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Overview

Share Class

NAV

Cumulative Performance (%)

Fund Inception 23 July 2013

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

InRis Parus Fund (the “Fund”) is an open-ended UCITS compliant fund with Parus Finance (“Parus”) acting as the Trading Advisor.

The objective of the “Fund” is to generate absolute returns by using a long / short equity strategy. This strategy is mostly long growth stocks and shorts companies with a structurally declining business. In order to achieve its investment objective, the Fund will use a bottom-up approach, emphasizing stock picking, based on in-house fundamental analysis together with portfolio monitoring and risk control. The Fund will primarily invest directly or indirectly in equities but will also use Financial Derivatives Instruments (FDIs).

The Fund will primarily invest in North America or Europe but may also invest from time to time in other markets (including up to 20% of its Net Asset Value in emerging markets). The Fund may take synthetic long and short positions through investments in derivatives.


Trading Advisor

Parus Finance , founded in 2002, is an independent asset management company making investments worldwide employing a Long/Short equity strategy. Parus’ experienced team has managed its equity Long/Short strategy since January 2003 ($1.4bn in AuM)

Key Persons

Fabrice Vecchioli, CIO, co-founder – 30 years of financial markets and 24 years of buy side experience.

  • Previous experiences: Notz-Stucki/Comgest, Finacor
  • BS/MS from Ecole Polytechnique, Certified Actuary

Edouard Vecchioli, PM, co-founder – 22 years of financial markets and 16 years of equity buy side experience.

  • Previous experiences: BNP Paribas, Banque C.A. Indosuez
  • BA from University Paris-Dauphine and MSc in Market Finance and Management

Philippe Carrance, PM– 28 years of finance industry and 12 years of equity buy side experience.

  • Previous experiences: Kepler, Consors, Drexel Burnham, Louis Dreyfus
  • BA from HEC and French CFA (SFAF)

Marc Chatin, PM– 18 years of finance industry and 12 years of equity buy side experience.

  • Previous experiences: Edoma ($2bn peak AUM), Talaris ($1bn), Gandhara ($3.5bn), Cisco, Rothschild & Cie
  • MBA from Wharton and BA from ESSEC

Statistics & Commentary

Performance

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.

Trading Advisor's Commentary

as of

Market Review and Outlook

The performance of the InRIS Parus Class I Euro hedged was -0.91% in September, where the long book detracted and the short book contributed positively. The Fund is at 8.01% YTD and at 12.42% since inception.

The MSCI World corrected -3.4% in September after a sustained rally lasting since April.

The balanced portfolio construction of the Parus Fund between growth and value explains the outperformance despite the high net exposure. Negative contribution from the long book came from Media and Software names as growth experienced a month of underperformance, and was offset partially by positive performance of William Hill, US consumer financials and Alibaba.

The short book contributed positively mostly thanks to Credit Acceptance and Fortescue.

At the end of September, the net exposure of the Fund was +75.0% of the NAV, with a long exposure of +85.0% and a short exposure of -10.0%. The gross exposure was 95.0% of the NAV.

In the long book, Internet (+23.2%) was the largest sector, followed by Software (+10.9) and Pharmaceuticals (+10.2%). The long portfolio held 34 positions. In the short book, Finance (-3.6%) was the largest sector, followed by Basic Materials (-2.7%) and Retail (-1.3%). The short portfolio held 17 positions.

Facts & Documents

Facts

Fund Domicile: Ireland

Fund Type: UCITS SICAV

Fund Launch: 23 July 2013

Base Currency: EUR

Depositary, Administrator, Transfert Agent: State Street Fund Services Ireland Limited, CACEIS Ireland Limited

Dealing: Weekly (each Wednesday) with a 4 business day notice

Cut-off time: 11 A.M Irish Standard Time

Countries where the fund is registered:
Belgium, France, Germany, Italy, Luxembourg, Netherlands, Spain, Singapore, Switzerland, United Kingdom

Identifiers:

I EUR-H
ISIN: IE00BCBHZ754   Ticker:    Launch: 25 Jul 2013

I EUR
ISIN: IE00BCBHZ978   Ticker:    Launch: 25 Jul 2013

I USD
ISIN: IE00BCBHZC00   Ticker:    Launch: 29 Sep 2015

I CHF-H
ISIN: IE00BCBHZH54   Ticker:    Launch: 29 Sep 2015

C USD
ISIN: E00BCBHZD17   Ticker:    Launch: 31 Jul 2013

X EUR-H
ISIN: IE00BKBDBV58   Ticker:    Launch: 9 Jul 2019

C EUR-H
ISIN: IE00BCBHZ861   Ticker:    Launch: 17 Sep 2013

I GBP-H
ISIN: IE00BCBHZF31   Ticker:    Launch: 8 Dec 2015

Documents

MONTHLY REPORT
PROSPECTUS
  1. InRIs UCITS - Prospectus
  2. InRIs UCITS - Supplement - Parus
KIIDS Other sub-funds and other languages
available upon request