Ironbark LHP Global Long/Short W (HFL0108AU) Report & Performance

What is the Ironbark LHP Global Long/Short W fund?

Apis Global Long/Short Fund aims to provide investors with risk adjusted, absolute returns through diversified exposure to global equities over 3 to 5 years. The Fund gains its investment exposure indirectly through its investment in the AUD share class of Apis Offshore Capital, Ltd. (’Flagship Fund’ or ‘Underlying Fund’).

  • The Underlying Fund employs a global long/short equity investment approach to construct a portfolio with an emphasis on companies that operate in global industries such as technology, healthcare, consumer and industrials/cyclicals.
  • The investments held in the Underlying Fund may include long and short publicly listed global equities, cash and derivatives.
  • Geographically, the Underlying Fund invests in North America, Asia, and Europe, with some emerging markets exposure, and invests across all market capitalisations.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Ironbark LHP Global Long/Short W

Ironbark LHP Global Long/Short W Fund Commentary September 30, 2023

The Apis Global Long/Short Fund (the ‘Fund’) returned 2.43% (net) for the quarter (in Australian dollar terms).

Regionally, North America was exceptionally good on both longs and shorts in the quarter, offset by Asia and Europe, where losses on the long-side curtailed returns. From a sector perspective, technology contributed positively to the quarter, with other sectors flat or down; the biggest declines were in the consumer (-0.9%) and industrials & materials (-0.7%) areas.

The largest stock contributor was Alchip Technologies in Taiwan which added about 1.4% to returns. Alchip continues to report excellent results on legacy designs, while additional wins with aspiring AI chip developers such as AWS (Amazon) provide future optimism. The next three long contributors (together adding 1.4%) came in the offshore oil services area. Higher energy prices and strong pricing of multi-year contracts support visibility. On the other hand, AMG (Netherlands) detracted 1.0% as earnings forecasts fell on weakening lithium prices. As mentioned, consumer names also underperformed, as Evolution Gaming and Square Enix detracted about 0.50% each. The hangover from COVID continues to weigh on online gaming

Outside a couple of detractors in healthcare, short performance was strong. Four of the top five shorts were in the solar energy sector, where a bubble of excess capacity is driving product prices down. The investment manager also saw some retracement in the speculative “concept” stocks which were resurgent earlier in the year. Detractors were limited with Intercept Pharma which lost 0.2% on a takeover by a private Italian firm.

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Product Snapshot

  • Product Overview
  • Performance Review
  • Peer Comparison
  • Product Details

Product Overview

Fund Name APIR Code
? A Product Code is unique a identifier code issued by a group or governing body, to reference products in a large group. For an example, APIR codes are commonly used for Funds and Ticker codes are commonly used for Securities such as ETFs and Stocks.
Structure
?
Asset Class
? An Asset Class breakdown provides the percentages of core asset classes found within a mutual fund, exchange-traded fund, or another portfolio. Asset classes (in microeconomics and beyond) generally refer to broad categories such as equities, fixed income, and commodities.
Asset Category
? An Asset Category is a grouping of investments that exhibit similar characteristics and are subject to the same laws and regulations. Asset categories (or a sub-asset class) are made up of instruments which often behave similarly to one another in the marketplace, looking down to the Asset Category level is important if looking to build a diversified portfolio.
Peer Benchmark Name
? A Peer Index (benchmark) refers to a peer group of investment managers who have the same investment style or category. It is used to compare the performance of one manager to their peer group, which makes it simpler for investors to choose between the vast number of investment managers.
Broad Market Index
? A Market Index (benchmark) refers to a hypothetical portfolio of investments that represents a segment, asset or category of an investable market. Market Indices are used to benchmark managers performance, to assist their style reliability and ability to provide excess returns.
FUM
? Funds/Assets under management (AUM) is the total market value of the investments that a person or entity manages on behalf of clients. Assets under management definitions and formulas vary by company.
Management Fee
? A management fee is a charge levied by an investment manager for managing an investment fund. The management fee is intended to compensate the managers for their time and expertise for selecting finanical products and managing the portfolio.
Performance Fee
? A performance fee is a payment made to an investment manager for generating positive returns. This is as opposed to a management fee, which is charged without regard to returns. A performance fee can be calculated many ways. Most common is as a percentage of investment profits, often both realized and unrealized. It is largely a feature of the hedge fund industry, where performance fees have made many hedge fund managers among the wealthiest people in the world.
Spread
? A spread can have several meanings in finance. Basically, however, they all refer to the difference between two prices, rates or yields. In one of the most common definitions, the spread is the gap between the bid and the ask prices of a security or asset, like a stock, bond or commodity. This is known as a bid-ask spread.
Ironbark LHP Global Long/Short WHFL0108AUManaged FundsForeign EquityLong ShortForeign Equity - Long Short IndexDeveloped -World Index38.47 M1.11%0.00%0%

