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Absolute Return
Global Opportunity Fund
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Conservative strategy and
low volatility of the results of the fund

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Selecting best-in-class
products for the portfolio

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A high proportion of capital
invested in the market-neutral strategies

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Significant diversification
among the asset classes

Objectives and strategy
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Fund objectives

ARGO SP – an investment fund aiming to compose a highly diversified portfolio of conservative investment instruments, mimicking a strategy of a professional family office.

Long-term target return: 4–5% annualised in USD terms, with low volatility.

Investment strategy

ARGO SP invests in a portfolio of underline fixed-income instruments, conservative investment funds of various strategies, and conservative derivative products.

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This product is suitable for
Target investor

An investor who wants to build a diversified portfolio of conservative instruments in order to receive long-term returns above the average among the range of conservative products, with a low risk of significant losses. With a long-term target return of 4–5%, the probability of loss over a one-year horizon is below 10%, and a 10% loss has a theoretical probability of less than 0.1%.

About the fund
Fund facts Investment terms
Jurisdiction Cayman Islands
Broker UBS Switzerland AG, EXANTE
Bank Northern Trust
Investment manager Emerging Asset Management Ltd.
Investment advisor Movchan Advisers Ltd.
Administrator APEX Fund Services Ltd.
Auditor Deloitte Touche Tohmatsu Ltd.
Legal advisor Walkers
Included in databases Preqin, Eurekahedge, Refinitiv, Bloomberg, Infront, Morningstar, Context365, BarclayHedge
Investment currencies USD, EUR
Minimum investment USD 100,000/500,000; EUR 100,000/500,000 (depending on the investment method)
Liquidity weekly; entry and exit without commissions and limits
Management Fee 1% or less, depending on the share class
Performance fee 10% or less, depending on the share class
Dividends yes
Advantages Strategy advantages
Low risk arr
Reduced fees arr
A broad range of possibilities arr
The best opportunity for selecting the right products arr
Unbiased management decisions arr
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The composition of instruments with low share of each instrument in the portfolio and low or negative correlation between instruments ensures a low risk of substantial losses.
Owing to its size and institutional structure, ARGO SP enjoys low broker commissions (for instance, ARGO SP pays 10 b.p. per transaction with a third-party fund while the average commission of a private bank amounts to 70 b.p. and often exceeds 2%; custodian fee for ARGO SP is 12 b.p. per year, with the average for a large private bank at 35 b.p.); ARGO SP invests in senior classes of investment funds with reduced management and performance fees.
Owing to the size and status status with the brokers ARGO SP is able to invest in products unreachable to private investors.
The management team of ARGO SP includes 6 experienced investment professionals with knowledge strengths and specialisations in different areas. The team is led by Andrei Movchan, Elena Chirkova and Eugeniu Kireu.
Unlike investment advisors working for brokers and private banks, the managers of ARGO SP do not have a hidden agenda driving investment decisions (they are not under pressure to sell specific products or increase the turnover). Besides, the managers hold substantial amounts of own investments in the fund, and their interests align fully with the interests of the investors.
Why it's profitable Structure advantages
Weekly liquidity for investors arr
Investors are not involved in the process arr
High-quality infrastructure arr
No need for a bank or brokerage account arr
No income tax until redemption arr
Capital gains tax rather than ordinary income tax arr
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ARGO SP invests in instruments with varying liquidity parameters – from immediate to quarterly – and even instruments with a longer term to redemption. Owing to a large investor base and the fund's ability to leverage, ARGO SP maintains weekly liquidity for its investors – this is vastly better than what would be available to an individual portfolio of analogous instruments.
Building the portfolio, similar to the portfolio of ARGO SP, requires performing a considerable amount of hard analytical work and even harder operations-related work. The fund invests in more than 30 products, for the majority of which it is necessary to fulfil compliance procedures, supply information, negotiate transaction terms, monitor the products, manage the redemption, etc. ARGO SP frees its investors from such a burden.
ARGO SP is supported by a first-class administrator (APEX Fund Services Ltd.), serviced by reliable banks and brokers (UBS Switzerland AG, Northern Trust); is audited by an internationally recognised auditor (Deloitte Touche Tohmatsu Ltd.). The structure carries no operational risk and offers investors a transparent history of funds which can be easily presented to any financial services provider or regulator.
ARGO SP investors can subscribe to the shares either directly, via the administrator, without using an already existing account (or opening a new one) at an intermediary financial institution, or through the financial intermediary – a convenient bank or broker connected to the Euroclear, Allfunds, IFSAM or Clearstream clearing systems.
Investors in ARGO SP do not pay income tax on the appreciation of their shares in ARGO SP until they redeem their investments.* * Taxation principles discussed here apply in most tax residency jurisdictions but not in all of them. Please consult your tax advisor for details.
The realised appreciation of ARGO SP shares is subject to capital gains tax, with levels usually lower than those of ordinary income tax levels. Certain jurisdictions (such as Cyprus) have 0 capital gains tax.* * Taxation principles discussed here apply in most tax residency jurisdictions but not in all of them. Please consult your tax advisor for details.
Results
Class 1 USD Class 2 USD Composite Benchmark of HFR Indices Equally Weighted Portfolio of Fl Indices
Value of USD 100, invested since 1.10.2016.
Risks Risk Management
Market Risk arr
Interest rate risk arr
Risk of insufficient diversification arr
Liquidity risk arr
Credit risk arr
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Description The returns of the fund depend on the returns of capital markets and, first of all, debt markets; this is why falling debt markets can impact negatively the results of the fund.

