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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

Trading Advisor

Parus Finance, established in 2002, is an independent asset management company that operates globally and specializes in employing a Long/Short equity strategy. The firm’s experienced team seeks to generate absolute returns by targeting on the long side growth stocks with a competitive advantage and on the short side structurally declining companies. Alongside these investments, the team also takes positions in companies with cyclical, mean-reverting characteristics. Parus employs a stock-picking methodology supported by fundamental analysis and the use of primary data. 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, 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 31/08/2023

Fund

The performance of the Parus Fund EUR Class was -0.99% in August. The Fund was at -3.79% YTD, -1.6% for 1 year, +7.36% for 3 years.

The MSCI World finished the month down -2.6% after correcting close to -5% intra month in the context of negative Chinese news flow. In general, market participants are far less bearishly positioned than at the beginning of the year and equity market valuations have increased in the past six months and are now pricing a soft landing of the US economy. In this context, more mixed price reactions to news are to be expected. The correction particularly affected Tech stocks which then rallied after extremely bullish results from Nvidia, which benefited Parus’ long portfolio. In the end, Parus’ long book negatively contributed in line with equity markets while the short book delivered strong alpha across both cyclical and unprofitable tech shorts.

At the end of August, the net exposure of the Fund was +30.14% of the NAV, with a long exposure of 59.36% and a short exposure of 29.22%. The gross exposure was 88.57% 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: RPARCU1 ID    Launch: 17 Sep 2013

Documents

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