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Diversified Structured Products Fund

What does the strategy invest in?

Structured products whose payouts depend on the performance of equity markets in developed countries

Who is it for?

An investor tolerant towards volatility risk, with a medium investment horizon

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Target parameters

Target return: 5-year U.S. Treasury rates plus 3.5-5% p.a. over the investment horizon of 2 years and longer
Risk tolerance: above average
Investment horizon: two years or longer
Withdrawals: monthly

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Investment strategy

What makes the strategy special

Investments in structured products, whose underlying assets are equity indices or ETFs on equity markets or individual sectors; these investments allow to earn a return on the par with the one delivered by developed markets high yield bonds over a horizon of 3-5 years, however without taking on the credit risks of these kinds of bonds.

Strategy objective

Earning an absolute return: the target return is achieved over a horizon of 3-5 years, even in a declining or stagnant equity market. For example, by the time of expiry in September 2012, the portfolio, originally formed in 2007, was earning 8% in terms of coupon yield, while the S&P 500, including dividends, delivered 1.9% per annum over the same period.

How we do it

We invest in structured products based on statistical analysis: when the parameters of the instruments are chosen correctly, the coupon yield of the instrument depends mainly on two factors — the current level of the risk-free rate and the expected volatility of the underlying assets over the life of the structured product.

About the fund

Fund facts

Investment terms

Jurisdiction Cayman Islands
Administrator APEX Fund Services
Bank The Northern Trust
Prime-broker and custodian CBH Compagnie Bancaire Helvétique; Global Prime Partners (GPP) Ltd
Auditor Baker Tilly Cayman
Legal Advisor Walkers
Investment Adviser Movchan Advisers Ltd.
Database Bloomberg, Preqin, BarclayHedge, Eurekahedge, Refinitiv, HFR, Context 365, ABC Quant
Investment currencies USD, EUR, GBP
Minimum investment USD 100 000
Subscription/redemption Monthly
Dividends Yes, Class 2 USD
Management fee 0% or 1% depending on share class
Performance fee 10% or 25% depending on share class

Structure advantages

Monthly liquidity for investors arrow
Widely diversified portfolio arrow
The best terms on the structured products from issuers arrow
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Investors can withdraw all or part of their funds on a monthly basis.
At the initial stage, the share of an individual instrument in the fund’s portfolio should not exceed 10%, a level that is set to decrease over time to 5% or lower. Thus, losses on an individual investment cannot significantly affect the portfolio’s overall performance. This mitigates the liquidity risks and the chances of a negative scenario in which individual instruments are redeemed.
The Fund holds tenders for issuing instruments among 15 leading investment banks, selecting the best offer. This allows to raise the return of portfolio instruments by 1% per annum relative to average market levels.

Risks

Risk Management

The risk of the instrument moving lower than the defensive barrier, below which the investor loses significant amounts of money arrow
The risk of a significant reduction in the value of a structured product on the secondary market during its lifetime arrow
The risk of a prolonged non-payment of coupons driven by market conditions arrow
The risk of bankruptcy of the issuer of a structured product arrow
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Description The risk of the instrument moving lower than the defensive barrier, below which the investor loses significant amounts of money.

Risk management method Diversification in terms of maturity times reduces the probability of capital loss for a considerable proportion of instruments in the fund’s portfolio, when the instruments mature during periods of falling markets.

Description The risk of a significant reduction in the value of a structured product on the secondary market during its lifetime.

Risk management method Diversification in terms of initial investment levels reduces the likelihood of a significant decline in market value across all instruments.

Description The risk of a prolonged non-payment of coupons driven by market conditions.

Risk management method Diversification across coupon payment dates and initial investment levels reduces the probability of non-payment of coupons across all portfolio instruments over extended periods of time.

Description The risk of bankruptcy of the issuer of a structured product.

Risk management method Restrictions on the credit rating of the issuers and diversification of the portfolio across issuers reduce the risk of loss in the event of a bankruptcy of an individual issuer. The Fund invests in senior debt of issuers with an investment rating of A or higher.

Artem Karlov Partner akarlov@movchans.com
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  • More than 25 years of experience in the securities market in trading and asset management, including more than 15 years in derivatives and structured products trading.
  • Previously worked at Troika Dialog (after 2012 Sberbank CIB), VTB Capital Investment Management and Aton.
  • Graduate of the Lomonosov Moscow State University Faculty of Mechanics and Mathematics.
Konstantin Zhdanovich Financial analyst kzhdanovich@movchans.com
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  • Building GEIST investment portfolio; responsibilities in the process of company fair value assessment and analysis of options strategies.
  • In the past, involved in business valuation and intangible asset valuation at a private Russian company.
  • Graduated from the Bachelor's Programme in Economics and Master's Programme in Strategic Financial Management at the Higher School of Economics.
Zhansulu Mukhamejanova, ACCA Manager zmukhamejanova@movchans.com
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  • Specialist in financial consulting and audit with 10 years of experience.
  • In the past, she worked as an external auditor at Ernst & Young, worked with the largest state-owned companies, small and medium-sized businesses and government agencies in the field of audit and professional ACCA training; areas of specialisations: oil and gas industries, energy, and mining. As a financial advisor to medium-sized companies, provided regular reporting to management and shareholders.
  • Is a member of ACCA, a CFA II candidate and a certified specialist in AML.
  • Graduated from the University of Sydney with a bachelor's degree in economics and finance.
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Privacy Policy

Last updated: 13.05.2022

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Yield in line with that of HY bonds without the accompanying credit risk The fund invests in structured products — which represents senior debt — issued by investment banks with a credit rating of A or higher. At the same time, the expected yield of these instruments exceeds that of high-yield bonds.
Target return over a 3-5 year horizon – even amid a falling or stagnant stock market These instruments should generate returns when the market declines to a certain level and when the market recovers after a deep decline.
Monthly liquidity for investors Investors can withdraw all or part of their funds on a monthly basis.
Widely diversified portfolio At the initial stage, the share of an individual instrument in the fund’s portfolio should not exceed 10%, a level that is set to decrease over time to 5% or lower. Thus, losses on an individual investment cannot significantly affect the portfolio’s overall performance. This mitigates the liquidity risks and the chances of a negative scenario in which individual instruments are redeemed.
The best terms on the structured products from issuers The Fund holds tenders for issuing instruments among 15 leading investment banks, selecting the best offer. This allows to raise the return of portfolio instruments by 1% per annum relative to average market levels.
The risk of the instrument moving lower than the defensive barrier, below which the investor loses significant amounts of money The risk of the instrument moving lower than the defensive barrier, below which the investor loses significant amounts of money.
The risk of a significant reduction in the value of a structured product on the secondary market during its lifetime The risk of a significant reduction in the value of a structured product on the secondary market during its lifetime.
The risk of a prolonged non-payment of coupons driven by market conditions The risk of a prolonged non-payment of coupons driven by market conditions.
The risk of bankruptcy of the issuer of a structured product The risk of bankruptcy of the issuer of a structured product.
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