Global Equity Investment Fund
Contact
.svg)
Conservative
investment approach
Value approach when
selecting stocks – proven
as the best in the long-term
.svg)
Investing in developed
markets – USA and Europe
Partial protection
against market declines
Target
Fund objectives
Deliver long-term portfolio returns above the long-term growth values of the S&P 500 Index, outperforming the index in periods of decline or stability while possibly lagging behind the index in periods of rapid growth and overvaluation.
Long-term target return: 9–10% p.a. in USD with low volatility.
Investment strategy
Investment strategy
The fund is managed as a hybrid of an absolute return fund and a relative return fund. The fund portfolio comprises options and long positions in equities at fair prices.
The hybrid strategy implies that the fund is partially hedged against losses that may occur as a result of a correction in the developed markets, in particular the S&P 500.
With this objective in mind, the fund enters into:
- short positions – i.e. sells put options on stocks with strikes below market prices at the time of the sale (or "out of the money" options), thus reducing the volatility of the portfolio over the medium term;
- hedged long positions in stocks that protect against moderate market declines
This product is suitable for
Target Investor
An investor with a relatively high-risk tolerance, willing to incur temporary losses but receive a compensation of long-term returns, higher than those of more conservative funds. It is also an investor with a capital of at least a few hundred thousand dollars – the entry threshold is $100,000; holding 100% of the funds in equities is not recommended by any capital preservation and growth strategy.
ContactFund objectives
Deliver long-term portfolio returns above the long-term growth values of the S&P 500 Index, outperforming the index in periods of decline or stability while possibly lagging behind the index in periods of rapid growth and overvaluation.
Long-term target return: 9–10% p.a. in USD with low volatility.
Fund
Fund facts
Investment terms
Why this is profitable
Strategy advantages
Why this is profitable
Advantages of the structure
Results
Risks
Risk management
Description All investments carry some form of risk. Among traditional instruments, stocks are among the riskiest because shareholders' claims on a company are satisfied last; not only do they lose more in bankruptcy, but the volatility of stocks is higher than that of bonds of the same companies.
Risk management method The fund primarily sells puts on stocks with strikes below market prices (“out of the money” options). This strategy reduces the fund's losses when stock prices fall but also limits the returns during rising markets.
Description With a large proportion of a single position in the portfolio, its price correction can significantly reduce the profitability of the entire portfolio.
Risk management method The diversification risk is much higher when a fund invests in the same type of companies and if it invests at inflated prices. Therefore, our fund sets limits by country, industry and individual company, and evaluates each security before investing, rejecting overvalued ones.
Description Different exchanges offer different liquidity. Liquidity also depends on the size of the company and the proportion of shares traded on the stock exchange. If there is insufficient liquidity, the spread between the purchase price and sale price is higher, and shares can be bought at higher and sold at lower prices than in the case of similar securities that are more liquid. Also, large positions may require a longer time to buy or sell, during which the price can change significantly.
Risk management method Primarily, the fund invests in securities traded on American exchanges, which are the most liquid in the world. In addition, the size of the fund implies small positions that are acquired and liquidated within a short time.
Description Small and mid-cap stocks are more volatile because their business is less established; the discount rate reflecting the risk of investing in these companies is higher, and the market reaction to the news is usually stronger.
Risk management method The fund invests in small and medium-sized companies in rare cases, and the allocation to one company does not exceed 1%.
Description When opening short positions, in a traditional sense, losses can be unlimited.
Risk management method The fund enters short positions through the purchase of put options, which limits losses to the premiums paid for the options. The share of the fund's assets that can be allocated to short positions is limited to 1%.
Team
Video interviews
- Senior partner at Movchans’ Group, hedge fund GEIST investing in equities.
- Specialist in asset management since 2019, corporate finance, financial markets and asset valuation with 30+ years of experience.
