InRIS Perdurance Market Neutral
Cumulative Performance (%)
Fund Inception 23 October 2017
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
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.
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).
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
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 Fund was down 4.45% during the month and is up 1.01% year-to-date.
Our core positioning since the summer of 2020 has been to favour companies that, within their sector, will benefit most from a resolution of the COVID-19 crisis. The theme worked extremely well this year until mid-March when worries around vaccine efficacy and side effects emerged and as further restrictions were imposed in several countries.
This has penalised the portfolio in March and was reflected in an unusually low hit rate of 30%. For the time being, we remain focused on that core theme.
The main positive contributor was Glanbia (dairy and nutrition products), adding 0.66% of alpha to the fund, despite the company releasing in-line results and a cautious guidance for 2021. On the negative side, the main detractors were Accor (hotels), ams (sensors), Repsol (integrated oil & gas) and Leonardo (aerospace and defence) which cost respectively -1.4%, -1.2%, -0.7% and -0.5%, reverting some of the positive year-to-date performance.
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 21 positions in the long book at the end of the month. The top 5 long positions comprised 37% 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
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
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.
ISIN: IE00BZ60LC73 Ticker: Launch: 24 Oct 2017
ISIN: IE00BZ60MT16 Ticker: Launch: 21 Feb 2018
ISIN: IE00BZ60LH29 Ticker: Launch: 24 Oct 2017
ISIN: IE00BZ60LK57 Ticker: Launch: 23 Oct 2017