Portfolio Manager:

Alphons Vermorken

Chief Investment Officer:

Lee Robinson

Current Price

ALTDASA ID

Key Strategy Facts

Liquidity: Daily

Transparency:  Monthly (Top winners/losers)

Strategy Currencies: USD; EUR; GBP; CHF

Fee Structure:

Performance: 20% (High watermark)

Management: 1.5% (Institutional) or 2.0% (Retail)

Legal

Structure: Irish UCITS V

Investment Manager: Altana Wealth Ltd, London

Umbrella company : Altana UCITS Funds Plc (authorised by the Central Bank of Ireland)

Regulated Managers: Altana Wealth Ltd. (London) and Altana Wealth S.A.M. (Monaco)

Depositary: Société Générale S.A., Dublin Branch

Administrator: Société Générale Securities Services

Auditors: Grant Thornton

Lawyers: Walkers Ireland

Available on the following:

barclay hedge awards

ajbell

 

allFundsBank

For further information please contact:

For institutional investors:

Antony Brown, James Paton, Othman Domiati

Sales

Sales@altanawealth.com

Nerissa Ventanilla

Head of Investor Relations

Investorservices@altanawealth.com

+44(0) 207 079 1080

+377 97 70 56 36

Altana Director Alignment Strategy Fund UCITS

YTD: -0.16%

ITD: +46.26%

(from 1st Jan 2016)

Investment Approach & Edge

Altana Director Alignment Strategy Fund UCITS (ADAS) is a systematic US equity Long/Short strategy investing in stocks with a market cap over USD 1b. It generates alpha on both the long and the short books by filtering directors’ transactions. The portfolio has been trading live with Goldman Sachs since 1st September 2016.

Our method is based on having a deeper understanding of the reasons behind each director’s purchases and sales.

It is only by analyzing the full picture of all the transactions happening in that period of time that you can conclude if it yields true alpha. In order to have liquidity and lower volatility, we only consider companies with a market cap of above $1 billion on the long side, and over $2 billion on the short side.

There are many reasons for corporate insiders to sell but only one reason to buy. Maybe, just
maybe, savvy investors will be able to profit from the acceptable face of insider trading
Peter Lynch, Manager, Magellan Fund – Fidelity Investment, 1977-1990

Our Edge is based on the following:

I

True alpha can be obtained from an information advantage.

II

Companies move closer and closer to real time reporting.

III

The individuals best informed on their company performance are the directors.

IV

Directors are better market timers.

Strategy Performance

ADAS vs. HFR Equity Hedge Index

*January 2016 to May 2017: managed account performance excluding fund management fees; June 2017 onwards UCITS Fund.

ADAS UCITS Performance (gross*)

ADASJanFebMarAprMayJunJulAugSepOctNovDecYTDITD
20171.55%0.07%-0.39%2.17%-0.24%0.76%-0.66%3.28%
20181.56%3.87%1.97%0.93%1.89%1.10%-0.79%+0.89%-0.18%3.22%1.14%-1.15%15.33%
20191.23%-1.38%-0.16%46.26%

*Institutional Share Class (USD): Bloomberg ticker ALTDASA ID. ISIN IE00BDD95873, Sedol BDD9587. Performance is expressed gross.

ADAS Managed Account with Goldman Sachs Performance (net*)

ADASJanFebMarAprMayJunJulAugSepOctNovDecYTDITD
20162.60%1.43%-0.17%4.05%-0.38%-1.01%-1.59%5.72%0.55%-0.71%6.23%3.61%21.86%
20170.79%0.77%0.89%-0.32%-1.12%0.99%24.06%

*Performance (% m/m) is net of all legal, admin, trading and management fees. Latest month/YTD figures are final figures. Live trading with Goldman Sachs started in September 2016

HFR Equity Hedge Index Performance

HFRXJanFebMarAprMayJunJulAugSepOctNovDecYTD
2016-4.50%-1.12%2.79%0.02%0.44%-1.47%1.99%-0.18%1.53%0.84%1.47%0.18%0.10%
20170.85%1.17%0.66%0.72%-0.57%0.86%0.87%0.50%1.82%0.79%0.88%1.03%9.98%
20183.41%-0.96%-0.69%-0.55%0.30%0.92%

