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Overview

Share Class

NAV

Cumulative Performance (%)

Fund Inception

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 investment objective of the InRIS Prentice fund is to achieve long-term capital appreciation by investing in the U.S. consumer goods sector, while delivering low correlation to equity markets.

The InRIS Prentice fund is a U.S. consumer sector equity long/short fund. This will involve buying equities and using financial derivative instruments (“FDI”) to hedge or take positions on Equities likely to add value. Prentice Capital Management (the” Trading Advisor”) relies primarily on fundamental research, which includes reviewing a prospective company’s balance sheet and/or economic forecasts. The InRIS Prentice fund will take long positions in companies experiencing prolonged under-performance (or undergoing significant change) and take synthetic short positions through FDIs in fully valued structurally declining companies, which are companies which, in the Trading Advisor’s view, are facing business or financial difficulties. The Trading Advisor selects positions based on fundamental research and the use of primary data, such as company public disclosures, market share, market prices, production, consumption, price or credit data. The InRIS Prentice fund will invest primarily in North American equities but may also invest from time to time in other markets (including emerging markets).


Trading Advisor

Founded in 2005 by Michael Zimmerman, Prentice Capital Management is a low net long/short equity manager that aims to deliver strong risk-adjusted return ($403mn in AuM) . Zimmerman formerly worked as Portfolio Manager for S.A.C Capital & Omega Advisors

Key Persons

Michael Zimmerman is the Founder and Portfolio Manager of Prentice Capital From 2000 2005 Mr Zimmerman was employed by S A C Capital and managed a sizable portfolio in the U S consumer sector Previously, Mr Zimmerman worked at Omega Advisors where he focused on U S consumer investments Mr Zimmerman began his investment career at Lazard Asset Management where he worked from 1995 1999 focusing on investments in U S consumer companies, homebuilders, and utilities Prior to joining Lazard, Mr Zimmerman played professional tennis from 1992 1994 as a member of the ATP and Challenger tennis tours Mr Zimmerman graduated from Harvard College in 1992 with a B A in Economics and was a three time All American for the Harvard Tennis Team.


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

After the best August in some time, the SPX and XRT retreated 3.7% and 4.1%, respectively, in September. At one point, the peak to trough monthly drop for both indices was ~10%. It’s important to digest this; the indices were up roughly 10% in August only to decline by a similar amount in September (-10%).

We have become accustomed to large moves in the markets and even broader in stocks; however, the +10/-10% moves would suggest that the market is a bit manic. As it relates to the consumer, the summer is over and the return to work and school has changed habits. Weekday dinners are out and weekly lunches are no longer in vogue. (After all, WFH translated to many weekday lunches and dinners as every day is a weekend). The data for restaurants, car rentals, hotels, and other consumer goings has begun to moderate.

Interestingly though, the recent elevation in cases hasn’t deterred the consumer. In contrast, they have resumed more normalcy, i.e., out to dinner on Friday and Saturday, and they haven’t seemed to slow down with the spread of the virus. It appears as if the consumer is immune to the rise in the number of cases/hospitalizations and is not as concerned about contracting COVID. The market seems willing to look out to the likely vaccine, which many assume is arriving soon. We continue to position ourselves in a relatively neutral fashion with limited net exposure. Our longs have defined stories. We believe they are idiosyncratic; our shorts are mostly stocks where we believe the market’s expectations are assuming a continued recovery, and feel the numbers need to be revised lower.


Facts & Documents

Facts

Fund Domicile: Ireland

Fund Type: UCITS SICAV

Base Currency: USD

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

Dealing: Weekly (each Wednesday) with four 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

Identifiers:

NI EUR-H
ISIN: IE00BJJP3W14   Ticker:    Launch: 17 Jul 2019

M EUR-H
ISIN: IE00BJJP3S77   Ticker:    Launch: 13 Aug 2019

M USD
ISIN: IE00BJJP3T84   Ticker:    Launch: 28 Aug 2019

I EUR-H
ISIN: IE00BJJP3P47   Ticker:    Launch: 5 Nov 2019

C USD
ISIN: IE00BJJP3L09   Ticker:    Launch: 3 Feb 2020

NI USD
ISIN: IE00BJJP3X21   Ticker:    Launch: 3 Feb 2020

X EUR-H
ISIN: IE00BLKQFS78   Ticker:    Launch: 28 Apr 2020

X USD
ISIN: IE00BL1J7K11   Ticker:    Launch: 25 Feb 2020

Documents