Risk management method More than 60% of the fund assets are invested in the instruments and products that can be classified as arbitrage or market-neutral.

Description Interest rate risk is very similar to the market risk: when the refinancing rate increases, the interest rates rise, and the prices of financial instruments that depend on the interest rates fall.

Risk management method More than 60% of the fund assets are invested in instruments and products that can be classified as arbitrage and market-neutral.

Description As a result of insufficient diversification, a sharp fall in the value of a single asset can lead to a large effect on the fund's returns.

Risk management method The fund is well-diversified: as of 01.04.2022, the fund portfolio contains 23 instruments, the largest share – 12%, the average share of a single instrument is 4%.

Description A proportion of the fund's assets is invested in instruments with low liquidity.

Risk management method The fund keeps no less than 50% of its funds in the instruments with liquidity of fewer than 30 days.

Description Deterioration in the credit quality of an issuer can lead to a default on bonds and other obligations.

Risk management method When investing in bonds, the credit quality of the issuer is thoroughly checked and, subsequently, monitored. When the fund invests in investment products that depend on credit risk, we check the past results, examine the background and the quality of expertise of the management team that supervises the credit risk. The fund does not extend credit independently to individual projects.

Team
The team of the portfolio managers, specialists in the field of debt markets, corporate finance, selection and analysis of credit products and hedge-funds.
Andrei Movchan Founder, General Partner
Elena Chirkova Senior Partner
Eugeniu Kireu Partner
Daniyar Serikov Comanager of the fund
Pavel Shirochkin Financial analyst
Zhansulu Mukhamejanova Manager
Video interviews
For more details about the funds, watch the interviews with our portfolio managers.
All publications
Год «плохих» рынков, растущих ставок и высокой инфляции. Инвестиционный обзор от Андрея Мовчана 27 July’ 2022
Инвестиционный фонд ARGO SP: А. Мовчан и Р. Нагапетьянц об изменении стратегии 19 July’ 2022
Advantages
Low risk The composition of instruments with low share of each instrument in the portfolio and low or negative correlation between instruments ensures a low risk of substantial losses.
Advantages
Reduced fees Owing to its size and institutional structure, ARGO SP enjoys low broker commissions (for instance, ARGO SP pays 10 b.p. per transaction with a third-party fund while the average commission of a private bank amounts to 70 b.p. and often exceeds 2%; custodian fee for ARGO SP is 12 b.p. per year, with the average for a large private bank at 35 b.p.); ARGO SP invests in senior classes of investment funds with reduced management and performance fees.
Advantages
A broad range of possibilities Owing to the size and status status with the brokers ARGO SP is able to invest in products unreachable to private investors.
Advantages
The best opportunity for selecting the right products The management team of ARGO SP includes 6 experienced investment professionals with knowledge strengths and specialisations in different areas. The team is led by Andrei Movchan, Elena Chirkova and Eugeniu Kireu.
Advantages
Unbiased management decisions Unlike investment advisors working for brokers and private banks, the managers of ARGO SP do not have a hidden agenda driving investment decisions (they are not under pressure to sell specific products or increase the turnover). Besides, the managers hold substantial amounts of own investments in the fund, and their interests align fully with the interests of the investors.
Why it's profitable
Weekly liquidity for investors ARGO SP invests in instruments with varying liquidity parameters – from immediate to quarterly – and even instruments with a longer term to redemption. Owing to a large investor base and the fund's ability to leverage, ARGO SP maintains weekly liquidity for its investors – this is vastly better than what would be available to an individual portfolio of analogous instruments.
Why it's profitable
Investors are not involved in the process Building the portfolio, similar to the portfolio of ARGO SP, requires performing a considerable amount of hard analytical work and even harder operations-related work. The fund invests in more than 30 products, for the majority of which it is necessary to fulfil compliance procedures, supply information, negotiate transaction terms, monitor the products, manage the redemption, etc. ARGO SP frees its investors from such a burden.
Why it's profitable
High-quality infrastructure ARGO SP is supported by a first-class administrator (APEX Fund Services Ltd.), serviced by reliable banks and brokers (UBS Switzerland AG, Northern Trust); is audited by an internationally recognised auditor (Deloitte Touche Tohmatsu Ltd.). The structure carries no operational risk and offers investors a transparent history of funds which can be easily presented to any financial services provider or regulator.
