Ayaltis Funds - May Performance Estimate

 

We are pleased to send you the estimated NAVs & Performances for May 2018 with a performance of +0.15% in USD for Class B.

May 2018 Flash Commentary
In May, the market experienced several significant negative macro developments: Argentina and Turkey currencies and external debts are back under pressure after years of uncontrolled rising current deficits. Emerging Markets continue to suffer from the USD rally and the commodity bearish trend. Right at the end of the month, the emergence of the Italian contagion risk had a strong impact on the markets, mostly on sovereign bonds and the Italian domestic equity market. Furthermore, the combination of rising rates (negatively impacting the cost of re-financing for corporates and sovereigns) and Quantitative Tightening will increase strains on financial assets, especially lower quality credit and over-leveraged corporate and sovereign balance sheet, including structured credit assets.

It is not the time to be fully exposed to directional bets: mitigating potential drawdowns is as important as identifying the sources of returns.The large majority of our managers in the portfolio delivered positive returns this month. The good performance of mostly all the strategies in the portfolio was partially offset by our allocation in Systematic Relative Value strategies which continue to struggle under the violence of factor rotation. Our portfolio is well positioned to be as low as possible correlated to the market, with the potential to capture the upside and limit the downside risks. The managers in our portfolio are opportunistic and strongly decorrelated. Those managers are expected to perform, especially in particular periods of volatile markets.

Estimate NAVs and Performance
as of May 31, 2018

May

YTD 2018

NAV

2017

2016

2015

12 Months Rolling Return

12 Months Rolling Volatility

Liquidity

PDF

Areca Value Discovery B USD

0.15%

-1.19%

124.03

7.72%

-2.57%

2.30%

3.05%

4.06%

Quarterly

Link

Areca Value Discovery B CHF

-0.10%

-2.51%

115.85

5.45%

-4.56%

0.71%

0.55%

4.14%

Quarterly

Areca Value Discovery B EUR

-0.06%

-2.31%

117.79

5.99%

-4.01%

1.76%

1.08%

4.25%

Quarterly

 

 

 

 

 

 

 

 

 

 

 

Areca Azure C USD

0.19%

-1.04%

103.50

5.48%

-0.84%

-

-

-

Monthly

Link

 

 

 

 

 

 

 

 

 

 

 

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

0.35%

-1.74%

1,490.74

8.27%

-1.67%

3.72%

3.18%

4.52%

Quarterly

Link

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

0.10%

-3.07%

1,343.11

5.53%

-3.82%

2.16%

0.22%

4.51%

Quarterly

This month’s cut-off date for subscriptions is 22 June 2018 at 3pm.
As always, we reiterate our gratitude for your continued trust, support and patience.
                  
Best regards,
Son Nguyen


Son Nguyen
CEO & Managing Partner

Ayaltis AG
Bleicherweg 19
8002 Zürich
Switzerland
Direct: +41 43 501 37 62
Mobile: +41 78 610 65 00
Email: nguyen@ayaltis.com

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