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MS Dalton Asia Pacific L/S UCITS Fund

Dalton Asia Pacific Strategy Overview

The MS Dalton Asia Pacific L/S UCITS Fund’s objective is to seek long-term capital appreciation and to generate absolute returns through a diversified portfolio of long and short positions in equity and equity related securities with a focus on the Asia Pacific region. Dalton Investments (“Dalton”), which manages over $3.2bn in assets within Asia out of $3.6bn in total (as of 31 December 2018), emphasizes value investments; as such, its’ investment process is based on bottom-up fundamental analysis that follows 3 steps: screening for qualitative traits and historical valuation, in-depth research and onsite visits and final assessment by James Rosenwald, as Portfolio Manager of the MS Dalton Asia Pacific UCITS Fund. Dalton typically looks to go long deep value opportunities, notably through companies that display strong alignment of interest, and short companies with declining catalysts. Macro‐economic trends are also considered when allocating stocks between countries and sectors. Dalton’s edge also lies in their risk management, concentrating on capital preservation and focused on a longer term investment perspective.

  • Long-term investment perspective
  • Strive for disciplined, bottom-up, value approach to long and short investing
  • Margin of safety and alignment of interests with shareholders sought within investments
  • On-the-ground local research teams (10 in total) provide in-depth market analysis and global perspective
  • Exposure to companies with market caps in excess of $0.5bn and at least moderate trading volumes
  • Portfolio risk managed by employing position limits, adhering to stop‐loss guidelines, and managing gross and net exposures
  • Gross exposure: Maximum 200%
  • Net exposure: Maximum 80% of which the net long exposure to Japan and Greater China is limited to 70% with the maximum net long exposure to the remainder of the Asia Pacific region limited to 30%

Performance as of 14/02/2019

NAVMTDYTDLTD
1,501.67€3.41%3.72%50.17%
Loading

Past performance is not an indicator of future performance.

Details

Strategy
  • ​Long/Short Equity focused on the Asia Pacific region (including Japan)
General Fund Guidelines
  • Value Investments: Dalton approaches investing with long-term disciplined, rigorous, bottom-up value analysis. Dalton searches for stocks based on factors including company’s intrinsic value, “margin of safety” and shareholders’ alignment of interests
  • Asia Including Japan: Dalton’s view is that Asia is transforming into one large market. Dalton believes their long-term experience investing in Japan has given them insight on how to identify potential value traps in Asian growth companies

  • The long book is diversified across market capitalization, industries, and countries and typically ranges from 30 to 60 positions

  • The short book is constructed for alpha generation, shorts not paired with specific long positions and is typically composed of 20 to 40 positions

Instruments & Geography
  • Investment universe comprised of equities and equity related securities listed or traded on recognised markets
  • Net exposure to Japan and Greater China is expected to be limited to 70% of the NAV with the rest of Asia (including India) limited to 30% of NAV
Philosophy
  • Markets are not always efficient: Opportunistically invest when Dalton’s analysis of intrinsic value is mismatched with current market prices
  • Invest with a margin of safety: Manage risk based on substantial market dislocations, while using limited borrowing

  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time

  • Volatility is not risk: Risk defined as the permanent loss of capital. Volatility provides Dalton with the opportunity to deploy capital

  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meet their requirements for a large margin of safety and potential significant upside

Fund Facts

Legal Structure:UCITS Irish OEIC
Umbrella Fund:FundLogic Alternatives PLC
Fund Manager:Dalton Investments LLC
Passporting:Approved in Germany, Italy, Spain, U.K., France, Singapore, Switzerland, Luxembourg, Belgium, Austria and Liechtenstein
Base Currency:EUR
Other Currency Share Classes:USD, GBP
Liquidity:Weekly
Dealing Deadline (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Redemption):Within 5 Business Days after the relevant Dealing Day

Key Professionals

James B. Rosenwald
Portfolio Manager

James B. Rosenwald is Portfolio Manager for Dalton Investments’ Asian equities portfolios. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd. (now known as Rovida Asset Management, Ltd.), which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co. Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.
Includes 0.40% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc.

Overview

Dalton Asia Pacific Strategy Overview

The MS Dalton Asia Pacific L/S UCITS Fund’s objective is to seek long-term capital appreciation and to generate absolute returns through a diversified portfolio of long and short positions in equity and equity related securities with a focus on the Asia Pacific region. Dalton Investments (“Dalton”), which manages over $3.2bn in assets within Asia out of $3.6bn in total (as of 31 December 2018), emphasizes value investments; as such, its’ investment process is based on bottom-up fundamental analysis that follows 3 steps: screening for qualitative traits and historical valuation, in-depth research and onsite visits and final assessment by James Rosenwald, as Portfolio Manager of the MS Dalton Asia Pacific UCITS Fund. Dalton typically looks to go long deep value opportunities, notably through companies that display strong alignment of interest, and short companies with declining catalysts. Macro‐economic trends are also considered when allocating stocks between countries and sectors. Dalton’s edge also lies in their risk management, concentrating on capital preservation and focused on a longer term investment perspective.

