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Overview

InRIS Parus is a long short equity fund that employs a stock-picking methodology supported by fundamental analysis and the use of primary data.
The fund’s management is delegated to Parus Finance.

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

Fund Strategy

The Strategy seeks to generate absolute returns by targeting growth stocks with a competitive advantage on the long side and structurally declining companies on the short side. Alongside these investments, the team also takes positions in companies with cyclical, mean-reverting characteristics. Stocks included in the portfolio are the result of a bottom-up selection process, hence the variable net exposure of the Fund has historically been between -20% and 95%.


Trading Advisor

Parus Finance, established in 2002, is an independent asset management company that operates globally and specialises in employing a long/short equity strategy. The portfolio management team owns a significant portion of AUM in the strategy. As a result, a focus is put on long term outcome with the objective to make money on each position independently be it long or short.


Key Persons

Fabrice Vecchioli
Chief Investment Officer and Co-Founder
Fabrice Vecchioli has been CIO of Parus Finance since 2001. Prior to co-founding Parus, Fabrice spent 10 years managing fixed income funds, four years for a Notz- Stucki/Comgest joint venture and 6 years for Finacor. Prior to this Fabrice worked for Finance Plus (now renamed UBS France) and Midland Bank (taken over by HSBC) as a proprietary trader of fixed income derivatives. Fabrice has a BS/MS from Ecole Polytechnique (France) and is a Certified Actuary.

Edouard Vecchiolio
Portfolio Manager and Co-Founder
Edouard Vecchioli has been a Portfolio Manager with Parus Finance since 2001. Prior to co-founding Parus, Edouard spent three years working for BNP Paribas in London as an emerging markets proprietary trader and two years at the Milan branch of Banque CA Indosuez as an FX trader. Edouard has an MSc in Finance and Management from the University of Paris-Dauphine.

Philippe Carrance
Portfolio Manager
Philippe Carrance has been a Portfolio Manager with Parus Finance since 2005. Prior to joining Parus, Philippe held equity sell-side roles with Kepler and Consors. Philippe also spent four years working as a financial analyst with Drexel Burnham/Elig, two years for Banque Louis Dreyfus in fixed income derivatives and five years managing a real estate holding company. Philippe has a BA from HEC and is certified by the SFAF (French CFA society).

Marc Chatin
Portfolio Manager
Marc Chatin joined Parus as a Portfolio Manager in 2012. Prior to joining Parus, he worked at several long-short equity funds including Edoma ($2.2bn peak AUM), Talaris ($1bn) and Gandhara ($3.5bn) either as a generalist analyst or as a portfolio manager focusing on the TMT sectors. Marc also spent four years working at Cisco in corporate business development and two years at Rothschild in M&A. Marc has an MBA from the Wharton School of Business and a 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 31/01/2024

Market Review and Outlook

Equity markets started the year positively, with the MSCI World closing up +1.1% in January. In the US, numerous macro data points printed in favour of a soft landing, while interest rate cut expectations were pushed back. Quality and growth names performed well whilst cyclicals which had rebounded in November and December retracted.

Fund

The Fund was +1.85% in January (I USD class).

For Parus, the short book produced strong positive alpha from both cyclicals and unprofitable tech. The long book also contributed positively, coming mostly from large tech names, with some detraction coming from other sectors.


Facts & Documents

Facts

Fund Domicile: Ireland

Fund Type: UCITS SICAV

Fund Launch: 23 July 2013

Base Currency: USD

Depositary, Administrator, Transfert Agent: CACEIS Investor Services Ireland Limited

Dealing: Daily with a 2-day notice

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

Countries where the fund is registered:
Ireland, Luxembourg, Austria, Germany, France, UK, Italy, Switzerland, Singapore, Belgium, Netherlands, Spain

Sustainability-related disclosures:
The information related to the integration of sustainability risks and to the potential adverse sustainability impacts at the sub-fund level can be found in the prospectus of the Fund.

Identifiers:

I EUR-H
ISIN: IE00BCBHZ754   Ticker: RPARIE1 ID    Launch: 25 Jul 2013

I EUR
ISIN: IE00BCBHZ978   Ticker: RPARIE2 ID    Launch: 25 Jul 2013

I USD
ISIN: IE00BCBHZC00   Ticker: RPARIU1 ID    Launch: 29 Sep 2015

I CHF-H
ISIN: IE00BCBHZH54   Ticker: RPARIC1 ID    Launch: 29 Sep 2015

I GBP-H
ISIN: IE00BCBHZF31   Ticker: RPARIG1 ID    Launch: 8 Dec 2015

C USD
ISIN: E00BCBHZD17   Ticker: RPARCU1 ID    Launch: 31 Jul 2013

C EUR-H
ISIN: IE00BCBHZ861   Ticker: RPARCU1 ID    Launch: 17 Sep 2013

Documents

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