InRIS Perdurance Market Neutral
Overview
The InRIS Perdurance Market Neutral Fund seeks to produce long term capital growth by investing in a market neutral portfolio of European equities while delivering low correlation to European equity markets.
The fund’s management is delegated to Perdurance Asset Management.
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 Strategy employs a market neutral approach that relies on stock picking in European equity markets. Investments are considered based on (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 was founded in 2014 by Ivan Briery. The firm comprises an investment team with an average of 21 years of industry experience.
Key Persons
Ivan Briery,
CEO & CIO
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
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 31/10/2023The primary alpha contributors for the month were Rheinmetall and Leonardo (defence) adding 1.4% of alpha in total amid rising tensions in the Middle East and Israel’s military response to Hamas terror attack.
The main alpha detractor was Alstom (rail infrastructure) costing 2.8% of alpha after the stock suffered an extraordinary share price drop of 38% on October 5th. We believe the market capitalisation fall of EUR 3bn makes no sense in the light of a EUR 1bn transitory, funded, working capital drift, with rather limited earnings consequences, keeping in mind that Alstom’s inventories are pre-sold goods. African Oil (oil exploration) detracted 0.7% of alpha on little additional news, as markets await the conclusions of the exploration campaign offshore Southern Namibia. Ubisoft (video games) lost 0.6% of alpha after the company announced that the launch of XDefiant would be delayed to 2024, and despite releasing better-than-expected results later in the month.
No other position contributed more than 0.5% of alpha in absolute terms.
The Fund has remained market neutral throughout the month. The Fund has sought both to maintain a strict market neutrality and achieve a broadly macro-economically neutral portfolio. There were 24 positions in the long book at the end of the month. The top 5 long positions comprised 38% of the Fund’s NAV at the end of the month as the Fund remained very concentrated. 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: CACEIS Investor Services 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, UK, Ireland
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
Subscribe to the Fund Monthly Newsletteravailable upon request