Majedie Asset Management (“Majedie”), the independent investment boutique, today announced that the Tortoise Fund, its global long/short equity fund, has passed its tenth anniversary.
Launched on 31 August 2007, the Fund has returned 8.3% to investors per annum since inception, net of fees (to 31 August 2017). This track record includes distinctive performance achieved in notably difficult calendar years for the long/short equity sector, such as 2008, 2011 and 2016.
The table below shows the performance (net of fees) of the Tortoise Fund since inception:
|Periods to 31 August 2017 (%)||1 year||3 years||5 years||10 years||10 years p.a.|
|Majedie Tortoise Fund||+1.0||+9.7||+36.2||+122.7||+8.3|
Inception: 31 August 2007 Source: Majedie
Fund performance data refers to the C share class (GBP); data prior to its launch on 15 October 2008 refers to the A share class. Past performance is not a guide to future returns and the value of an investment may go down as well as up.
With £1.5bn ($1.9bn) of assets under management, the Tortoise Fund aims to achieve positive absolute returns in all market conditions through investment in long and synthetic short positions in global equities over rolling three-year periods, with less volatility than a conventional long-only equity fund. The portfolio is typically characterised by high liquidity and low leverage.
The Fund is lead managed by Matthew Smith, with Tom Morris as co-manager and Fan Ye as Fund Analyst. It is currently closed to new investors, in line with Majedie’s longstanding commitment to protect clients against the performance compromise that can arise when fund capacity is unlimited.
Commenting on the news, Rob Harris, CEO of Majedie, said:
“Matthew and his team deserve recognition for the excellent returns that Tortoise has achieved for investors since its launch a decade ago, into the teeth of the global financial crisis. Their deliberately old-fashioned, fundamental and pragmatic approach feels particularly well suited to today’s markets, with momentum investors chasing various asset classes to quite elevated levels.”
Matthew Smith, Lead Manager of the Majedie Tortoise Fund, said:
“We are pleased with the track record delivered for clients over the past ten years, but our thoughts are on the next ten. Our work continues to identify overlooked companies, where we see skewed upside potential, and to highlight those that may be loved by others but where the underlying fundamentals do not justify the market valuation. We hope to capitalise on these opportunities to make money for clients over the long term.”
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