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Alchemy Fund Multi-Strategy July 2008 Fund Objective “The fund is a single manager multi-strategy fund investing The Alchemy Fund is a multi-strategy fund utilizing principally equity pair-wise long/short and fixed income pair-wise long/short strategies with the goal in the entire range of South of achieving positive absolute returns regardless of market conditions. African instruments using a number of different strategies. Investment Strategy The fund is suitable for inves- tors who have a long-term in- Equities: In order to exploit mispricing at the single instrument level, and to not become disguised “sector beta jockeys”, economic sector neutrality is vestment horizon.” sought through long/short economic sector pairs where company-level mispricing is apparent. Such sector neutrality also concurs with our skepticism of forecasting, all other things being equal. This can clearly only be exploited where under- and overvalued candidates exist within a particular sector. Despite the common belief that companies within sectors and industries are often overpriced (or underpriced) simultaneously, our experience is that this is often not the case in the short and medium term. We believe specific “sentiment gaps” within a sector can be exploited, and that this is a pure form of About the fund utilizing our alpha generating ability. Additionally, limited outright long (or short) single company strategies will also be used in extreme valuation cases. Strategy Multi-Strategy Bonds: We use entirely similar thinking in this asset class, but substitute our sector neutral stance with general duration neutrality, again obviating the need to attempt forecasting - in this case future yield curve gyrations. Fund Status Open Fund Manager Fund Manager Rowan Williams-Short: Rowan Williams-Short Pierre Marais Rowan Williams-Short (Age 45 – MSc ,CFA; FIFM) In 1989, Rowan joined Old Mutual Investments (later OMAM, now OMIG), where he spent 5 years in a Douw Steenekamp variety of positions including bond analyst, equity and fixed interest derivatives analyst, bond portfolio manager and head of derivatives. He left Old Dudu Tembo Mutual in 1994 to join Prudential Portfolio Managers (South Africa) as an analyst and was appointed as a Director and CIO responsible for all aspects of SA portfolios. In 1999 Rowan joined African Harvest Fund Managers as the CIO of the African Harvest Value Equity and the Fixed Interest teams and subsequently was appointed CEO of the amalgamated African Harvest Fund Managers. He left African Harvest Fund Managers to join Nedgroup Investment Advisors (UK) in 2005 as the CIO and was based in London. Rowan established Orthogonal Investments (Pty) Ltd in 2006 and is the CIO. Pierre Marais Pierre Marais (48 - PhD, MBA) has 10 years of investment experience. He completed a Post-doctoral fellowship at Oxford University in 1991. From 1992, Pierre spent six years at Engen Petroleum Ltd where he held the positions of Product Manager and Strategic Projects Manager. Pierre joined Prudential Portfolio Managers in 1998 where he spent a year as an equity analyst. In 1999 he joined African Harvest Fund Managers as an equity analyst and was later appointed as a portfolio manager. Pierre is a founding partner of Orthogonal Investments (Pty) Ltd and is currently an analyst and portfolio manager. Key Features Peregrine Investment Managers Variable rate debenture (VRD) Authorised FSP Investment Structure (Pty) Ltd with vesting trusts Domicile South Africa Issuer PIM Investments (Pty) Ltd Currency ZAR Subscription Monthly Fund Inception 1 April 2007 Redemption Monthly (30 days notice) Fund Trustees Citadel Trust Limited Initial Lock-up No lock-up period. Administrator Maitland Fund Services (Pty) Ltd Fund Auditors PKF (Jhb) Inc. Prime Broker Peregrine Equities (Pty) Ltd Legal Advisors Deneys Reitz Inc. Peregrine Investment Management Fee 1% Performance Fee 20% Managers (Pty) Ltd 6A Sandown Valley Crescent Sandown, 2196, Sandton South Africa Important Information Tel: +27 11 722 7400 Fax: +27 11 722 7565 firstname.lastname@example.org This document is a summary only, for full disclosure of details, please refer to the investor memorandum or contact Quinzereen Scheepers. As with all investment www.peregrine.co.za/pim strategies, there is a risk of loss. Past performance is not necessarily indicative of future results, values can go up and down. Peregrine Investment Managers (Pty) Ltd is an asset management company registered with the Financial Services Board (FSB) as an authorised discretionary Financial Services Provider, licence number 532. Authorised Financial Services Provider This is a confidential document and is directed at the recipient and/or the recipient’s advisors and is not publicly available. It is for information purposes only and in no way constitutes an offer or solicitation of funds. Hedge funds are not regulated by the Financial Services Board.
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