Investment Objective
Managed by Barry Norris, the Argonaut European Absolute Return Fund aims to provide absolute returns in sterling from European markets utilising a variety of asset classes and regardless of market conditions. The fund is a high conviction portfolio and can invest across the pan-European region.
Latest Meeting Note
Meeting 08 Jun 2022
2022 has been a very strong start to a year for the fund (+26.1%) as PM Barry Norris has tilted the long-book heavily towards commodity-related stocks (c. half of the long book), with Barry bullish on the current and future opportunity s...
2022 has been a very strong start to a year for the fund (+26.1%) as PM Barry Norris has tilted the long-book heavily towards commodity-related stocks (c. half of the long book), with Barry bullish on the current and future opportunity set relating to the commodity sector. Since October 2021 the PM has been of the outlook of a stagflationary environment and has been positioning the portfolio accordingly. On performance, it has been wide spread across positions YTD with no more than 200bps made in a single stock with notable alpha generated on both sides of the books.
Performance
| JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | YTD | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.0 | 0.5 | 0.3 | 0.3 | 0.7 | 0.4 | 0.2 | 0.5 | 0.3 | 0.4 | 0.2 | 1.0 | 0.5 | |
| 2022 | 0.7 | 0.6 | 1.0 | 0.2 | 0.6 | 0.7 | 0.3 | 0.2 | 0.9 | 0.9 | 0.6 | 0.1 | 0.3 |
