Helium Perf S newsletter 2015 01 client EN V2m

Investor Relations :
Carl Dunning-Gribble
T: +331.42.56.56.28 [email protected]
Helium Performance Newsletter - April 2015
www.syquant-capital.com
Julien Vanlerberghe, CFA
T: +331.42.56.56.32 [email protected]
This document should be read in conjunction with the Funds prospectus
Monthly performance as of 30/04/2015
Share Class
(ISIN code)
Net Asset Value
Monthly performance contribution by strategy (share class S)
Monthly Performance
Classe A
(LU09112261970)
1 106.71 €
+0.91%
Classe B
(LU09112262275)
1 095.70 €
+0.86%
Classe S
(LU0912262358)
1 127.14 €
+0.99%
Total
Assets
Merger Arb.
0.60%
Event Driven
138.2M€
0.24%
0.16%
Stock Selection
0.00%
0.20%
0.40%
0.60%
Monthly returns since inception (share class S)
Jan
Feb
March
April
May
June
July.
August
Sept
Oct
Nov
Dec
Total
2013
-
-
-
-
0.66%
-1.51%
1.48%
-0.04%
1.30%
1.39%
0.46%
1.24%
5.04%
2014
0.12%
1.80%
-0.91%
-0.29%
0.90%
0.47%
0.51%
-0.17%
-0.04%
-1.12%
1.16%
0.12%
2.54%
2015
0.66%
2.50%
0.44%
0.99%
4.65%
Source : Syquant Capital: Past performance is not a guarantee of future results and no assurance can be given that capital initially invested will be preserved
Manager's comment
April - a lackluster month for equity markets as equity markets played second fiddle to the Forex and Commodity markets. The continued decline in the €uro was halted and the
European currency rebounded from its recent low of 1.07 to the US$ to 1.12US$ whilst oil retraced recent losses as the barrel reached $60/bbl following its recent low of $50.
The Helium Performance fund closed the month up 0.99% with a positive contribution from all sub-strategies:
Merger Arbitrage : +0.60%
Once again a very active month and a sustained M&A “pipeline” on both sides of the Atlantic – a welcome revival for the European M&A business: Nokia on Alcatel ($12bio), XPO
Logistics on Norbert Dentressangle ($3bio), Shell on BG Group ($80bio), Fedex on TNT ($3bio) as well as the tentative bid by Monsanto on its Swiss counterpart Syngenta
($45bio)….
If the overall M&A environment remains very positive and corporates are eager to sustain growth through acquisitions, the Merger Arbitrage strategy is not just “plain sailing” !
Investors may remember how the Helium funds had to navigate through the tricky waters of a faltering Lafarge / Holcim deal (see March Newsletter) and the funds had to readjust
their positions as the deal was re-priced in favour of Holcim. Once again the month of April offered a certain number of “hurdles” in the merger arbitrage segment. This time the
investment team had stayed well clear of some recent “break-ups”: Time Warner Cable/Comcast ($68bio) and Tokyo Electron/Applied Materials ($12bio). Both deals were
considered as very speculative as anti-trust issues loomed and the final negative outcome was not really a surprise to us. Even more tricky was the Telecity/Interxion
($4 Mlds) deal: a “merger of equals” with stock for stock bid by Telecity. For those Merger Arb funds which had taken the deal into the book (long: Interxion / short: Telecity), took a
hit when Equinix launched a bid on the initial acquirer Telecity and the spread widened by 30% ! The Helium funds had no exposure to any of these deals.
Hence discretionary “deal picking” remains key – even in a positive M&A environment !
The very positive performance for April also came from various successful deal closes as well as positive news flow on IGT/Gtech, Jazztel/Orange, Friends Life/Aviva in Europe
and Talisman/Repsol, Salix/Valeant, Riverbed/OTPP-Thoma Bravo and Regency Energy/Energy Transfer in the US.
Event Driven : +0.23%
Overall a healthy environment for the Event Driven strategies both in Europe and the US. The positive performance came from a wide range of smaller Long / Short positions which
included Lafarge, Sabadell and Havas in Europe as well as Yahoo in the US. As mentioned previously the trading activity has increased in the ED segment, not only due to a flurry of
opportunities but also as a consequence of targeting smaller profit/losses (more active trading style). We intend to increase the weighting of this segment.
