Cumulative Performance (%)
Fund Inception 23 July 2013
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
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.
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)
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
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.
Sector Breakdown as a % of AUM
as a % of AUM
as a % of AUM
as a % of AUM
Trading Advisor's Commentaryas of
Market Review and Outlook
The performance of the InRIS Parus Fund I EUR Hedged Class was -0.38% in December, bringing the YTD performance to +17.30%..
Equity markets rounded off the year strongly with the MSCI World up +4.1% in December driven mostly by value stocks. For Parus, the strong contribution of the cyclical longs, especially US Financials, was partially offset by Alibaba, which corrected sharply following poor regulatory newsflow, some longs in Healthcare as well as cyclical shorts in Mining and Finance.
At the end of December, the net exposure of the Fund was 84.5% of the NAV, with a long exposure of 96.1% and a short exposure of 11.6%. The gross exposure was 107.7% of the NAV.
In the long book, Finance (18.5%) was the largest sector, followed by Healthcare (15.9%) and Media (15.5%). The long portfolio held 37 positions. In the short book, Finance (4.0%) was the largest sector, followed by Mining (3.7%) and Retail (1.6%). The short portfolio held 17 positions.
Facts & Documents
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
ISIN: IE00BCBHZ754 Ticker: Launch: 25 Jul 2013
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ISIN: E00BCBHZD17 Ticker: Launch: 31 Jul 2013
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