Ayaltis Funds - December 2017 Estimates

 
 
 
 
 
 
 
 
 
Ayaltis Funds - December 2017 Estimates
 
Dear Investor,
 
We are pleased to send you the estimated NAVs & Performances for December 2017 with a performance of +1.37% in USD for Class B, bringing the YTD 2017 performance to +7.67%.
 
December 2017 Flash Commentary
 
The year 2017 will be remembered as one of the least volatile years in market history. Asset prices went up – and, to summarize a broad theme, the riskier the asset, the bigger the gains. Areca Value Discovery delivered a steady 7.67% in 2017 with our relative value approach with constant and uncorrelated returns. December was an “eventful” month delivering a strong positive performance. The bulk of the returns came from our event-driven allocations, who made gains from their exposure to mis-priced companies, with volatile equity but strong fundamentals. These event driven opportunities are representative of the philosophy underlying the managers we select: We seek to capture idiosyncratic opportunities, in a relative value manner to mitigate the potential effect of adverse market events while dynamically locking in profits and turning to the next opportunity set. All other strategies in the portfolio (discretionary relative value, macro, relative value fixed income) were positive, but moderate contributors to performance. Systematic relative value funds were this time small performance detractors. Despite good initial behaviour in the first half of the month, the second half was harder to navigate given erratic oscillation in quality and momentum relative value metrics.
We are enthusiastic about the opportunities we see in 2018 and we remain true to our relative value approach to achieve strong, stable and uncorrelated returns.
In this context, we are optimistic that divergence of key market factors is strongly expanding our relative-value opportunity set going forward and we are confident that our well-balanced portfolio represents a very attractive alternative for a potential eventful year 2018.
 
Estimated NAVs and Performance
as of December 31, 2017

December

YTD 2017

NAV

2016

2015

12 Months Rolling Return

12 Months Rolling Volatility

Liquidity

PDF

Areca Value Discovery B USD

1.37%

7.67%

125.47

-2.57%

2.30%

7.67%

1.64%

Quarterly

Link

Areca Value Discovery B CHF

1.21%

5.42%

118.80

-4.56%

0.71%

5.42%

1.74%

Quarterly

Areca Value Discovery B EUR

1.15%

5.77%

120.34

-4.01%

1.76%

5.77%

1.69%

Quarterly

 

 

 

 

 

 

 

 

 

 

Areca Liquid Focus B USD

-0.37%

0.71%

104.62

-3.75%

3.03%

0.71%

1.64%

Monthly

 

 

 

 

 

 

 

 

 

 

 

Areca Azure C USD

1.76%

5.51%

104.62

-0.84%

-

-

-

Monthly

Link

 

 

 

 

 

 

 

 

 

 

Narrapuno SPC - Spectrum A USD
(formerly Acantias Offshore Fund)

1.74%

8.21%

1,516.23

-1.67%

3.72%

8.21%

1.46%

Quarterly

Link

Narrapuno SPC - Spectrum A CHF
(formerly Acantias Offshore Fund)
1.43%
5.45%
1,384.69
-3.82%
2.16%
5.45%
1.40%
Quarterly
 
 
This month’s cut-off date for subscriptions is 24 January 2018 at 3pm.
 
Please feel free to call us if you want to discuss our market view and portfolio positioning.   
As always, we reiterate our gratitude for your continued trust and support as we continue to extract value in extremely interesting markets.
Kind regards,
 
Caroline Wirth
 
______________________________________________
 
Caroline Wirth
Senior Marketing & Sales
 
Ayaltis AG
Bleicherweg 19
8002 Zürich
Switzerland
Direct: +41 43 501 37 68
Mobile: +41 76 323 41 25