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Global Equity Investment Fund
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Conservative
investment approach

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Value approach when
selecting stocks – proven
as the best in the long-term

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Investing in developed
markets – USA and Europe

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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
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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
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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.

Fund
Fund facts Investment terms
Jurisdiction Cayman islands
Broker EXANTE, Saxo Bank A/S
Bank Northern Trust
Investment manager Movchan Advisers Ltd.
Administrator APEX Fund Services Ltd.
Auditor Deloitte Touche Tohmatsu Ltd.
Legal advisor Walkers
Included in databases Preqin, Eurekahedge, Refinitiv, Bloomberg, Context365, BarclayHedge
Investment currency USD, EUR
Minimum investment size USD 100,000; EUR 100,000
Liquidity monthly; entry and exit without commissions and limits
Management Fee 1/1.25% depending on the share class
Performance fee 10/15/50% depending on the share class
Dividends no
Why this is profitable Strategy advantages
Lower risk than that of the stock market arr
Good liquidity arr
Investors are not involved in the process arr
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The fund's primary sub-strategy is to sell "out-of-the-money" puts on US equities. This strategy makes it possible to earn a (limited) positive return, even if the share price falls within a specific range.
To implement this kind of strategy, a private investor will need to "freeze" funds, in most instruments, for two to six months. The fund investor can withdraw funds on the first day of each month by giving the administrator a 10-day notice.
Building the portfolio, similar to the portfolio of GEIST SP, requires performing a considerable amount of hard analytical work and investment in the automation of analytics and continuous market monitoring. GEIST SP frees its investors from such a burden.
Why this is profitable Advantages of the structure
High-quality infrastructure arr
No need for a bank or brokerage account arr
No income tax until the redemption arr
Capital gains tax rather than ordinary income tax arr
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GEIST SP is serviced by a first-class administrator (APEX Fund Services Ltd.), reliable banks and brokers (UBS Switzerland AG, Northern Trust), and an internationally recognised international auditor (Deloitte Touche Tohmatsu Ltd.). The structure carries no operational risk and offers investors a transparent investment history which can be easily presented to any financial services provider or regulator.
GEIST SP investors can subscribe to shares directly through the administrator without using an existing (or opening a new) account with an intermediary financial institution. It is also possible to buy fund shares through the investor account at a financial intermediary – a convenient bank or broker connected to the Euroclear, Allfunds, IFSAM or Clearstream clearing systems.
GEIST SP Investors do not pay income taxes until their investments are redeemed.
The realised appreciation of GEIST SP shares is subject to capital gains tax, with levels usually lower than those of ordinary income tax. 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 tax advisor for details.
Results
Class 3 USD Class 1 USD
Value of USD 100 invested since 08.07.2020
Risks Risk management
Risk of investment in shares arr
Risk of insufficient diversification arr
Liquidity risk arr
Risks associated with companies of small and mid-level capitalisation arr
Risks associated with short selling arr
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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
The portfolio management team includes experienced investment managers and specialists in equity markets, value investing, corporate finance, and options strategies.
Why this is profitable
Lower risk than that of the stock market The fund's primary sub-strategy is to sell "out-of-the-money" puts on US equities. This strategy makes it possible to earn a (limited) positive return, even if the share price falls within a specific range.
Why this is profitable
Good liquidity To implement this kind of strategy, a private investor will need to "freeze" funds, in most instruments, for two to six months. The fund investor can withdraw funds on the first day of each month by giving the administrator a 10-day notice.
Why this is profitable
Investors are not involved in the process Building the portfolio, similar to the portfolio of GEIST SP, requires performing a considerable amount of hard analytical work and investment in the automation of analytics and continuous market monitoring. GEIST SP frees its investors from such a burden.
Why this is profitable
High-quality infrastructure GEIST SP is serviced by a first-class administrator (APEX Fund Services Ltd.), reliable banks and brokers (UBS Switzerland AG, Northern Trust), and an internationally recognised international auditor (Deloitte Touche Tohmatsu Ltd.). The structure carries no operational risk and offers investors a transparent investment history which can be easily presented to any financial services provider or regulator.
Why this is profitable
No need for a bank or brokerage account GEIST SP investors can subscribe to shares directly through the administrator without using an existing (or opening a new) account with an intermediary financial institution. It is also possible to buy fund shares through the investor account at a financial intermediary – a convenient bank or broker connected to the Euroclear, Allfunds, IFSAM or Clearstream clearing systems.
Why this is profitable
No income tax until the redemption GEIST SP Investors do not pay income taxes until their investments are redeemed.
Why this is profitable
Capital gains tax rather than ordinary income tax The realised appreciation of GEIST SP shares is subject to capital gains tax, with levels usually lower than those of ordinary income tax. 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 tax advisor for details.
Risks
Risk of investment in shares 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.
Risks
Risk of insufficient diversification 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.
Risks
Liquidity risk 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.
Risks
Risks associated with companies of small and mid-level capitalisation 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%.
Risks
Risks associated with short selling 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%.
Andrei Movchan 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 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.
Michael Portnoy Partner mportnoy@movchans.com
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  • 24 years of experience in financial markets.
  • 12 years of experience in analysis and development of trading strategies and systematic trading of equities and derivatives.
  • 7 years selecting, analyzing and managing hedge fund portfolios and portfolios of absolute return strategies focused on global financial and commodity markets.
  • Worked at largest Russian banks and wealth management firms like Alfa Bank, Bank UralSib, GHP Group, MC MDM and Alfa Capital; headed departments of Global Markets, Hedge Funds and CTAs.
  • Specialist in absolute return and market-neutral strategies in futures and options markets.
  • Graduated from Baruch College CUNY (Finance & Investments).
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 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 webpage is operated by Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) 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 1641581.