- Formerly: Advisor at Rothschild Investment Bank; Director of Mergers and Acquisitions Practice at Deloitte; Vice President of Investment Banking at Troika Dialog; Visiting scholar at Harvard University School of Economics.
- Author of articles and books on economics and finance, including "The Warren Buffett Philosophy of Investment", published in 2015 by McGraw-Hill Education, and "Value Investing. Persons and Principles".
- Graduated from the Faculty of Economics at the Lomonosov Moscow State University, studied at the Master’s program at the Claremont Graduate School (California, USA). PhD in Economics.
- 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.
- 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.
- Contributes to building the ARGO and GEIST investment portfolio. Sspecializes in sourcing and analyzing investments in hedge funds and private debt funds.
- In the past – a McKinsey consultant. Also worked at Allianz Investment Management, specialising in analysis of investments in private debt funds.
- Graduated with honours from the MSc Economics-Finance program at the University of Freiburg; a Bachelor's degree from Nazarbayev University.
- Renowned economist and investment manager with 30 years of experience.
- Formerly, Executive Director of Troika Dialog Investment Bank; Founder and Chairman of the Board of Renaissance Investment Management Group, with assets under management of more than $7 billion; founder of the investment company "Third Rome".
- A laureate of many awards and prizes, in particular, "Best Asset Manager" Forbes, "Best CEO of the management company" RBC, "Legend of the Industry" SPEAR'S, "Manager of the Year" RBC, etc.
- Former head of the Carnegie Center's Economic Policy Program.
- Specialist in probability theory and mathematical statistics. Authored the books "Russia in the Post-Truth Era", "Cursed Economies", "English Diary", and many articles and lectures on economics and finance; twice awarded the “Presszvanie” Award for his contribution to business journalism.
- Graduated from the Faculty of Mathematics and applied mechanics at the Lomonosov Moscow State University, the Financial University under the Government of the Russian Federation, and the University of Chicago Booth Business School.
- Senior partner at Movchans’ Group, hedge fund GEIST investing in equities.
- Specialist in asset management since 2019, corporate finance, financial markets and asset valuation with 30+ years of experience.
- Formerly: Advisor at Rothschild Investment Bank; Director of Mergers and Acquisitions Practice at Deloitte; Vice President of Investment Banking at Troika Dialog; Visiting scholar at Harvard University School of Economics.
- Author of articles and books on economics and finance, including "The Warren Buffett Philosophy of Investment", published in 2015 by McGraw-Hill Education, and "Value Investing. Persons and Principles".
- Graduated from the Faculty of Economics at the Lomonosov Moscow State University, studied at the Master’s program at the Claremont Graduate School (California, USA). PhD in Economics.
- Senior Partner at Movchan's Group, LAIF и FLAG funds.
- 26 years of experience in investment industry.
- 12 years of experience in developing and analyzing trading strategies; systematic trading in equity, futures and options markets.
- 7 years of experience in selecting, analyzing and managing portfolios of hedge funds and absolute return strategies in global financial and commodity markets.
- Worked at major Eastern European banks and wealth management firms; headed departments of Global Markets, Hedge Funds and CTAs.
- Specialist in absolute return products and market-neutral strategies in futures and options markets.
- Graduate of Baruch College CUNY (Finance & Investments).
- Expert in the field of corporate governance with 15 years of experience.
- Experience in managing securities issuance, implementation of risk management systems, implementation of Basel III and MiFID requirements in leading banks.
- Specialist in wealth management, tax planning, issues of residency.
- Graduated from the Russian Academy of Justice and the Plekhanov Russian Academy of Economics.
- Specialist in investment banking with 35 years of experience in the Eastern European markets.
- In the past, led the corporate finance division at Alfa-Bank; during the restructuring of RAO UES, originated and executed the largest landmark transactions involving such companies as Fortum and Enel. For many years, he served as head of Societe Generale's investment business in Russia and advisor to the largest French firms, as well as Sberbank, Rosatom, Inter RAO. As Senior Vice President and Member of the Management Board of “Sistema” Holding, he was involved in investment origination.