Why it's profitable
No need for a bank or brokerage account ARGO SP investors can subscribe to the shares either directly, via the administrator, without using an already existing account (or opening a new one) at an intermediary financial institution, or through the financial intermediary – a convenient bank or broker connected to the Euroclear, Allfunds, IFSAM or Clearstream clearing systems.
Why it's profitable
No income tax until redemption Investors in ARGO SP do not pay income tax on the appreciation of their shares in ARGO SP until they redeem their investments.* * Taxation principles discussed here apply in most tax residency jurisdictions but not in all of them. Please consult your tax advisor for details.
Why it's profitable
Capital gains tax rather than ordinary income tax The realised appreciation of ARGO SP shares is subject to capital gains tax, with levels usually lower than those of ordinary income tax levels. Certain jurisdictions (such as Cyprus) have 0 capital gains tax.* * Taxation principles discussed here apply in most tax residency jurisdictions but not in all of them. Please consult your tax advisor for details.
Risks
Market Risk Description The returns of the fund depend on the returns of capital markets and, first of all, debt markets; this is why falling debt markets can impact negatively the results of the fund. Risk management method More than 60% of the fund assets are invested in the instruments and products that can be classified as arbitrage or market-neutral.
Risks
Interest rate risk Description Interest rate risk is very similar to the market risk: when the refinancing rate increases, the interest rates rise, and the prices of financial instruments that depend on the interest rates fall. Risk management method More than 60% of the fund assets are invested in instruments and products that can be classified as arbitrage and market-neutral.
Risks
Risk of insufficient diversification Description As a result of insufficient diversification, a sharp fall in the value of a single asset can lead to a large effect on the fund's returns. Risk management method The fund is well-diversified: as of 01.04.2022, the fund portfolio contains 23 instruments, the largest share – 12%, the average share of a single instrument is 4%.
Risks
Liquidity risk Description A proportion of the fund's assets is invested in instruments with low liquidity. Risk management method The fund keeps no less than 50% of its funds in the instruments with liquidity of fewer than 30 days.
Risks
Credit risk Description Deterioration in the credit quality of an issuer can lead to a default on bonds and other obligations. Risk management method When investing in bonds, the credit quality of the issuer is thoroughly checked and, subsequently, monitored. When the fund invests in investment products that depend on credit risk, we check the past results, examine the background and the quality of expertise of the management team that supervises the credit risk. The fund does not extend credit independently to individual projects.
Andrei Movchan Founder, General Partner andrei@movchans.com
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  • 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” and “Cursed Economies”, 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.
Elena Chirkova Senior Partner echirkova@movchans.com
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  • Specialist in asset management, corporate finance, financial markets and asset valuation with 30 years of experience.
  • Formerly: Advisor at Rothschild Investment Bank, Director of Corporate Governance at Deloitte, Vice President of Investment Banking at Troika Dialog. Visiting scholar at Harvard University School of Economics; teaches at the HSE School of Finance. 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, Master’s program at the Claremont Graduate School (California, USA). PhD (Economic Sciences).
Eugeniu Kireu Partner ekireu@movhcnans.com
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  • Specialist in the analysis of debt markets, credit products and creditworthiness of companies.
  • Leading analyst at Movchan’s Group, overseeing the formation of the Group’s investment portfolio since its inception; holds responsibility in stock market analysis and strategy research in stock options.
  • Conducts scientific work; wrote numerous articles for economic research institutions and media.
  • Graduated with honours from the Faculty of Economic Sciences of the Higher School of Economics; a CFA II candidate.
Daniyar Serikov Comanager of the fund dserikov@movchans.com
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  • Contributes to building the ARGO investment portfolio. Specialises in researching investment opportunities and analysis of investments in private debt funds and hedge-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.
Pavel Shirochkin Financial analyst pshirochkin@movchans.com
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  • 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.
Zhansulu Mukhamejanova 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.
Disclaimer

