 2022

Pictet Agora is a European large cap, fundamental market neutral strategy employing a catalyst-driven approach to investing, leading to a high conviction portfolio composed of c. 50 core investment ‘strategies’ (pair trades). The portfol... Read more

Pictet Agora is a European large cap, fundamental market neutral strategy employing a catalyst-driven approach to investing, leading to a high conviction portfolio composed of c. 50 core investment ‘strategies’ (pair trades). The portfolio is market neutral by construction as each position is hedged individually (against individual names, baskets or market indices) to extract alpha and isolate idiosyncratic risk. Nearly all of Agora’s positions fall under three thematic headings (a position may fit all three categories): corporate events, opportunistic trades, structural winners and losers. The corporate events bucket (2/3rd of risk) seeks to identify companies where a defined corporate catalyst (M&A targets within consolidating industries, corporate restructuring, change of management, etc) can unlock value. The opportunistic trading bucket (20% of risk) look at liquidity events, seasonal industry trends, etc with the aim to profit from short-term price dislocations. The structural winners and losers bucket target mispriced or under/over-appreciated stories holding positions over longer horizons (>12 months). The portfolio is run by Vincent Ljaouane (lead PM since September 2021) with the support of 5 analysts (all sector specialists), and target a 8-10% return per annum with a volatility of <10%, with a gross exposure of 225-275%. Positions are dynamically assessed throughout the lifecycle of the investment with a focus on upside and downside risk, and opportunistically sized/hedged by the PM.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2021 0.6 0.8 0.9 0.6 0.6 0.7 0.2 0.7 0.1 0.9 0.8 0.1 0.8
2020 0.9 0.2 0.7 0.1 0.8 0.7 0.4 0.5 0.0 0.4 0.4 0.2 0.2

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