- Author of a monograph and of more than 50 articles on marketing in the consumer sector.
- Graduated from the Financial University under the Government of the Russian Federation and the Faculty of Law of the Lomonosov Moscow State University. Ph.D., Professor.
- Partner at Movchans’ Group, ARGO SP
- Specialist in macroeconomic research and investment management, with a profound knowledge of fixed income, equity, derivatives, and alternative investments.
- Held a leading analyst position at Movchan’s Group, overseeing the formation of the Group’s investment products since its inception.
- Conducts scientific work; wrote numerous articles for economic research institutions and media.
- CFA chartholder, received a MSc with honors in Strategic Corporate Finance from the Faculty of Economic Sciences of the Higher School of Economics.
- 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.
- Specialist in infrastructure, operations and customer service. She is engaged in supporting investors during the compliance process, in the development of long-term relationships with partners and financial institutions, and in the registration and creation of the legal structure of the Group's investment funds.
- She has a master degree in "Financial Economics and Monetary Regulation" from the Financial University under the Government of the Russian Federation.
- A specialist in legal support with 10 years of experience; supports clients during the compliance procedure.
- In the past, she was the head of operational and legal support in a leading company in Kazakhstan, providing services to the largest foreign oil and gas companies – NCOC, ENI, KPO, Tengizchevroil.
- She graduated with honours from the KAZGUU University; holds a bachelor’s degree of international law and a master of civil law; qualifications in the field of compliance under the program "Countering the legalisation (laundering) of income".
- A Certified Anti-Money Laundering Specialist (CAMS). She passed the CAMS exam in February 2023, thereby earning the prestigious ACAMS certification. ACAMS is a globally recognized organization that is dedicated to advancing the profession of AML and financial crime prevention.
- Specialist in business administration and operations management with 18 years of experience.
- In the past, she headed the business administration department at MDM Bank, subsequently held responsibilities in supporting investment transactions and projects at Morgan Stanley and JP Morgan Chase; project manager in the administration of a subsidiary financial division of one of the largest Russian oil corporations.
- Graduated from the University of Central Arkansas, USA, has an MBA degree from the Russian Presidential Academy of National Economy.
- Specialist in corporate law and finance with experience in providing strategic and legal advice to financial organizations, private equity and venture funds and banks regarding their establishment, structuring, M&A transactions, investments and debt finance.
- Began his career as a lawyer at Cleary Gottlieb Steen & Hamilton. In 2019, he joined Dentons, where he gained hands-on experience and was committed to helping clients navigate complex legal issues related to corporate, securities, antitrust and currency law.
- He has been featured and recognized for his expertise in various legal rankings such as Chambers & Partners.
- Graduated and received his Master of Law from the University of Pennsylvania and the Wharton School.
- Specialist in the field of international finance. In charge of international promotion of the Group, creating infrastructure for fund operations in the markets of Europe, Asia and the USA.
- Worked in financial sector audit at BDO in the UK and in the Digital Banking department at HSBC UK. She has experience of working in a UK IT startup.
- Graduated from the London School of Economics with a bachelor's degree in Finance; holds ACCA Certificate.
- 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.
- Contributes to building the ARGO investment portfolio. Specialises in credit analysis of companies, researching third party products and developing investment decisions.
- Worked in financial compliance for companies in the FMCG industry and as a business valuation consultant in the corporate finance department of Deloitte.
- Graduated from the Higher School of Economics, Department of Economic Sciences.
- Contributes to building the ARGO and GEIST investment portfolio. Sspecializes in sourcing and analyzing investments in hedge funds and private debt funds.
- In the past – a McKinsey consultant. Also worked at Allianz Investment Management, specialising in analysis of investments in private debt funds.
- Graduated with honours from the MSc Economics-Finance program at the University of Freiburg; a Bachelor's degree from Nazarbayev University.
- 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.
