Products

MS Ascend UCITS Fund (3)

The MS Ascend UCITS Fund (the "Fund") is an opportunistic U.S. - focused Long/Short Equity investment strategy that seeks to generate steady returns in the UCITS risk controlled framework, with minimal volatility. The strategy is a variation of the “Jones Model” whereby the portfolio is long securities and short securities, while seeking to hedge against market fluctuations. The strategy is focused on targeting absolute returns rather than returns that are correlated to the broad stock market. Ascend Capital LLC (“Ascend”), as Investment Manager, invests in companies it identifies through a disciplined process involving thorough bottom-up fundamental research.

Ascend was founded in 1999 by Malcolm Fairbairn who has 23 years experience as a Long/Short portfolio manager, delivering positive net returns in 20 of the 23 years. Ascend manages approximately $2.3 billion of assets and has 22 investment professionals (35 employees in total), as of 31 July 2017.

MS Ascend UCITS Fund Strategy Overview

  • Long/Short Equity strategy focused on the U.S. diversified across multiple sectors
  • Objective is to maximize gain and minimize volatility over a long time horizon, while performing well in both rising and falling markets through the generation of alpha on both longs and shorts
  • Expected annual volatility : 4.50% to 7.50%
  • Gross exposure: 150% to 300%
  • Net exposure: -30% to 60%

Details

STRATEGY
  • Opportunistic U.S.- focused Long/Short Equity strategy diversified across multiple sectors
GENERAL FUND GUIDELINES
  • Maximize gain and minimize volatility over a long time horizon, while performing well in both rising and falling markets through the generation of alpha on both longs and shorts
INSTRUMENTS & GEOGRAPHY
  • Exposure to a variety of equity instruments
  • U.S. focused
PHILOSOPHY
  • Believe that steady compounding without large drawdowns is the best way to create and protect wealth
RIGOROUS & SCALABLE PROCESS
  • Thorough bottom-up process for conducting proprietary research
  • Team composed of 1 Chief Investment Officer, 6 Portfolio Managers and 3 Sector Managers with great industry knowledge to provide diversification
  • Employs a wide variety of proprietary technology to cut through the noise of voluminous data and distill vital information – cutting response time and increasing accuracy

Managers

Malcolm Fairbairn - Chief Investment Officer

Malcolm Fairbairn founded Ascend Capital in 1999. Prior to launching the Fund, Mr. Fairbairn was Managing Director of Structured Equities for Citadel Investment Group, Inc. in Chicago, Illinois. Subsequently, he launched and was Portfolio Manager for Orchard Partners, L.P., for Citadel Investment Group in San Francisco. From 1994 to 1997, Mr. Fairbairn worked as Senior Analyst for Strome Susskind, L.P. and was a Portfolio Manager for Strome HedgeCap, L.P., in Santa Monica, California. In 1993, he served as an Equity Analyst for Capital Research and Management Group in Los Angeles. Mr. Fairbairn received his M.B.A. from Harvard Business School in 1994 and was awarded his B.S. and M.S. degrees in Chemical Engineering from Massachusetts Institute of Technology in 1985.
 

Benjamin D. Slavet - Chief Operating Officer & Chief Financial Officer

Ben Slavet has 25 years of finance, accounting, operations, and business development experience with investment companies. Mr. Slavet has been with the firm since 2001 and his responsibilities include oversight of firm operations, investor relations, and business development activities. Mr. Slavet has been a Certified Public Accountant (Massachusetts) and has been registered with the NASD as a Financial and Operations Principal. Prior to joining Ascend, Mr. Slavet served as the Controller for Scudder Weisel Capital, where he was responsible for all of the financial operations for a registered broker/dealer and investment advisor. From 1992 to 2000, Mr. Slavet worked for KPMG LLP. Mr. Slavet was a Senior Manager in KPMG’s Investment Services Practice, where he provided audit, tax and consulting services to clients within the investment company industry. Mr. Slavet graduated from the University of Massachusetts-Amherst with a Bachelor of Business Administration degree in 1992.

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Fund Downloads

Umbrella Downloads

Fund Facts

Legal Structure: UCITS Irish OEIC

Umbrella Fund: FundLogic Alternatives PLC

Fund Manager: Ascend Capital LLC

Passporting: Approved in UK, Spain, Italy, Germany, Singapore, Sweden, Finland, France and Switzerland

Base Currency: USD

Other Currency Share Classes: EUR, GBP

Liquidity: Weekly (every Friday that is a Business Day)

Dealing Deadline (Subscription): by 12 midday Irish time 3 Business Days prior to the relevant Dealing Day

Dealing Deadline (Redemption): by 12 midday Irish time 3 Business Days prior to the relevant Dealing Day

Settlement Date (Subscription): within 3 Business Days after the relevant Dealing Day

Settlement Date (Redemption): within 5 Business Days after the relevant Dealing Day

Fund Share Class Details

ISIN Code BBG Code Inception Mgmt Fee Perf Fee TER KIID Link
MS Ascend UCITS Fund (3) (Exposure to the Ascend Investment Strategy)
Institutional * I EUR IE00B53HHV28 FLMSAIE ID 20.05.2011 1.50% 20% 1.90% KIID
Institutional I USD IE00B4XD6J42 FLMSAIU ID 29.08.2014 1.50% 20% 1.90% KIID

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances. 

Source: Northern Trust

The above figures refer to the past. Past performance are net of fees and are not a reliable indicator of future results.

(1) Includes 0.30% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(2) Includes 0.37% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(3) 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

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