PSF - Global Trends Fund C USD
The investment objective of the Fund is to achieve medium-term growth of capital with a restricted level of risk by trading a diversified portfolio of derivatives, using an entirely systematic, model-based investment process to identify trends in financial markets. The Fund aims to deliver high risk-adjusted returns independently of traditional equity and fixed income returns in order to provide investors with diversification to such asset classes.
The Fund seeks to capitalize primarily on upward and downward price trends in a diversified range of global stock index, fixed income, currency and commodity futures markets. The Fund will invest extensively in financial derivative instruments (?FDIs?), to achieve its investment objective, mainly futures, traded on recognized exchanges. It may use long or short investment strategies.
The Fund may also deposit any excess cash balances with licensed and reputable credit institutions or invest part or all of such cash balances in short-term money related instruments including, but not limited to, fixed deposits, certificates of deposit, commercial paper, treasury bills and bonds issued or guaranteed by the government of any country of the OECD.
The Fund may use leverage to a significant extent, and is accordingly exposed to abnormal levels of risk associated with gearing.
The Investment Manager employs sophisticated computerized models to identify trends and other opportunities in global markets. The process is quantitative and primarily directional in nature and is underpinned by risk control, research and diversification.
Key to the investment philosophy of the Fund is that financial markets experience persistent trends and inefficiencies. Trends are a manifestation of serial correlation in financial markets ? the phenomenon whereby past price movements influence future price behavior. Although they vary in their intensity, duration and frequency, price trends are universally recurrent across all sectors and markets. Trends are an attractive focus for active trading styles applied across a diverse range of global markets, however, the Fund shall not target any specific geographic region.
As well as emphasizing asset class and market diversification, the Investment Manager?s computerized models have been constructed to achieve diversification by combining various models. The models are driven by powerful trading algorithms, which work by sampling prices and measuring price momentum and breakouts. Instruments traded encompass stock indices, fixed income, currencies and commodities. The trading algorithms aim mainly to capture price trends and close out positions when there is a high probability of a different trend developing.
Another important aspect of diversification is the fact that the various models generate signals across different time frames, ranging from several days to several months, which helps to reduce the risk. In line with the principle of diversification, the approach to portfolio construction and asset allocation is premised on the importance of deploying investment capital across the full range of asset classes and markets. Particular attention is paid to correlation of those instruments, expected returns, market access costs and market liquidity. Portfolios are regularly reviewed and, when necessary, adjusted to reflect changes in these factors. The Investment Manager also has a process for adjusting its market risk exposure to reflect changes in the volatility of individual markets. The portfolio structure and constituents are regularly reviewed by the Investment Manager and allocations may change to access other asset classes and markets.
The leverage range of the Fund is typically around 400-600% of the NAV. Leverage is calculated by summing the absolute values of all FDIs contracts? notional exposures in USD and dividing by the Company?s NAV expressed in percentage terms. Leverage is allowed to fluctuate both above and below these average levels to some extent, as leverage is a function of positions held, so strong trends and other opportunities in a market tend to result in larger positions and therefore higher leverage. Leverage is closely monitored.
Risk management is an essential component of the investment management process. Risk management consists primarily of monitoring risk measures and ensuring the systems remain within prescribed limits. The major risk monitoring measures and focus areas include value-at-risk, stress testing, leverage, margin-to-equity ratios and net exposures.
|Fondleitung / Fondsadministrator||PMG Fonds Management AG|
|Depotbank||Reichmuth & Co Privatbankiers|
|Investment Manager||PMG Fonds Management AG|
|Lancierungsdatum||10. Februar 2017|
|Zeichnungsart||Anteile und Betrag|
|Zugelassen f√ľr den Vertrieb in der Schweiz||nur qualifizierte Anleger|
|Zugelassen f√ľr den Vertrieb in Deutschland||nein|
|EU Zinsbesteuerung||in scope|
|Steuerstatus DE (InStg)||Intransparent|