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Overview

Share Class

NAV

Cumulative Performance (%)

Fund Inception 23 October 2017

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

Funds Strategy

The objective of the InRIS Perdurance Market Neutral Fund (the “Fund”) is to produce long term capital growth by investing in a market neutral portfolio of European equities while delivering low correlation to the European equity markets.

The Fund will invest in equities listed or traded on a Recognised Exchange mainly in developed European countries and will also seek exposure to equitymarkets by investing in financial derivative instruments (“FDIs”). The Fund will employ a European equity market neutral strategy that relies primarily on stock picking.

Some of the factors considered by the Fund in its selection of investments are (i) the relative valuation of a company, (ii) the liquidity of that company; and (iii) the contribution that the stock would make to the conceptual diversification (and sectors, styles and geographies) of the portfolio.


Trading Advisor

Perdurance Asset Management (the Trading Advisor), founded in 2014 by Ivan Briery, comprises an investment team with an average of 21 years of industry experience amongst them. Ivan was also the co-founder and portfolio manager of the renowned Voltaire Fund (1998-2005).

Key Persons

Ivan Briery, Founder, CEO & CIO (28 Years of Experience)

Mr. Briery started his full time career as an equity analyst and portfolio manager with a French stockbroker in 1989.

He joined Soros Fund Management in 1994, and subsequently became a partner in the business.

In 1998 Mr. Briery left Soros Fund Management and co-founded Voltaire Asset Management Limited, which returned assets to investors in 2005 after seven years of very successful investment performance.

Until 2014, Mr. Briery was on an extended sabbatical.

 

Yann Le Tallec, Chief Risk Officer (16 Years of Experience)

Mr. Le Tallec launched his own business in 2002 building risk management and quantitative tools for a fund of funds in Paris, and subsequently worked as a consultant on accounting and risk projects for large financial institutions.

Between 2006 and 2014 he acted as the Head of Risk of Ecofin Ltd, supervising up to $6bn of assets under management across a range of strategies.


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

The Fund was up 0.38% during the month and is up 0.15% year-to-date.

Siemens Healthineers (medical equipment) added 0.53% of alpha to the fund as the company gave a positive update on the integration of Variant following the recent merger. Teleperformance (call centers) contributed 0.52% following positive updates from the company which led the market to anticipate good results (to be released at the end of July). The main detractor was Accor (hotels), costing 0.64%, as travelling restrictions were added or extended in several regions because of the COVID Delta variant. No other position contributed more than 0.5% of alpha in absolute terms.

The Fund has remained market neutral throughout the month and had a net beta-adjusted exposure of 0% at the end of the month. The Fund has sought both to maintain a strict market neutrality and achieve a broadly macro-economically neutral portfolio. There were 19 positions in the long book at the end of the month. The top 5 long positions comprised 39% of the Fund NAV at the end of the month as the Fund remained very concentrated. The portfolio was more biased towards mid caps than the index, which has a higher large-cap representation. The Fund is highly liquid, as 100% of the portfolio could be liquidated within 1 week, using conservative liquidity assumptions.


Facts & Documents

Facts

Fund Domicile: Ireland UCITS

Fund Type: UCITS SICAV

Fund Launch: 23 October 2017

Base Currency: EUR

Depositary, Administrator, Transfert Agent: State Street Fund Services Ireland Limited, CACEIS Ireland Limited

Dealing: daily with two business days notice

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

Countries where the fund is registered:
Belgium, France, Germany, Italy, Luxembourg, Netherlands, Switzerland, 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
ISIN: IE00BZ60LC73   Ticker:    Launch: 24 Oct 2017

C EUR
ISIN: IE00BZ60MT16   Ticker:    Launch: 21 Feb 2018

NC EUR
ISIN: IE00BZ60LH29   Ticker:    Launch: 24 Oct 2017

NI EUR
ISIN: IE00BZ60LK57   Ticker:    Launch: 23 Oct 2017

Documents

KIIDS Other sub-funds and other languages
available upon request