Stock Selection : +0.16%
A positive contribution with a positive Alpha generation in April. The strategy is currently weighted at 30% of the NAV (the US & European portfolios are equally weighted).
SYQUANT Capital - 160 Boulevard Haussmann - 75008 Paris - T +33 1 42 56 56 20
Investor Relations :
Carl Dunning-Gribble
T: +331.42.56.56.28 [email protected]
Helium Performance Newsletter - April 2015
www.syquant-capital.com
Julien Vanlerberghe, CFA
T: +331.42.56.56.32 [email protected]
This document should be read in conjunction with the Funds prospectus
Investment Objective
Helium Performance (share class S)
1 160
Helium Performance targets absolute returns uncorrelated to
Equity markets through Equity arbitrage strategies. Investing
in liquid assets, the managers apply strict risk parameters to
insure capital protection.
1 140
1 120
1 100
Combining a conservative management style with low
leverage, the management team is able to achieve its
performance objective (a return target beyond 7% within a
target volatility of 4%) through diversification of investments.
Key to this investment process: Independent strategy
implementation and a dynamic capital allocation to various
Equity arbitrage opportunities.
1 080
1 060
1 040
1 020
1 000
980
Risk & Reward Profile
SRRI
1
2
3
4
5
6
7
SRRI (Synthetic Risk and Reward Indicator) This indicator is based on historical data and
may not be a reliable indication of the future risk profile of the fund. The risk category shown
is not a target or a guarantee and may change over time. The lowest category does not
Fund Terms
YTD
1Y rolling
Since inception
Cumulative return
4.65%
6.18%
12.71%
Annualized rate of Return
14.96%
6.24%
6.20%
Monthly return (average)
1.15%
0.53%
0.50%
% of positive months
100%
75%
70%
Best month
2.50%
2.50%
2.50%
Worst month
0.44%
-1.12%
-1.51%
Max Drawdown
-0.55%
-2.11%
-2.11%
Annualized volatility
3.55%
3.20%
3.30%
Sharpe ratio
4.21
1.92
1.83
Source : Past performance is not a guarantee of future
results and no assurance can be given that capital initially
invested will be preserved
General Terms
Fund structure
Currency
Legal Structure
Domicile
SICAV
EUR
UCITS
Luxembourg
Weeklu
Subscription/
Redemption
Thursday 5pm Luxembourg time
Administrator
CA CEIS Bank Luxembourg
Auditor
Bloomberg Code
Deloitte
Share class
ISIN code
Minimum investment
amount
Management fees
Performance fees
with High Water Mark
Hurdle
Result allocation
Classe A
Classe B
Classe S
LU09112261970
LU09112262275
LU0912262358
50 000 €
5 000 €
100 000 €
1.25%
2%
1%
20%
20%
15%
Eonia
Capitalisation
HFHPERS LX
Disclaimer
Ce document est diffusé uniquement à titre d’information et ne doit pas être considéré comme une offre de vente ou de souscription. Il ne constitue pas la base d’un
contrat ou d’un engagement de quelque nature que ce soit. Ce document ne peut pas être copié, distribué ou communiqué, de façon directe ou indirecte, à une autre
personne sans le consentement explicite de SYQUANT Capital. Le plus grand soin a été apporté pour fournir des informations exactes. Toutefois, SYQUANT Capital
décline toute responsabilité pour toute omission, erreur ou inexactitude dans ce document et pour toute information ne provenant pas de SYQUANT Capital. Aucune
action judiciaire ne pourra être engagée à l’égard de SYQUANT Capital en se fondant sur cette information. SYQUANT Capital décline toute responsabilité en cas de
pertes directes ou indirectes, causées par l’utilisation des informations fournies dans ce document. Avant de souscrire à ce produit, tout investisseur potentiel doit se
procurer et lire attentivement le prospectus, disponible auprès de SYQUANT Capital. Tout investisseur potentiel doit tenir compte des restrictions règlementaires en
matière de distribution. Compte tenu des risques d'ordre économique et boursier, il ne peut être donné aucune assurance que ce produit atteindra son objectif. La
valeur des parts peut aussi bien diminuer qu'augmenter. Les chiffres cités ont trait aux années écoulées et les performances passées ne préjugent en rien des
SYQUANT Capital - 160 Boulevard Haussmann - 75008 Paris - T +33 1 42 56 56 20