  • Long-term investment perspective
  • Strive for disciplined, bottom-up, value approach to long and short investing
  • Margin of safety and alignment of interests with shareholders sought within investments
  • On-the-ground local research teams (10 in total) provide in-depth market analysis and global perspective
  • Exposure to companies with market caps in excess of $0.5bn and at least moderate trading volumes
  • Portfolio risk managed by employing position limits, adhering to stop‐loss guidelines, and managing gross and net exposures
  • Gross exposure: Maximum 200%
  • Net exposure: Maximum 80% of which the net long exposure to Japan and Greater China is limited to 70% with the maximum net long exposure to the remainder of the Asia Pacific region limited to 30%
Performance

Performance as of 14/02/2019

NAVMTDYTDLTD
1,501.67€3.41%3.72%50.17%
Loading

Past performance is not an indicator of future performance.

Details

Details

Strategy
  • ​Long/Short Equity focused on the Asia Pacific region (including Japan)
General Fund Guidelines
  • Value Investments: Dalton approaches investing with long-term disciplined, rigorous, bottom-up value analysis. Dalton searches for stocks based on factors including company’s intrinsic value, “margin of safety” and shareholders’ alignment of interests
  • Asia Including Japan: Dalton’s view is that Asia is transforming into one large market. Dalton believes their long-term experience investing in Japan has given them insight on how to identify potential value traps in Asian growth companies

  • The long book is diversified across market capitalization, industries, and countries and typically ranges from 30 to 60 positions

  • The short book is constructed for alpha generation, shorts not paired with specific long positions and is typically composed of 20 to 40 positions

Instruments & Geography
  • Investment universe comprised of equities and equity related securities listed or traded on recognised markets
  • Net exposure to Japan and Greater China is expected to be limited to 70% of the NAV with the rest of Asia (including India) limited to 30% of NAV
Philosophy
  • Markets are not always efficient: Opportunistically invest when Dalton’s analysis of intrinsic value is mismatched with current market prices
  • Invest with a margin of safety: Manage risk based on substantial market dislocations, while using limited borrowing

  • Focus on long-term: Focus on long-term performance rather than short-term market fluctuations to provide room for Dalton’s investments to compound at superior rates over time

  • Volatility is not risk: Risk defined as the permanent loss of capital. Volatility provides Dalton with the opportunity to deploy capital

  • Understand risk tolerance: Capital preservation is the first priority when Dalton believes that their analysis of current market valuations meet their requirements for a large margin of safety and potential significant upside

Fund Facts

Fund Facts

Legal Structure:UCITS Irish OEIC
Umbrella Fund:FundLogic Alternatives PLC
Fund Manager:Dalton Investments LLC
Passporting:Approved in Germany, Italy, Spain, U.K., France, Singapore, Switzerland, Luxembourg, Belgium, Austria and Liechtenstein
Base Currency:EUR
Other Currency Share Classes:USD, GBP
Liquidity:Weekly
Dealing Deadline (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Dealing Deadline (Redemption):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Subscription):12 midday Irish time 3 Business Days prior to the relevant Dealing Day
Settlement Date (Redemption):Within 5 Business Days after the relevant Dealing Day
Key Professionals

Key Professionals

James B. Rosenwald
Portfolio Manager

James B. Rosenwald is Portfolio Manager for Dalton Investments’ Asian equities portfolios. He is a recognized authority in Pacific Rim investing with more than 30 years of investment experience. He formerly co-managed and founded Rosenwald, Roditi & Company, Ltd. (now known as Rovida Asset Management, Ltd.), which he established in 1992 with Nicholas Roditi. Mr. Rosenwald advised numerous Soros Group funds between 1992 and 1998. He commenced his investment career with the Grace Family at their securities firm, Sterling Grace & Co. Mr. Rosenwald holds an MBA from New York University and an AB from Vassar College. He is a CFA charterholder and a director of numerous investment funds. He is a member of the CFA Society of Los Angeles and the CFA Institute and is an Adjunct Professor of Finance at New York University’s Stern Business School.

Shares

Fund Share Class Details

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances.
Includes 0.40% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc.