This website page is operated by Cayman Emerging Manager Platform SPC – Absolute Return Global Opportunity (ARGO) Fund SP registered in Cayman Islands as a Segregated Portfolio of the exempted company incorporated with limited liability and registered as a segregated portfolio company under the laws of the Cayman Islands and registered as a mutual fund under the Mutual Funds Law (as amended) of the Cayman Islands with company registration number 913426.

To verify  https://www.cima.ky/upimages/commonfiles/1499783502ListMutualFunds.pdf

The registered address of company:
P.O Box MP 10085, One artillery Court, 161a Shedden Road, George Town, Grand Cayman, Cayman Islands KY1-1001.

Investors

Only Eligible Investors who are Non-U.S. Persons could invest to of Cayman Emerging Manager Platform SPC – Absolute Return Global Opportunity (ARGO) Fund SP.

Compliance Information

The views expressed herein do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of Cayman Emerging Manager Platform SPC – Absolute Return Global Opportunity (ARGO) Fund SP and no assurances are made as to their completeness or accuracy. An investment in Cayman Emerging Manager Platform SPC – Absolute Return Global Opportunity (ARGO) Fund SP should be viewed as a means of diversification within the context of an overall investment portfolio, and an investment should be made only after consulting with independent and qualified sources of investment and tax advice. No information on this site constitutes investment, tax, legal or any other advice.

If you are unsure about the meaning of any information provided, you must consult an appropriate regulated financial or other professional adviser. An investment in Cayman Emerging Manager Platform SPC – Absolute Return Global Opportunity (ARGO) Fund SP is speculative and involves a high degree of risk. An investment in the products referred to in this website is suitable only for investors who can afford to lose all or a portion of their investment. No one should commit to invest a large percentage of their readily marketable assets in Cayman Emerging Manager Platform SPC – Absolute Return Global Opportunity (ARGO) Fund SP. There can be no assurance that the investment objective of any of the products will be achieved and investment results may vary substantially over time. Investment in any of the products is not intended to be a complete investment program for any investor. Past performance is not a guarantee of future performance. The price of units or shares can go down as well as up and may be affected by changes in rates of exchange. Income from investments may also fluctuate and be affected by changes in the rates of exchange. Data is complimentary to and not a substitute for independent professional advice from a person qualified to provide it in your home country. The information contained on this website is subject to copyright with all rights reserved.

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          Privacy Policy

          Last updated: 13.05.2022

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          Except to the extent required by current laws and/or regulations, Movchan’s Group, including its directors, agents, employees or subcontractors: (1) disclaims any and all express or implied warranties and conditions including without limitation warranties and conditions as to quality and fitness for a particular purpose; and (2) does not warrant that the website, any content (including any third party content), goods and services referred to therein will be uninterrupted or error free, that defects will be corrected or that the website, the servers from which it is available or any connected website is free of viruses, trojan horses, worms, software bombs or similar items or processes or other harmful components. In order to safeguard against viruses, it is advisable to use up-to-date versions of browsers and to install and continuously update antivirus software. Users should strictly avoid opening e-mails of unknown origin or unexpected e-mail attachments.

