Share Class


Cumulative Performance (%)

Fund Inception 30 June 2010

Daily Monthly Ytd 1Yr 3Yr 5Yr Incept. Incept.Date

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Strategy & Manager

Funds Strategy

Equities began the month by building on their 2019 gains, but most indices ended January in negative territory after markets fell in the final two weeks. Technology stocks continued to outperform the wider market, particularly in the United States, while the energy and materials sectors fell alongside declining oil and base metal prices. Conditions proved favourable for bonds and precious metals. Yields on government bonds fell across the board, gold prices rose to their highest levels since 2013 and palladium futures soared to a record high of $2,300 an ounce. The US dollar also appreciated against most major currencies, with notable moves versus the Australian and New Zealand dollars.

The fund delivered a negative return during the month, as gains from fixed income and currencies offset losses in energies and metals. Profits in fixed income were derived from long exposure to US government bonds, while a gain in currencies mostly accrued from a short position in the euro. Energies were the largest detractor from returns, despite the fund profiting from short exposure to natural gas. Long positions in Brent crude, gasoline and heating oil accounted for most of the losses. In metals, a long position in copper cancelled out profits from gold and aluminium.

Investment Manager

Winton is a global investment manager founded in 1997 specialising in systematic trading through scientific research and statistical analysis
techniques to develop proprietary trading systems (for the international asset markets.

Winton pursues a diversified trading strategy which does not necessarily rely on favourable conditions in any particular market or on general appreciation of asset values. The research focused company is led by scientist David Harding (with a 25 year track record) and a team of 86 researchers.

Key Persons

David Harding
Founder , CEO & Co- CIO
David has been at the forefront of systematic investment management for 30 years. He has founded two successful investment management companies: the first, AHL, was sold to Man Group in 1994; he launched the second, Winton, in 1997. A graduate of Cambridge University, David received a first-class Honours degree in natural sciences, specialising in theoretical physics. He founded Winton on the continuing belief that there exist long-term rewards for scientific research into financial markets.

Jonathan Duke
Jonathan is jointly responsible for Winton’s investment management activities and is a member of Winton’s Investment Board. Jonathan was previously Chief Risk Officer and before that Head of Investment Systems and Assistant Chief Investment Officer. He has led several key research projects and was integral to the development of Winton’s successful China business.
Jonathan joined Winton in 2004, as a software developer, moving into the Research division in 2006 after completing a Master’s degree in machine learning at University College London. He holds a BEng in information systems engineering from Imperial College.

Carsten Schmitz
Head of Research
Carsten is responsible for the management of Winton’s quantitative research division. He chairs Winton’s Research Management Board and is a member of Winton’s Investment Board.
Prior to assuming his current role, Carsten oversaw the management and development of Winton’s investment strategy, having previously led the firm’s research in Zurich. Carsten joined Winton in 2008 as a senior scientist, after earning a Diploma in physics with distinction from RWTH Aachen in Germany and a PhD with distinction in particle physics from the University of Zurich. For his PhD and postdoctoral position, Carsten worked at the DESY collider facility in Hamburg, analysing data from high-energy particle collisions.

Dan Mercer
Deputy Chief Investment Officer
Dan works closely with the Co-CIOs and leads the oversight and development of Winton’s quantitative long-short and long-only equity strategies. Since joining Winton in 2005, Dan has been central to Winton’s research into single-stock equities and is responsible for leading the development of many of the signals that form the basis of the firm’s equity systems. Prior to joining Winton, Dan was reading for a Doctorate in applied statistics at the University of Oxford, specialising in geological fault detection in digital elevation maps. Dan holds first-class degrees in applied statistics from the University of Oxford and mathematical statistics & operational research from the University of Exeter.

Statistics & Commentary


The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Investment Manager's Commentary

as of 28/02/2020

Market Review and Outlook

Stock markets fell sharply in the final week of the month and oil prices posted double-digit losses amid concerns over the economic effects of the spread of COVID-19. The market correction came after US and European stock indices reached record highs in the middle of the month. From a sector perspective, energy stocks were the worst performers, while communication services and healthcare stocks fared better. Government bonds rose over the month. The US dollar also strengthened against most major currencies, but gave back part of these gains towards the end of the month, alongside expectations that the Federal Reserve would cut interest rates twice during 2020, instead of the one cut previously priced in.



The fund ended February down after the equity market reversal erased profits made earlier in the month. Net long exposure to stock index futures accounted for most of the losses. Mixed positioning in currencies also resulted in negative performance overall, as profits from the euro and Brazilian real were cancelled out by losses in the British pound and Indonesian rupiah. In commodities, losses were led by silver and gasoline, which outpaced profits in natural gas, copper and live cattle. Fixed income reduced the losses, with the fund profiting from long exposure to longer-dated US Treasuries and German bunds.

Facts & Documents


Fund Domicile: Luxembourg


Fund Launch: 30 June 2010

Base Currency: USD

Depositary, Administrator, Transfert Agent: RBC Investor Services Bank S.A.

Dealing: Each day with a 1-day notice

Cut-off time: 3 pm CET

Management Company: Alma Capital Investment Management

Investment Manager: Winton Capital Management Ltd

Countries where the fund is registered:
Austria, Belgium, Denmark, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Spain, Singapore, Sweden, Switzerland, United Kingdom


ISIN: LU0627756538   Ticker: DBSI1CC LX    Launch: 8 Jun 2011

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