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Liquid Alpha Income Fund
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Conservative market-neutral
investment product

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High Sharpe Ratio (6.3)
and higher returns during
market corrections

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Short investment
horizon and weekly liquidity

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No management
fee

Objectives
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Fund objectives

LAIF SP – investment fund aiming to provide investors with market-decorrelated stable conservative returns by creating a portfolio of short positions in ultra short-term puts on the largest and most liquid world equity indices, using an advanced statistical methodology.

Net target return: 6–7% p.a. in USD and GBP, 4–5% p.a in EUR.

Strategy
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Investment strategy

The fund trades weekly options on the largest and most liquid ETFs replicating major stock indices, with an expiration of fewer than four days. These options are a popular instrument for hedging market risks and short-term transactions.

The fund writes options, generating returns by enabling market participants to hedge market exposure or to bet on short-term market movements. The premiums collected from written options are the source of fund’s returns.

The strikes are set based on a sophisticated statistical model using a variety of market parameters so that the probability of the puts being exercised does not exceed 0.3–0.4%. The managers apply extra caution lowering the strikes manually to account for any idiosyncratic factors arising in the moment and to exclude non-systematic risks.

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This product is suitable for
Target investor

An investor interested in a sophisticated investment product with stable returns and a negative correlation with the primary markets. The fund’s target return is 6–7% annualised, with returns volatility of less than 3%.

About the fund
Fund facts Investment terms
Jurisdiction Cayman Islands
Broker EXANTE
Bank Northern Trust
Investment manager Movchan Advisers Ltd.
Administrator APEX Fund Services Ltd.
Auditor Deloitte Touche Tohmatsu Ltd.
Legal advisor Walkers
Included in databases Bloomberg, Preqin, Eurekahedge, Refinitiv, Context365, BarclayHedge
Investment terms USD, EUR, GBP
Minimum investment USD 250,000; EUR 250,000;
GBP 250,000
Liquidity weekly; entry and exit without commissions and limits
Dividends yes
Management Fee 0%
Performance fee 20/25% depending on the share class (applicable only once the minimum return is reached*)
* Minimum return for PF 4% USD | 2% EUR | 4% GBP
Why this is profitable Strategy advantages
Conventional investors pay extra money for protection arr
Large alpha-seekers disregard the opportunity arr
Smaller players do not have the required level of mathematical sophistication arr
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Different investor groups hedge their portfolios in primary markets by buying puts on the market ETFs. The majority of these investors do not use sophisticated tools for calculating the “true” value of the puts, as the premiums constitute a relatively minor expense. This demand is “natural” (the requirement to hedge is embedded in the investment declarations of most institutional players and caters to the desire of most investors to feel protected), while the supply is not (no investor or institution has a "natural" need to sell puts). Therefore, the market overprices the puts consistently, which creates an opportunity to earn returns on selling puts with strikes at practically unreachable levels, receiving substantial premiums.
Although this opportunity is available in the markets, it is finite. The market for puts on the largest ETFs has limited liquidity, and the participation of multibillion-dollar players would instantly make it 100% efficient. Large alpha-seekers like WorldQuant understand this and do not try to enter because they would erode the market profitability and fail to extract meaningful profits. Aggressive alpha-seekers also forego the opportunity because they seek higher returns, while this strategy is inherently conservative.
There are many smaller investment vehicles in the market searching for excess returns. They are led, for the most part, by traders/analysts with no specific high-level mathematical background, and their strategies usually follow relatively straightforward patterns that can be analysed with a toolbox of simple mathematics. The LAIF system relies on advanced application of probability theory, the theory of fuzzy sets and other tools rarely used in investment strategies.
Why this is profitable Structure advantages
Weekly liquidity for the investor 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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LAIF SP, by composition, holds its portfolio in cash 100% through each weekend and holiday. It allows the fund to have unlimited weekly liquidity.
LAIF SP is serviced by a first-class administrator (APEX Fund Services Ltd.), reliable banks and brokers (EXANTE) and an internationally recognised auditor (Deloitte Touche Tohmatsu Limited). The structure carries virtually no operational risk and provides investors with a transparent history of their funds, which can easily be presented to any other financial services provider or regulator.
Fund 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 a financial intermediary – a convenient bank or broker connected to the Euroclear, Allfunds, IFSAM or Clearstream clearing systems.
Investors in LAIF SP do not pay income tax on the appreciation of their shares in LAIF 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 LAIF 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
Graph Historical metrics
Value of USD 100, invested since 01.09.2020 ? From September 2020 to June 2021 – results of the proprietary trading on the company account. Starting July 2021 – the results of the fund, Class 3 USD.
Strategy LAIF
Return, % annualised (USD) 7.8
Maximum monthly loss, % 0
Sharpe Ratio 6.4
Sortino Ratio 15.1
Correlation with NASDAQ-100 -0.4
Positive months, % 100
Risks Risk Mamagement
Market risk arr
Margin Call risk arr
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Description The risk of loss due to a strike level breach.

