InRIS Parus
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 31/10/2024Market Review and Outlook
In October, the MSCI World closed down -2%. For Parus, the long book produced positive alpha. Main contributors were Nvidia, Visa, Ryanair and European logistics company DSV, while US Healthcare services names (poor reactions to results) and Chinese longs (correction after September rally) were the main detractors. US Tech also gave back some gains on the last day of the month despite solid earnings from Meta and Microsoft. On the short side, US House builders contributed positively, reflecting the market scaling back rate cut expectations for the remainder of the year and the US 10 year increasing 60bps over the month. Carvana was the main negative contributor following a positive reaction to better than-expected earnings, despite the already absurd valuation.
Fund
The performance of Inris Parus USD was -0.45% in October. The Fund was at +7.58% YTD and +48.11% for 5 years.
At the end of October, the net exposure of the Fund was 62.6% of the NAV, with a long exposure of 88.2% and a short exposure of 25.6%. The gross exposure was
113.8% of the NAV.
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: RPARCE1 ID
Launch: 17 Sep 2013
Documents
Subscribe to the Fund Monthly Newsletteravailable upon request