    Access to the products presented on this website may be subject to restrictions regarding certain investor profiles and / or countries. REMINDER OF COUNTRIES HAVING AUTHORIZED PASSPORTING Information about products described in this website is exclusively dedicated to sophisticated prospective, institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Please find here below a list of the “Passporting” status of the products for which information is provided on this website:   NO OFFER None of the information contained in this website constitutes a solicitation or offer by Longchamp Asset Management or its affiliates (together “Longchamp Asset Management”) to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Information about products described in this website is exclusively dedicated to sophisticated prospective, professional clients or institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. Information contained in the website does not constitute an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized or where they are not available for distribution in the jurisdiction of the reader of this information. In particular, the information in the Website is not for distribution in the United States. SELLING RESTRICTIONS No offering of the products described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force. The products described in this website may be subject to restrictions with regard to (i) persons or (ii) countries under national regulations. As a visitor of this website, it is your responsibility to be aware of and to respect all applicable laws and regulations. The visitor of this website should make its own assessment to invest into any product presented in this website. Any securities referred to on this website, or any offering material in relation thereto, will not be registered under the Securities Act. This Website is not directed to persons who are residents of the United States or to any country where the FundLogic Funds are not authorised for distribution or in which the dissemination of information regarding the FundLogic Funds on the World Wide Web is not permitted. The products described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the Securities Act). Should an Internet Protocol resolution search indicate that your access to this website is coming from the United States, it is therefore subject to certain restrictions. The securities on this website have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered within the United States or to or for the account of U.S persons. Please contact us, should you evaluate this information is incorrect, and for any further information request. Longchamp Asset Management Email : ir@longchamp-am.com Tel : +33 1 71 70 40 30 The information contained in the website is for information purposes only and is not an offer (or solicitation of an offer) to buy/sell or borrow/lend the securities mentioned or to participate in any particular trading strategy. By clicking this box, I expressly acknowledge and confirm that I am not a U.S. Person (as defined in Regulation S of the U.S. Securities Act of 1933, as amended), nor am I acting on behalf of a U.S. Person. OFFERING CIRCULAR OR PROSPECTUS An offering circular or prospectus (the “Offering Documents”) referring to a specific product will be available on this website. Potential investors should base any investment decision they make solely on the basis of information contained in the Offering Documents and should read the information contained therein carefully, in particular the description of risk factors associated with any structured products. The products described on this website have been issued by Longchamp Asset Management or third party issuers. All information on this website and the Offering Documents with respect to any third party entity not affiliated with Longchamp Asset Management has been provided by, and is the sole responsibility of, such third party and has not been independently verified by Longchamp Asset Management or any other independent third party and Longchamp Asset Management accepts no liability for such information. NO INVESTMENT ADVICE Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase products described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the products described on this website. HISTORICAL PERFORMANCE Past performance information contained on this website is not indicative of future results. INDICATIVE PRICES All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice. USE OF LINKS This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Longchamp Asset Management of any information contained in any third party website. In no event shall Longchamp Asset Management be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this website. LIMITATION OF LIABILITY Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Longchamp Asset Management. Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur if you use a link to this site. Longchamp Asset Management shall prohibit anyone from creating such a link without its prior express authorization. In no event will Longchamp Asset Management or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Longchamp Asset Management or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

    To continue your navigation, please select your investor type:

    Institutional Investor

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    By clicking “Accept” you confirm that (i) you do not have your legal residence in the United States, (ii) you are not a U.S.-Person; (iii) you have been informed of the countries where the products have been passported, (iv) and that you have read the Terms of Use above and agree with them.

