Despite being a very well populated strategy group in offshore hedge funds, the US equity long/short space in UCITS is relatively underserved, with just a handful of funds with more than a five year track record. Schroder GAIA Sirios US Equity was launched in UCITS in 2013 and is based on the longer term offshore strategy that has been run by Sirios Capital Management since July 1999. The strategy seeks to find a concentrated portfolio of 40-60 longs and 50-70 shorts, based on fundamental analysis of predominantly mid/large cap US companies. Over the long history of the strategy, it has outperformed the S&P 500 with lower volatility and strong capital protection, generating alpha on both the long and short sides of the portfolio.
Our monthly performance report highlights the ten best and worst performing funds in each strategy, both for the prior month and the year to date. Featured funds this month include:
GAM Star Discretionary FX
For the full report, please download below:
The largest new launch in the second quarter was the Wells Fargo Global Equity Absolute Return fund which raised £92.1 million to the end of Q2. Elsewhere in new launches this quarter, there was a good mix of strategies including Event Driven (U Access (IRL) Cheyne Arbitrage UCITS), FX (John Hancock Absolute Return Currency) and Credit (Lazard Rathmore Alternative Fund). Overall, there were 12 launches this quarter, raising £350 million. In the last year, we have tracked more than 60 new launches with combined assets of £3.8 billion, showing the continued interest in Alternative UCITS from allocators.
With many multi-asset funds relying on fundamental research and discretionary decision-making processes to make asset allocation decisions, the THEAM Quant – Multi Asset Diversified stands out from the crowd. Sitting somewhere between a multi-asset fund and a traditional trend follower, the fund offers an interesting approach that utilises momentum within a constrained asset allocation framework that overweight’s long positions. Whilst the strategy is able to take short positions, it does this in a much more constrained fashion than other more ‘pure’ trend followers.
Schroder GAIA Sirios US Equity
Monthly Fund Performance Report - July 2018
Alternative UCITS Quarterly Report: Q2 2018
BNPP - Multi Asset Diversified
AH UCITS Index
|AH Global Index||0.12||-0.2||-0.8||0.5||3.6|
|AH Credit Index||0.27||-0.3||-0.8||-0.6||1.5|
|AH Equity Long / Short Index||0.29||-0.5||1.1||3.3||6.9|
|AH Event Driven Index||-1.12||-0.3||-1.4||-2.4||1.5|
|AH FX Index||2.43||-1.3||0.7||-1.6||-3.8|
|AH Macro Index||0.44||-0.9||-1.4||-1.1||1.7|
|AH Managed Futures Index||-1.06||1.5||-5.6||-2.3||2.6|
|AH Market Neutral Index||-0.03||0.3||-0.4||0.1||1.4|
|AH Multi Asset Index||0.51||-0.3||-0.7||2.1||6.2|