Ayaltis Funds - March 2018 Estimates

 
 
 
 
 
 
 
 
 
Ayaltis Funds - March 2018 Estimates
 
Dear Investors,
 
We are pleased to send you the estimated NAVs & Performances for March 2018 with a performance of +1.13% in USD for Class B.
 
It is time to look at Hedge Funds!
In a rising interest rate environment, fixed income and equity should become less attractive due to their higher correlations since Global Central Bank QE efforts.
On the other hand, historically, hedge funds are fairly resilient and their range of opportunities are increasing again during such periods.
In addition, the global macro uncertainties, market volatility and fundamental dispersion has increased the opportunity set for relative value managers.
 
March 2018 Flash Commentary
We are pleased to inform that our flagship fund Areca Value Discovery is up +1.13% in March, while the S&P 500 is down -2.69%. Equity markets suffered the first two negative months in a row after a long, protracted series of positive months. Markets appear to have entered a regime of higher volatility and therefore increased opportunities for relative value managers. Every single strategy bucket in the portfolio was profitable during March. A large portion of the portfolio benefitted from the more volatile market environment, in line with our expectations and described in detail in our previous comments. The highest contribution came from Systematic Relative Value funds, our biggest detractors of performance for the last twelve months. The result emphasises the paramount role of portfolio risk factor balance which helped us deliver stability and strong performance in a month particularly difficult for most investors. The increased volatility levels combined with a good degree of dispersion are the key ingredients to make our model-driven Systematic Relative Value managers more effective. It is also worth noting that our Event Driven funds, the largest contributors in the past twelve months, were just slightly impacted by the turbulence of a difficult season for corporate events, particularly under the erratic economic policies of the White House. Additionally, our Discretionary Relative Value managers are finding more fertile opportunity sets. They are by nature more exposed to sudden downturns, but have displayed a strong control of market risk while contributing to performance.
We are optimistic that the strong divergence of key market factors is strongly expanding our relative-value opportunity set going forward.
 
Estimate NAVs and Performance
as of March 31, 2018
March
YTD 2018
NAV
2017
2016
2015
12 Months Rolling Return
12 Months Rolling Volatility
Liquidity
PDF
Areca Value Discovery B USD
1.13%
-1.01%
124.26
7.72%
-2.57%
2.30%
4.18%
3.98%
Quarterly
Areca Value Discovery B CHF
0.82%
-1.83%
116.65
5.45%
-4.56%
0.71%
1.79%
4.04%
Quarterly
Areca Value Discovery B EUR
0.87%
-1.71%
118.52
5.99%
-4.01%
1.76%
2.30%
4.16%
Quarterly
 
 
 
 
 
 
 
 
 
 
 
Areca Azure C USD
0.88%
-0.44%
104.13
5.48%
-0.84%
-
-
-
Monthly
 
 
 
 
 
 
 
 
 
 
 
Narrapuno SPC - Spectrum A USD
(formerly Acantias Offshore Fund)
0.89%
-1.55%
1,493.52
8.27%
-1.67%
3.72%
4.21%
4.46%
Quarterly
Narrapuno SPC - Spectrum A CHF
(formerly Acantias Offshore Fund)
0.59%
-2.38%
1,352.74
5.53%
-3.82%
2.16%
1.35%
4.43%
Quarterly
 
This month’s cut-off date for subscriptions is 23 April 2018 at 3pm.
 
As always, we reiterate our gratitude for your continued trust, support and patience.                                                                                                                                         
Best 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
 

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