Split Returns

ADASJanFebMarAprMayJunJulAugSepOctNovDecYTDITD
2016 - Long-7.28%3.12%7.82%3.15%1.17%-1.24%0.79%7.13%0.07%-1.91%6.35%2.44%22.71%22.71%
2016 - Short9.88%-1.69%-7.99%0.91%-1.55%0.23%-2.38%-1.41%0.48%1.20%-0.12%1.14%-2.57%-2.57%
2017 - Long1.61%1.52%-0.33%-0.47%-2.95%1.88%-0.18%-0.36%2.78%0.02%2.17%-0.75%7.92%28.12%
2017 - Short-0.81%-0.76%1.23%0.15%1.82%-0.70%-0.16%-0.44%-1.02-0.69%-1.85%0.07%-3.55%-5.73%
2018 - Long2.64%-1.36%2.00%3.34%3.22%5.22%1.16%1.93%-0.34%-2.03%-1.09%-11.87%1.71%
2018 - Short-1.03%5.19%-0.14%-2.38%-1.35%-4.00%-1.94%1.04%0.14%5.25%2.00%11.45%11.84%
2019 - Long2.83%2.83%
2019 - Short-1.56%-1.56%

*January to May: managed account performance excluding fund management fees; June 2017 onwards UCITS Fund.

Strategy Exposure and Trades

Exposure & Number of Trades

Gross & Net Exposure

ADASJanFebMarAprMayJunJulAugSepOctNovDecYTD
2016 - Gross143%194%198%180%156%122%107%129%171%77%112%110%142%
2016 - Net-29%4%0%-18%-1%60%49%46%7%29%43%66%21%
2017 - Gross76%103%156%99%131%133%95%116%110%66%125%169%115%
2017 - Net-2%31%30%42%43%59%59%116%72%10%50%46%42%
2018 - Gross126%6%179%140%148%168%70%125%139%102%127%186%139%
2018 - Net38%2%49%57%31%20%-28%27%34%13%26%13%26%
2019 - Gross184%176%170%
2019 - Net16%-24%-5%

*January to May: managed account performance excluding fund management fees; July onwards UCITS Fund.

Sector Exposure

Long

Short

Market Capitalization Exposure

Net Market Capitalization

Fund share classes and codes

Fund ClassDescriptionMin initial InvestmentISINSEDOLBloomberg Ticker
A USDInstitutional / Non-distributing$100,000IE00BDD95873BDD9587ALTDASA ID
B EURInstitutional / Non-distributing€ 100,000IE00BDD95980BDD9598
C GBPInstitutional / Non-distributing£100,000IE00BDD95B04BDD95B0ALTDACG ID
D USDInstitutional / Distributing$100,000IE00BDD95C11BDD95C1
E EURInstitutional / Distributing€ 100,000IE00BDD95D28BDD95D2
F GBPInstitutional / Distributing£100,000IE00BDD95F42BDD95F4
G USDRetail / Non-distributingNo MinimumIE00BDD95G58BDD95G5
H EURRetail / Non-distributingNo Minimum IE00BDD95H65BDD95H6
I GBPRetail / Non-distributingNo Minimum IE00BDD95J89BDD95J8ALTDAIG ID
J USDRetail / DistributingNo MinimumIE00BDD95K94BDD95K9
K EURRetail / DistributingNo Minimum IE00BDD95L02BDD95L0
L GBPRetail / DistributingNo Minimum IE00BDD95M19BDD95M1

Newsletters

Monthly Reports

Research

Research Documents

Documents

Fund Documents

©2018 Private & Confidential | info@AltanaWealth.com | www.AltanaWealth.com Altana Wealth Ltd | 8 Pollen Street | London W1S 1NG | Tel: +44 (0) 20 7079 1080+44 (0) 20 7079 1080 | Authorised and regulated by the Financial Conduct Authority Altana Wealth SAM | 33 Avenue St Charles| Monaco 98000 | Tel: +377 97 70 56 36 +377 97 70 56 36 | Authorised and regulated by the Commission de Contrôle des Activités Financières

©2019 Altana Wealth

Altana Wealth Limited is authorised and regulated by the "Financial Conduct Authority". Altana Wealth SAM is authorised and regulated by the "Commission de Contrôle des Activités Financières".

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