    Access to the products presented on this website may be subject to restrictions regarding certain investor profiles and / or countries. REMINDER OF COUNTRIES HAVING AUTHORIZED PASSPORTING Information about products described in this website is exclusively dedicated to sophisticated prospective, institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Please find here below a list of the “Passporting” status of the products for which information is provided on this website:   NO OFFER None of the information contained in this website constitutes a solicitation or offer by Longchamp Asset Management or its affiliates (together “Longchamp Asset Management”) to buy or sell any securities, futures, options or other financial instruments or to participate in any other strategy. Information about products described in this website is exclusively dedicated to sophisticated prospective, professional clients or institutional or qualified investors in jurisdictions where distributing these products would not be contrary to local laws and regulations. Pricing and other information generated through the use of data made available herein may not reflect actual prices or values that would be available in the market at the time provided or at the time that the user may want to purchase or sell a particular security or other instrument. Information contained in the website does not constitute an offer to buy any securities in any jurisdiction in which such distribution or offer is not authorized or where they are not available for distribution in the jurisdiction of the reader of this information. In particular, the information in the Website is not for distribution in the United States. SELLING RESTRICTIONS No offering of the products described on this website, or possession or distribution of any offering material in relation thereto, is permitted in any jurisdiction unless in compliance with all applicable laws, regulations, codes, directives, orders and/or regulatory requirements, rules and guidance in force. The products described in this website may be subject to restrictions with regard to (i) persons or (ii) countries under national regulations. As a visitor of this website, it is your responsibility to be aware of and to respect all applicable laws and regulations. The visitor of this website should make its own assessment to invest into any product presented in this website. Any securities referred to on this website, or any offering material in relation thereto, will not be registered under the Securities Act. This Website is not directed to persons who are residents of the United States or to any country where the FundLogic Funds are not authorised for distribution or in which the dissemination of information regarding the FundLogic Funds on the World Wide Web is not permitted. The products described on this website may not be offered, sold, transferred or delivered directly or indirectly in the United States to, or for the account or benefit of, any U.S. Person (as defined in Regulation S under the Securities Act). Should an Internet Protocol resolution search indicate that your access to this website is coming from the United States, it is therefore subject to certain restrictions. The securities on this website have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered within the United States or to or for the account of U.S persons. Please contact us, should you evaluate this information is incorrect, and for any further information request. Longchamp Asset Management Email : ir@longchamp-am.com Tel : +33 1 71 70 40 30 The information contained in the website is for information purposes only and is not an offer (or solicitation of an offer) to buy/sell or borrow/lend the securities mentioned or to participate in any particular trading strategy. By clicking this box, I expressly acknowledge and confirm that I am not a U.S. Person (as defined in Regulation S of the U.S. Securities Act of 1933, as amended), nor am I acting on behalf of a U.S. Person. OFFERING CIRCULAR OR PROSPECTUS An offering circular or prospectus (the “Offering Documents”) referring to a specific product will be available on this website. Potential investors should base any investment decision they make solely on the basis of information contained in the Offering Documents and should read the information contained therein carefully, in particular the description of risk factors associated with any structured products. The products described on this website have been issued by Longchamp Asset Management or third party issuers. All information on this website and the Offering Documents with respect to any third party entity not affiliated with Longchamp Asset Management has been provided by, and is the sole responsibility of, such third party and has not been independently verified by Longchamp Asset Management or any other independent third party and Longchamp Asset Management accepts no liability for such information. NO INVESTMENT ADVICE Information made available on this website should not be considered as investment advice or any form of personal recommendation to purchase products described thereon. Users should consult their independent financial or other applicable advisor(s) before investing in the products described on this website. HISTORICAL PERFORMANCE Past performance information contained on this website is not indicative of future results. INDICATIVE PRICES All prices or values are indicative only, and may vary significantly from executable prices or from prices obtained from elsewhere. Price and availability of the securities are subject to change without notice. USE OF LINKS This website contains links to third party websites. These links are provided only as a convenience. The inclusion of any link is not and does not imply an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by Longchamp Asset Management of any information contained in any third party website. In no event shall Longchamp Asset Management be responsible for the information contained on that site or your use of or inability to use such site. You should also be aware that the terms and conditions of such site and the site’s privacy policy may be different from those applicable to your use of this website. LIMITATION OF LIABILITY Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur in the event of any failure or interruption of this website, or resulting from interception by third parties of any information or services made available to you via this website or the act or omission of any other party involved in making this website, the data contained herein or the products or services offered on this website available to you, or from any other cause relating to your access to, inability to access, or use of the website or these materials, whether or not the circumstances giving rise to such cause may have been within the control of Longchamp Asset Management. Neither Longchamp Asset Management, nor any of its affiliates, directors, officers or employees, will be liable or have any responsibility of any kind for any loss or damage that you incur if you use a link to this site. Longchamp Asset Management shall prohibit anyone from creating such a link without its prior express authorization. In no event will Longchamp Asset Management or any such parties be liable to you, whether in contract or tort, for any direct, special, indirect, consequential or incidental damages or any other damages of any kind even if Longchamp Asset Management or any other such party has been advised of the possibility thereof. This limitation on liability includes, but is not limited to, the transmission of any viruses which may infect a user’s equipment, failure of mechanical or electronic equipment or communication lines, telephone or other interconnect problems (e.g., you cannot access your internet service provider), unauthorized access, theft, operator errors, strikes or other labor problems or any force majeure.

    To continue your navigation, please select your investor type:

    Institutional Investor

    Private Investor


    By clicking “Accept” you confirm that (i) you do not have your legal residence in the United States, (ii) you are not a U.S.-Person; (iii) you have been informed of the countries where the products have been passported, (iv) and that you have read the Terms of Use above and agree with them.

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