To verify https://www.cima.ky/upimages/commonfiles/QuarterlyListofallMutualFundsregisteredandlicensedwiththeCaymanIslandsMonetaryAuthority-31December2020_1610460966.pdf

The registered address of company:
Willow House, Cricket Square, PO Box 709, Grand Cayman KY1-1107, Cayman Islands

Investors

Only Eligible Investors who are Non-U.S. Persons could invest to GLOBAL EQUITY INVESTMENT FUND (GEIST) 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 Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) SP and no assurances are made as to their completeness or accuracy. An investment in Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) 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 Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) 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 Careful Investments SPC – GLOBAL EQUITY INVESTMENT FUND (GEIST) 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

          1. Background

          Movchan’s Group (“Movchan’s Group”, “we” or “us”) welcome you to our website and appreciate your interest in our products and services.

          We understand that your privacy is important to you and that you care about how your information is used and shared online. This page explains how we treat your personal data (“Privacy Policy”).

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          This Policy applies to use of any and all data collected by us in relation to your use of this website. Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Privacy Policy is deemed to occur upon your first use of our website. If you do not accept and agree with this Privacy Policy, you must stop using this website immediately.

          As of 25 May 2018, the EU General Data Protection Regulation 2016/679 (GDPR) have taken effect for the protection of natural persons against the processing of personal data and the free circulation of such data. The New General Regulation shall replace the Directive 95/46/EU which was applied via law 138(I)/2001. As of 25 May, 2018 the said law shall be considered as abolished.

          Our role includes the obligation to secure that, personal data of yours and of any third parties such as employees, contractors, clients, principals and other individuals and contracting parties related to you, which has come or may come into our possession and which may also contain sensitive data, is processed in accordance with relevant Regulation and/or other laws in force.

          2. Information about us

          This website www.movchans.com, is owned and operated by Movchan Management Ltd., a private company of the Astana International Financial Center under the identification number 210140900043 in accordance with the Constitutional Law of the Republic of Kazakhstan “on the Astana International Financial Center”, whose registered address is AIFC 55/16 Mangilik El Ave., block C3.1, office 323, Z05T3F2, Nur-Sultan.

          3. Scope of Privacy Policy

          This Privacy Policy applies only to your use of this website. It does not extend to any websites that are linked to from this website (whether we provide those links or whether they are shared by other users). We have no control over how your data is collected, stored or used by other websites and we advise you to check the privacy policies of any such websites before providing any data to them.

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          The information, products, data, services, tools and documents contained or described on this website are for information purposes only and constitute neither an advertisement or recommendation nor an offer or solicitation to buy or sell investment instruments, to affect any transaction or to enter into any legal relations.

          The financial products mentioned on this site are not suitable for all investors. Prior to making investment decisions investors should conduct a thorough investigation and obtain all necessary professional advice for all issues, including your eligibility to make such investment in terms of the applicable law.

          Nothing on this site constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate for individual circumstances, or otherwise constitutes a personal recommendation for any specific in­vestor. We recommend that investors independently assess, with a professional advisor, the specific financial risks as well as legal, regulatory, credit, tax and accounting consequences.

          3. Local legal restrictions

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          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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