WS Lancaster Absolute Return

Investment Objective

The fund aims to achieve a positive absolute return independent of market conditions over the medium to long term. The fund will seek to achieve its investment objective by investing in or taking exposures (using both long and synthetic short positions) to a range of asset classes worldwide. The fund may therefore invest in any, or all, of the following: equities and equity related securities (including OTC derivatives), fixed and/or floating rate debt securities issued by governments and/or corporate entities, closed ended funds, collective investment schemes, derivatives, forward foreign exchange contracts, currencies and cash and cash equivalents.

Reference Index

Primary: Cash; Secondary: MSCI World

Latest Meeting Note

Meeting 18 Oct 2023

The ex Odey Absolute Return team led by James Hanbury and Jamie Grimston have officially moved to Lancaster IM, with their full product suite (7 funds) successfully transferred under the new umbrella. There have been no changes to the st...

The ex Odey Absolute Return team led by James Hanbury and Jamie Grimston have officially moved to Lancaster IM, with their full product suite (7 funds) successfully transferred under the new umbrella. There have been no changes to the strategy nor to the 7-member team (who have worked together for more than 10 years). The Fund is currently broadly market neutral with a strong pan European overweight on the long side. Given the elevated starting point for market valuations and the degree to which discount rates have risen the team feel that a less directional market stance is now appropriate. That said they are increasingly finding interesting entry points for high quality companies in selective areas of the market. On the other side, the short book is more skewed towards the US and contains many unproven business models that are trading on high multiples.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.8 0.4 0.4 0.9 0.3 0.1 0.5 0.2 0.6 0.2 0.5 0.8 0.7
2022 0.7 0.1 0.4 0.3 1.0 0.1 0.9 0.7 0.3 0.6 0.7 0.2 0.0

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