The fund is a clone of the Athenaeum Equities Fund, with an identical investment philosophy, process and risk profile under the Luxembourg (UCITS) regulatory framework. Asia Absolute is an active long/short equity fund that focuses on Asia ex-Japan equities with long bias. Asia Absolute is a high conviction fund with a concentrated portfolio of 25–40 stocks, on average. Bottom-up stockpiling accounts for 80 percent of the investment process—the balance reflects a top-down macro overlay. Macro factors are evaluated with a view towards balancing risk with equity returns.
Athenaeum Asian Equities Fund
The Athenaeum Asian Equities Fund aims to deliver risk-adjusted total returns from equity investments in Asia ex-Japan. Stock selection is made through fundamental research to identify inexpensive earnings growth, while managing macro risks. The fund adopts a long bias equity investment strategy. Bottom-up stock-picking accounts for 80 percent of the investment process with the remaining 20 percent coming from a top-down macro overlay. Shorts are taken on a macro level on markets. Stocks are identified after analysis for growth, management attributes, financial rigour, yield and absolute valuation levels. A thematic approach is further applied to include stocks on the basis of five themes: affluence; best of breed; commodities and consumer price index hedging capability; dividend yield; and energy and environment. Macro factors are evaluated with a view towards balancing risk with equity returns. The fund manager selects a concentrated portfolio of about 20–25 stocks on average.
Renminbi Opportunities provides cash management capabilities by investing mainly in offshore RMB liquid high-grade CDs/time deposits and provides a yield pick-up through investment-grade bond allocation. With rapid internationalisation of RMB as a trading currency and China’s strong economic growth profile, this fund provides a higher-yielding alternative with daily liquidity as compared to traditional time deposits. The fund operates under the Luxembourg (UCITS) regulatory framework.
Renminbi Opportunities Fixed Income
Renminbi Opportunities Fixed Income fund invests in commercial paper debt securities of issuers with first-quality credit ratings, and other debt instruments. The fund provides access to superior risk-adjusted yield achievable on the short-term RMB offshore bond market through active duration management targeted at 2–5 years. The fund operates under the Luxembourg (UCITS) regulatory framework.