A concentrated, benchmark agnostic emerging markets equity long short strategy (long biased), run by Chief Investment Officer Ed Butchart and Co-PM CJ Morrell. Fundamental stock analysis underpins a clearly defined investment process, with macro analysis used to identify potential tailwinds and risks. The strategy is typically managed with a net market exposure of between 60% and 100%, however due to the quality bias of the long book as well as the use of FX overlays, index shorts and single name shorts, the fund has proven its ability to protect capital in difficult environments for emerging market equities.
A fundamentally driven, equity long short strategy focussed on the technology sector. The strategy combines top down identification of evolving themes with bottom up stock selection, with the aim of identifying the long term winners and losers created by the highly disruptive nature of the sector. The strategy has been run in offshore format since 2010 and delivered material absolute returns for investors, annualising at almost 14% (net of fees). The strategy is a welcome addition to the UCITS universe which is very underpopulated with sector specialist long short strategies, and we expect the fund to see good traction with investors.
A systematic equity market neutral strategy investing in a portfolio of developed market equities, and targeting a volatility of 10%. The strategy uses five well recognised equity investment style factors that have been extensively researched in academic literature. These are: value, size, momentum, volatility and growth at a reasonable price (GARP). The strategy has been run live since October 2014, and in UCITS since July 2015. Since inception it has delivered attractive returns with no correlation to traditional asset classes. Importantly the fund has displayed no correlation to wider asset classes: -0.06 to the MSCI world and 0.01 to the Citi World Government Bond Index respectively.
Anavon was founded in 2011 by Avi Fruchter and Avraham Mevorah who had both previously worked at leading hedge funds, where Fruchter focused on long short equity investing while Mevorah has a background in credit investing. Together they have built Anavon based on the philosophy that markets typically overreact to short term news, which creates opportunities for fundamental investors with a longer-term outlook. The strategy is a concentrated book of the team’s best long and short ideas (circa 25 positions each), with a typical net exposure of around 50% (beta adjusted). Since inception in January 2011 the strategy has generated annualised returns of 6.2% with a volatility of 7.9%.
KLS Sloane Robinson Emerging Markets
Schroder GAIA Contour Tech Equity
F&C Global Equity Market Neutral
Tages Anavon Global Equity Long Short
AH UCITS Index
|AH Global Index||1.39||-1.6||1.4||4.7||3.6|
|AH Credit Index||0.57||-0.5||0.6||1.7||1.5|
|AH Equity Long / Short Index||1.71||-1.4||1.7||7.6||6.9|
|AH Event Driven Index||0.35||-0.8||0.3||1.6||1.5|
|AH FX Index||0.03||-0.7||0.0||-2.8||-3.8|
|AH Macro Index||1.32||-1.1||1.3||3.2||1.7|
|AH Managed Futures Index||4.91||-5.8||4.9||8.6||2.6|
|AH Market Neutral Index||0.68||-1.2||0.7||1.7||1.4|
|AH Multi Asset Index||1.06||-2.6||1.1||6.7||6.2|
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