Lazard Global Investment European Alternative - EA Acc EUR CAP
Schroder GAIA Egerton Equity - C CAP
Assenagon Alpha Volatility - I DIS
Ulysses LT European General - A EUR CAP
Investment objective and policy
The aim of this fund is long-term capital appreciation via a diversified portfolio of assets while targeting lower volatility than the equity markets. This flexible fund of funds has no geographical, sector or monetary restriction and invests mainly in UCITS and other UCIs. The proportion of investments in the various asset classes will depend on market circumstances. The maximum equity weighting permitted is 50%.
Management report - 4th Quarter 2018
The last quarter of 2018 was very difficult for investors on the financial markets as the world's leading equity markets all posted their worst quarterly performance since the great financial crisis of 2008. It was probably not down to chance that it was during this quarter that the central banks as a whole shifted from a period of quantitative easing to quantitative tightening. Added to this were a number of other risk factors like the US-China trade war and persistent uncertainty over Brexit. In 2018, the fund posted a negative 4.51%. In the fourth quarter of 2018, the fund depreciated by 3.54% in the wake of the equity markets' dramatic correction over the period (EuroStoxx 50: -11.5%; S&P 500: -13.7%). The portfolio was defensive until the end of November, having fittingly resisted the first wave of the autumn correction. But the decision to resume taking on risk in order to participate in a year-end rally cost 2.21% in December alone. However, one of the causes of this performance was also the difficulty of active management in a correcting market. The majority of actively managed funds underperformed the indices, sometimes very significantly. The result of this was to amplify the portfolio's losses and make index-based hedges less effective than expected. The portfolio has begun 2019 with quite a high equity risk to try and capture a potential technical rebound but this level of risk will not be maintained for a long period and will be very actively managed in light of upcoming developments in US-China trade relations and Brexit.
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