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Ironbark LHP Global Long/Short W-1.03%-2.22%4.09%9.27%6.9%7.07%9.32%6.03%-3.51%-6.13%-11.68%

Peer Comparison

Fund Name Peer Index Name
? A group of individuals who share similar characteristics and interests are called peer groups. Peer group analysis is an essential part of assessing a price for a particular stock in investment research. The emphasis here is on making a comparison, meaning that the peer group constituents should be more or less identical to the company being examined, especially in terms of their main business and market capitalization areas.
12 Months Excess Return
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
Excess Return Annualised Since Inception
? Excess returns are an important metric that helps an investor to gauge performance in comparison to other investment alternatives. In general, all investors hope for positive excess return because it provides an investor with more money than they could have achieved by investing elsewhere.
12 Months Alpha
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market return over 12 months. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
Alpha Annualised Since Inception
? Alpha is used in finance as a measure of performance, indicating when a strategy, trader, or portfolio manager has managed to beat the market annualized since inception. Alpha, often considered the active return on an investment, gauges the performance of an investment against a market index or benchmark that is considered to represent the market’s movement as a whole.
12 Months Beta
? Rolling 12Month Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
Beta Annualised Since Inception
? Beta is a measure of the volatility—or systematic risk—of a security or portfolio compared to the market as a whole. Beta is used in the capital asset pricing model (CAPM), which describes the relationship between systematic risk and expected return for assets (usually stocks).
12 Months Tracking Error
? 12Month Tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark over the last 12 months. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
Tracking Error Since Inception
? Since Inception tracking error is the difference in actual performance between a position (usually an entire portfolio) and its corresponding benchmark since inception. The tracking error can be viewed as an indicator of how actively a fund is managed and its corresponding risk level. Evaluating a past tracking error of a portfolio manager may provide insight into the level of benchmark risk control the manager may demonstrate in the future.
12 Months Correlation
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Correlation Since Inception
? Correlation, in the finance and investment industries, is a statistic that measures the degree to which two securities move in relation to each other. Correlations are used in advanced portfolio management, computed as the correlation coefficient, which has a value that must fall between -1.0 and +1.0.
Ironbark LHP Global Long/Short WForeign Equity - Long Short Index-8.42%-2.42%0.3%0.17%0.17%-0.3711.39%9.18%-0.330.43

Product Details

Fund Name Verifed by SMSF Mates Manager Address Phone Website Email
Ironbark LHP Global Long/Short WYes-https://ironbarkam.com/-

Product Due Diligence

What is Ironbark LHP Global Long/Short W

Ironbark LHP Global Long/Short W is an Managed Funds investment product that is benchmarked against Developed -World Index and sits inside the Foreign Equity - Long Short Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Ironbark LHP Global Long/Short W has Assets Under Management of 38.47 M with a management fee of 1.11%, a performance fee of 0.00% and a buy/sell spread fee of 0%.

How has the investment product performed recently?

The recent investment performance of the investment product shows that the Ironbark LHP Global Long/Short W has returned -1.03% in the last month. The previous three years have returned 9.27% annualised and 6.03% each year since inception, which is when the Ironbark LHP Global Long/Short W first started.

