The fund was launched in January 2013 to provide investors with access to our multi-strategy capability. It is a diversified fund that combines thematic and systematic investment strategies aimed at absolute positive return and income distribution.
The fund:
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Brings together a diverse range of asset classes focused on absolute return
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Is structured to participate when markets are rising while offering protection in falling markets
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Is managed by a highly experienced team with an award winning track record
November 2018 - Latest commentary
We have zero exposure to equity markets in the growth momentum strategy. Elsewhere we now active in nine areas; Synthetic equity options, Global Infrastructure, Renewables, Property, Active Alpha, corporate bonds (short dated), government bonds, alternatives and opportunistic. We continue to hold equity index puts options as downside hedges.
The recent volatility continued through November with the MSCI World Index trading over a 5% range over the month and the S&P 500 index falling over 10% from its all-time high in October. However, a softer tone from the US Federal Reserve prompted a rally in the final days of the month and global equities finished with an overall gain. The main laggard was the UK where the Brexit process continues to frustrate both sides of the argument. Government bonds responded positively to the Fed comments and yields tightened in.
The fund saw positive contributions from equity momentum, synthetic equity, infrastructure and other alternatives. Mid-cap alpha, property, high yield bonds, investment grade bonds were negative contributors and renewable energy was broadly unchanged.
The final month of 2018 will bring the curtain down on a turbulent but (at present) not too painful year for investors. With the exception of US equities most major market indices are negative for the year and would need to see a sizable year-end rally to post positive returns for the full year. For the time being the factors that have dominated the agenda are likely to remain front and centre. From a multi-strategy perspective, we believe that we continue to be well positioned with a blend of diversified long-term income producing investments and option based equity exposure including portfolio hedging.
Previous months’ commentaries are contained within the fund factsheets.