          Any data, including but not limited to financial market data, quotes, notices, research or other financial information accessible through this website, have been obtained from carefully selected sources believed to be reliable. All such information is provided “as is” to the user without express or implied warranties of any kind, including warranties of quality, originality, non-infringement of intellectual property or fitness for any particular purpose.

          The information and opinions in the website are descriptive of Movchan’s Group as a whole and the products and services described may not be available to or suitable for all investors. The fact that a user accesses the Site does not make him a client of Movchan’s Group.

          Any expressions of opinion, estimates and projections on the website are those of the authors at the date of writing. They do not necessarily reflect the view of Movchan’s Group and are subject to change at any time without prior warning. Movchan’s Group and its contractual partners may discontinue, or make changes in, the information, data and documents, and the products or services described herein, at any time without prior notice. Any information marked with a date is published as of this date only and no obligation or responsibility is undertaken to update or amend any such information.

          5. No liability

          TO THE MAXIMUM EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, Movchan’s Group, INCLUDING ITS DIRECTORS, AGENTS, EMPLOYEES, SUB-CONTRACTORS AND ITS SALES PARTNERS DISCLAIM ANY AND ALL LIABILITY FOR LOSSES OR DAMAGES (DIRECT OR INDIRECT) OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLYAS A RESULT OF (1) THE CONTENT, ACCURACY, COMPLETENESS OR OTHERWISE OF THE CONTENT OR ANY LINKS OR THIRD PARTY CONTENT; (2) ANY ERRORS IN OR OMISSIONS FROM THE SITE; (3) USE OF OR ACCESS TO THE SITE; (4) ANY INABILITY TO ACCESS OR USE THE WEBSITE FOR ANY REASON.

          TO THE FULL EXTENT PERMITTED BY CURRENT LAWS AND/OR REGULATIONS, Movchan’s Group SHALL NOT BE LIABLE FOR ANY (1) LOSS OF PROFITS OR REVENUE OR SAVINGS OR OTHER ECONOMIC LOSS, (2) LOSS OF BUSINESS OR GOODWILL, (3) LOSS OF OR DAMAGE TO DATA, (4) INCIDENTAL OR SPECIAL LOSS, (5) WASTED OR LOST MANAGEMENT TIME, OR (6) INDIRECT OR CONSEQUENTIAL LOSS ARISING FROM USE OF OR ACCESS TO THE SITE, EVEN IF ADVISED OF THE POSSIBILITY OF ANY SUCH LOSS OR DAMAGE OR IF SUCH LOSS OR DAMAGE WAS FORESEEABLE.

          6. Third-party content

          Statements on this website may contain information obtained from third parties, including ratings from rating agencies and research from research providers etc. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings or research, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third-party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third-party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees or losses (including lost income or profits and opportunity costs) in connection with any use of their content, including ratings or research. Credit and/or research ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.

          7. Performance

          The past is not an indication of the future performance of an investment. The value of investments may be subject to fluctuations and investors may not get back the amount invested. Changes in rates of foreign exchange may also cause the value of investments to go up or down.

          8. Links to third-party websites

          Links to third-party websites on this website are provided solely for your convenience as pointers to information on topics that may be useful to users of this website. Movchan’s Group has no control over the content on such third-party websites. Activating some links to third-party websites on this website may cause you to leave this website. No warranties or liability concerning the content of such websites are made, including assurances that it is correct, accurate, complete, true, up-to-date or fit for any particular purpose. Nor does Movchan’s Group warrant that such website or content is free from any claims of copyright or trademark or other infringement of the rights of third parties or that such site or content is free of viruses or other harmful components. No guarantee as to the authenticity of documents on the Internet is given.

          Using links to third-party websites provided on this Site is at your sole discretion and at your own risk.

          Please note that third-party websites are not subject to Movchan’s Group data protection policy and Movchan’s Group is not responsible for the policies they apply with regard to collection and treatment of your personal data. We recommend that you carefully read the terms of use and data protection policies governing the third-party website before using it in order to check how it protects your personal data and privacy.

          9. Data processing

          For information on the kind of data collected, the purpose for which it is collected, how it is processed, to whom it may be disclosed and the security measures that have been put in place to protect it, please consult the Movchan’s Group Data Privacy Policy under the following link:

          Data privacy Policy

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