How is risk measured in this investment product?

There are many ways that the risk of an investment product can be measured, and each measurement provides a different insight into the risk present. They can be used on their own or together to perform a risk assessment before investing, but when comparing investments, it is common to compare like for like risk measurements to determine which investment holds the most risk. Since Ironbark LHP Global Long/Short W first started, the Sharpe ratio is 0.57 with an annualised volatility of 6.03%. The maximum drawdown of the investment product in the last 12 months is -3.51% and -11.68% since inception. The maximum drawdown is defined as the high-to-low decline of an investment during a particular time period.

What is the relative performance of the investment product?

Relative performance is what an asset achieves over a period of time compared to similar investments or its peers. Relative return is a measure of the asset's performance compared to the return to the other investment. The Ironbark LHP Global Long/Short W has a 12-month excess return when compared to the Foreign Equity - Long Short Index of -8.42% and -2.42% since inception.

Does the investment product produce Alpha over its Peers?

Alpha is an investing term used to measure an investment's outperformance relative to a market benchmark or peer investment. Alpha describes the excess return generated when compared to peer investment. Ironbark LHP Global Long/Short W has produced Alpha over the Foreign Equity - Long Short Index of 0.3% in the last 12 months and 0.17% since inception.

What are similar investment products?

For a full list of investment products in the Foreign Equity - Long Short Index category, you can click here for the Peer Investment Report.

What level of diversification will Ironbark LHP Global Long/Short W provide?

Ironbark LHP Global Long/Short W has a correlation coefficient of 0.43 and a beta of -0.37 when compared to the Foreign Equity - Long Short Index. Correlation measures how similarly two investments move in relation to one another. This establishes a 'correlation coefficient', which has a value between -1.0 and +1.0. A 100% correlation between two investments means that the correlation coefficient is +1. Beta in investments measures how much the price moves relative to the broader market over a period of time. If the investment moves more than the broader market, it has a beta above 1.0. If it moves less than the broader market, then the beta is less than 1.0. Investments with a high beta tend to carry more risk but have the potential to deliver higher returns.

How do I compare the investment product with its peers?

For a full quantitative report on Ironbark LHP Global Long/Short W and its peer investments, you can click here for the Peer Investment Report.

How do I compare the Ironbark LHP Global Long/Short W with the Developed -World Index?

For a full quantitative report on Ironbark LHP Global Long/Short W compared to the Developed -World Index, you can click here.

Can I sort and compare the Ironbark LHP Global Long/Short W to do my own analysis?

To sort and compare the Ironbark LHP Global Long/Short W financial metrics, please refer to the table above.

Has the Ironbark LHP Global Long/Short W been independently verified by SMSF Mate?

This investment product is in the process of being independently verified by SMSF Mate. Once we have verified the investment product, you will be able to find more information here.

How can I invest in Ironbark LHP Global Long/Short W?

If you or your self managed super fund would like to invest in the Ironbark LHP Global Long/Short W please contact via phone or via email .

How do I get in contact with the Ironbark LHP Global Long/Short W?

If you would like to get in contact with the Ironbark LHP Global Long/Short W manager, please call .

Comments from SMSF Mates

SMSF Mate does not receive commissions or kickbacks from the Ironbark LHP Global Long/Short W. All data and commentary for this fund is provided free of charge for our readers general information.

Historical Performance Commentary

Performance Commentary - June 30, 2023

The Apis Global Long/Short Fund (the ‘Fund’) returned 2.88% (net) for the quarter (in Australian dollar terms).

The Fund’s second quarter returns lagged relevant benchmarks as big tech drove market averages higher. Regionally, Asia ex-Japan stands out positively, while Japan disappointed. Across sectors, technology and industrials shined while materials fell. Consistent with this, the Fund’s top longs were technology companies Alchip (Taiwan) and HPSP (Korea), while the Fund’s biggest loser was a materials company, Osaka Titanium (Japan).

The unique conditions from Q1 extended into Q2, where a small number of stocks with a subset of characteristics (e.g. growth, large size and high beta) significantly outperformed.

