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Graham Macro UCITS D GBP

Bestinvest LogoA diversified absolute return strategy investing in a number of Graham discretionary macro traders and a systematic macro strategy.

PRICE (INC)

11946.55p

PRICE (ACC)

11946.55p

INITIAL CHARGE

0%

ANNUAL MANAGEMENT CHARGE

1.5%

ONGOING CHARGE

1.5%

YIELD

0%

1 YEAR
11.42%

Prices as at 04 Jul 2022.

Fund commentary last updated 16 May 2022.

Past performance is not an indication of future performance.

Capital at risk.

The fund aims to achieve long-term capital growth by gaining exposure to four asset classes - commodities, currencies, fixed income and equities and equity indices. Fund managers Kenneth Tropin, who founded Graham Capital Management (GCM) in 1994, and Pablo Calderini do this through a macro strategy, which aims to profit from patterns in economic data. They allocate the portfolio to a number of independent GCM discretionary macro managers, covering all the core macro asset classes, as well as a systematic/quantitatively-driven macro strategy developed by the group. The team makes its calls from its ‘Rock Ledge’ headquarters in Connecticut, a Tudor style mansion once the office of famed US General Douglas MacArthur.

Fund summary

SectorTargeted Absolute Return
StructureOFFSHORE FUND
LaunchedSeptember 2020
Size£624m
Yield0%
Charging BasisN/A
Dividends paidAcc units.

Charges

Standard Initial Charge0%
Initial Charge Via BestInvest0%
Additional Bid/Offer Spread0%
Annual Management Charge1.5%
Ongoing Charges Figure1.5%

Investment Process

The fund is built around an in-house, multi-manager concept focusing on macro trading. Its underlying strategies are differentiated across market sectors, time frame and implementation, trading across the global currency, fixed income, commodity, and equity sectors. This leads to holdings from approximately 80 markets, all of which are liquid. Discretionary managers trade within their own respective limits, but the GCM Investment Committee will impose some restrictions by stress test, factor, style, and sector. This is aimed at achieving a minimum level of diversification, managing instrument exposure and or event risk. Portfolio allocation and oversight is provided by independent investment and risk committees, consisting of senior management / investment professionals. Portfolio managers are excluded from these committees. The quant macro element of the portfolio is a systematic strategy designed to perform in rising as well as falling markets and offer diversification versus the discretionary macro traders. The portfolio is built around four recognised macro models: macro fundamental (follow leading market indicators, such as supply and demand), value (determines when price movements have gone too far), carry (which track interest differentials in different markets) and momentum (identify ongoing market trends in either direction). The fund takes directional, long, or short positions in a broad range of liquid markets, including global interest rates, foreign exchange, stock indices and commodities. The average holding period for underlying positions is 8-10 weeks. Position sizing by sector and security is determined by a variety of indicators including price, volatility, and systematic analysis of fundamental data.

The information on this website is not intended to be advice or a recommendation to buy, sell or hold any investment mentioned. The value of investments and the income from them can go down as well as up and you may not get back the amount invested.

Past performance is not a guide to future performance. View full risk warning