Risk management method Managers typically keep the probability of such an event below 0.3%, within the framework of the model (i.e. one such event can be expected once in 6–7 years); the managers exercise particular caution in unusual circumstances. The event could result in significant realised losses (theoretically unlimited, in practice ranging from 0 to 20–30%).

Description A sharp increase in the margin requirements on the option positions is possible during extreme market falls, such as in March 2020.

Risk management method The size of the position to be opened (the number of options to be sold) is calculated to reduce this risk to near zero. Positions are opened with a margin safety gap of 30–40% to the maximum historical margin levels during the worst periods of the market.

Team
The team of the portfolio managers, specialists in probability theory and mathematical statistics, options markets, systematic trading of derivatives and market-neutral strategies.
Why this is profitable
Conventional investors pay extra money for protection Different investor groups hedge their portfolios in primary markets by buying puts on the market ETFs. The majority of these investors do not use sophisticated tools for calculating the “true” value of the puts, as the premiums constitute a relatively minor expense. This demand is “natural” (the requirement to hedge is embedded in the investment declarations of most institutional players and caters to the desire of most investors to feel protected), while the supply is not (no investor or institution has a "natural" need to sell puts). Therefore, the market overprices the puts consistently, which creates an opportunity to earn returns on selling puts with strikes at practically unreachable levels, receiving substantial premiums.
Why this is profitable
Large alpha-seekers disregard the opportunity Although this opportunity is available in the markets, it is finite. The market for puts on the largest ETFs has limited liquidity, and the participation of multibillion-dollar players would instantly make it 100% efficient. Large alpha-seekers like WorldQuant understand this and do not try to enter because they would erode the market profitability and fail to extract meaningful profits. Aggressive alpha-seekers also forego the opportunity because they seek higher returns, while this strategy is inherently conservative.
Why this is profitable
Smaller players do not have the required level of mathematical sophistication There are many smaller investment vehicles in the market searching for excess returns. They are led, for the most part, by traders/analysts with no specific high-level mathematical background, and their strategies usually follow relatively straightforward patterns that can be analysed with a toolbox of simple mathematics. The LAIF system relies on advanced application of probability theory, the theory of fuzzy sets and other tools rarely used in investment strategies.
Why this is profitable
Weekly liquidity for the investor LAIF SP, by composition, holds its portfolio in cash 100% through each weekend and holiday. It allows the fund to have unlimited weekly liquidity.
Why this is profitable
High-quality infrastructure LAIF SP is serviced by a first-class administrator (APEX Fund Services Ltd.), reliable banks and brokers (EXANTE) and an internationally recognised auditor (Deloitte Touche Tohmatsu Limited). The structure carries virtually no operational risk and provides investors with a transparent history of their funds, which can easily be presented to any other financial services provider or regulator.
Why this is profitable
No need for a bank or brokerage account Fund 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 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 redemption Investors in LAIF SP do not pay income tax on the appreciation of their shares in LAIF 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 this is profitable
Capital gains tax rather than ordinary income tax The realised appreciation of LAIF 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 risk of loss due to a strike level breach. Risk management method Managers typically keep the probability of such an event below 0.3%, within the framework of the model (i.e. one such event can be expected once in 6–7 years); the managers exercise particular caution in unusual circumstances. The event could result in significant realised losses (theoretically unlimited, in practice ranging from 0 to 20–30%).
Risks
Margin Call risk Description A sharp increase in the margin requirements on the option positions is possible during extreme market falls, such as in March 2020. Risk management method The size of the position to be opened (the number of options to be sold) is calculated to reduce this risk to near zero. Positions are opened with a margin safety gap of 30–40% to the maximum historical margin levels during the worst periods of the market.
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.
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).
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 – Liquid Alpha Income Fund 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-30June2021_1625765870.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 Liquid Alpha Income Fund.

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 – Liquid Alpha Income Fund and no assurances are made as to their completeness or accuracy. An investment in Careful Investments SPC – Liquid Alpha Income Fund 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 – Liquid Alpha Income Fund 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 – Liquid Alpha Income Fund. 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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          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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