Fulcrum Thematic Equity Market Neutral

Investment Objective

The Fulcrum Thematic Equity Market Neutral Fund seeks to deliver capital growth over the long term by investing in listed global equities and equity indices directly or through derivatives in a rigorously market neutral manner. The Fund aims to maximise returns with a target volatility of 6-8% with low correlation to global equity markets.

Latest Meeting Note

Meeting 12 Oct 2020

The Fulcrum Thematic Equity Market Neutral Fund was launched in early August 2020 with c. $120m and is a direct carve out of the strategy from the Fulcrum Diversified Absolute Return Fund. The fund is a fundamental, discretionary equity ... Read more

The Fulcrum Thematic Equity Market Neutral Fund was launched in early August 2020 with c. $120m and is a direct carve out of the strategy from the Fulcrum Diversified Absolute Return Fund. The fund is a fundamental, discretionary equity strategy that captures long-term (2-5 year) themes in a beta neutral manner. The fund looks to maximise net returns with a volatility of 6-8%, with strict management of the net (+/-20%) while running a gross of <300%. The portfolio is highly diversified across 20-30 themes and invests in publicly-traded stocks, plus sector and country indices and options. Fawaz Chaudhry (ex-Moore Capital) leads the thematic equity team, building upon 10 years of experience running a thematic equity strategy. The investment philosophy focuses on the impact of long-term trends (economic, technological, demographic, social, regulatory and consumption), while also looking to capitalise on the second and third-order effects of structural trends as well. On average a theme is present in the portfolio for 74 weeks and the objective is to maximise exposure to the theme in a highly diversified manner, with the team seeking to maximise the number of constituent members within a theme. Themes can either be long or short vs an index and also relative value in nature. Some of the current themes (at the time of writing) include; Long China Technology, Long Gold Royalties, New vs Legacy Payments, Short Physical Retailers, Short Global Airlines, LNG Producers vs Pipelines).

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2019 0.8 0.2 0.4 0.6 0.9 0.4 0.6 0.4 0.9 0.3 0.7 0.6 0.9
2018 0.4 0.8 0.9 0.8 0.8 0.9 0.4 0.5 0.6 0.6 0.7 0.1 0.3

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