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
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
The performance of the Parus Fund I EUR Hedged share Class was +1.6% in April of which -3.1% came from the long book and +4.8% from the short book. The Fund was at +2.8% YTD, +8.8% for 1 year, +42.1% for 3 years and +46.8% since inception.
The MSCI World closed down -8.4% in April. For Parus, the short book continued to produce strong alpha, with positive contribution from unprofitable tech, EV’s and meme stocks. The long book contributed negatively, mainly from the growth portion of the book amidst mixed quarterly results. Net exposure was reduced over the month, with a selective reduction in the long book and increased exposure to shorts.
At the end of April, the net exposure of the Fund was 27.7% of the NAV, with a long exposure of 51.7% and a short exposure of 24.0%. The gross exposure was 75.7% of the NAV.
In the long book, Technology (16.9%), was the largest sector, followed by Energy (15.0%) and Healthcare (8.0%). The long portfolio held 35 positions. In the short book, Consumer Cyclicals (10.6%) was the largest sector, followed by Technology (5.5%) and Financials (4.2%). The short portfolio held 21 positions.
Facts & Documents
Fund Domicile: Ireland
Fund Type: UCITS SICAV
Fund Launch: 23 July 2013
Base Currency: USD
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
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.
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