- One of the recognized Russian experts with more than 30 years of experience in the financial markets.
- Since 1993, within the Central Bank of Russia Alexander participated in the creation and development of the Russian sovereign debt market. Then he headed the debt market analysis team of Troika Dialog.
- Since 2000, he headed the analytical, and trade divisions, was engaged in asset management in the largest Russian and international banks.
- In 2008 he rejoined Troika Dialog (after 2012 known as Sberbank-CIB). As a Vice-President, he led a project to modernize the Russian debt market.
- He has a degree of the Financial Academy in international economic relations, a diploma from the Moscow Aviation Institute, diplomas from FRB NY and Carnegie Mellon University.
- Over 25 years of management experience in business entities. Boris has held managerial positions in the top 100 Russian banks; created and supervised the activities of industrial development funds, venture funds and export centers, building systems of customer support.
- Founder of the ABM consulting group. Group's clients are leading corporations and banks, major gas, industrial and service companies.
- Founder of the charity foundation Life like a Miracle, which provides systemic support to children with severe liver diseases and has saved hundreds of lives over the years. Boris promoted the training of doctors and the introduction of advanced technologies in the medical field, created training programs for parents and children, which helps people with diseases to lead a normal life.
Marketing, communications and fundraising specialist with successful experience in Armenia and Russia in fields of IT, charity and cultural projects.
Developed and implemented communications and marketing strategies for Khabensky Charitable Foundation, Philin Philgood group company, Ozon charitable program and numerous businesses and NGOs.
Co-founder of Hume Foundation which helps migrants with labour integration.
Graduated from Moscow State University (Faculty of Journalism) and Moscow Advanced Communications School, received educational grants from USA State Department and European organisations.
Gleb has 27 years of experience in managing investments in EM debt securities. He went to Moscow State University and, having received a Soros Scholarship, studied at Oxford University. He initially worked as a journalist in England, and then from 1991 was a management consultant for a number of Russian projects in London and Moscow. In August 1992, he founded and became the managing director of Global Fund Management SA. In 1995, he structured the first fund solely dedicated to investing in Russian and CIS fixed income instruments – the Templeton Russian and East European Debt Fund – and served as an investment adviser for the fund. In 1997, he started GFM Cossack Bond Co. As a managing partner of Global Fund Management, he comanages over $100 mln in assets.
Roberts started his career at Trasta Komercbanka bank in Riga in 1996, heading up the securities department there. In 2003, he joined Parex Group as a president and CEO of Parex Asset Management IPAS (currently CBL Asset Management). He spent three years in Moscow in 2010-13 as an executive director in M2M Bank Private. He then moved back to Riga, where in June 2013 he was appointed chairman of the management board of Bank M2M Europe AS. During his career, Roberts has also held a number of BoD positions in Latvia, Russia and Switzerland, including BoD chairman at AP Anlage and Privatbank (Switzerland).
Richard joined Mercury Asset Management Plc in 1971, serving as vice chairman from 1987. In 1992-96, he was chief executive of Hill Samuel Investment Management Group. In 1997-2001, he was a CEO of Old Mutual International and Capel Cure Sharp. He has served as a director of a number of investment trust companies. He is currently a trustee of the NMR Rothschild and chairman of The Quantum Group, a private company that builds and runs care homes and retirement living accommodations.
- Finance expert with 20 years of experience.
- Previously worked at major brokerage firms, implementing a portfolio approach to client service over single-product solutions. Experience as an independent financial advisor since 2008.
- Core competencies include building diversified portfolios with the maximum tax benefits allowed by the client's country of residence and investment.
- Author and co-author of 12 books on personal finance and investments. Winner of the "Best Financial Advisor in the European Region" Global Financial Planning Award in 2015, 2016, and 2018. Creator of the YouTube channel Smirnova Capital.
- Graduate of MIREA (Finance and Credit) and The University of Nice Sophia Antipolis (Master of Finance).