Despite being momentarily misaligned with the current trends, the investment manager’s bias towards small/ value/ quality remains unchanged and they know the pendulum will eventually swing more favourably their way. So long as the investment manager remains consistent, style or factor alignments will self-correct over time.

On the macro side, the investment manager has been surprised by the weakness in China which they thought would experience a strong rebound upon the COVID-19 “re-opening.” The rebound has been anemic at best. Lockdowns combined with political brinksmanship are causing lasting damage. One of the Fund’s holding in Taiwan had a growing franchise restaurant business in China. Half of the franchises went out of business due to lockdowns – it’s hard to rebound when half of your business is gone (although the stock has been strong this year). Additionally, many larger companies saw their factories shut down sporadically and often for extended periods due to the government’s harsh COVID-19 policies. Years of on-off top-down business disruptions will weigh on future investment plans. Beyond governmental dictates, political pressures from Washington act to further deter foreign direct investment. Outside of some small shorts, the Fund has no direct exposure to China, but the Fund does have exposure to areas of commodities or materials (i.e., mining/energy) that the investment manager thought would benefit from a return to growth. In recognition of China’s disappointing recovery, the investment manager has reduced the Fund’s basic materials exposure by about half, primarily in the energy-related stocks.

A second macro surprise was the return of quantitative easing and a resurgence in risk taking. Between bailing out depositors at “systemically important” banks and running the Treasury General Account down to near zero (adding liquidity to the economy), conditions that were tightening suddenly reversed. This renewed risk appetite ignited another rally in a number of shorts the investment manager has discussed in the past. The investment manager has now witnessed this pattern numerous times in 2021, 2022, and again this year in January and June. While it is impossible to time these shorts perfectly, an opportunity presents itself yet again in all manner of speculations, including space travel, quantum computing, flying electric planes, etc. The investment manager’s expectation was that after taking severe losses in 2022, speculators would have moved on, however, that has not been the case. The danger of getting squeezed in these names is as high as ever and the investment manager remain vigilant about risk management through position sizing.

From a stock-specific viewpoint, Osaka Titanium detracted about 1% this quarter. The investment manager sees this as a period of consolidation, as the stock was up nearly 400% in 2022. Fundamentally, the investment manager hoped they would aggressively raise prices (20%+) while actual prices increased 10-15%. Still, even backing off the investment manager’s initial exuberance, they expect sales to surpass street estimates by more than 20% and profits to be more than double estimates. As previously discussed, the investment manager expects to see double-digit price increases for years to come. The investment manager had the opportunity to confirm this with the company during their trip to Japan last month.

There were no other significant standouts from the loss column, either long or short, and the Fund’s biggest gainers were limited to a contribution of about 1%. HPSP, featured below, is among this group.

Performance Commentary - March 31, 2023

The Apis Global Long/Short Fund (the ‘Fund’) returned 0.99% (net) for the quarter (in Australian dollar terms).

During the quarter, the market performed strongly, largely driven by only three stocks – Apple, Nvidia and Microsoft – accounting for more than half the S&P 500’s gains. Still, global benchmarks had a good quarter however the Fund lagged, notably in February, which was due to individual stock performance as a result of Q4 earnings reports and/or forward guidance.

Another contributing factor was due to being caught on the wrong side of some technical rotations in the market. For one, the best stocks of 2022 were the worst during Q1 of 2023. Last year’s top 3 decile performers were all down while the worst-performing, bottom-decile stocks soared. The investment manager had a good year last year however as they did not rotate away from these stocks on January 1st, they were negatively impacted. This also extended to the investment manager’s shorts from last year, where many of the bottom decile performers that plummeted last year convincingly outperformed.

Outside of the “January Effect,” other coincident factors did not go the investment manager’s way. Small versus large, growth versus value, and a few other themes also caught the investment manager offside.

Performance Commentary - December 31, 2022

The Apis Global Long/Short Fund (the ‘Fund’) returned 3.41% (net) for the quarter (in Australian dollar terms). Since the Fund’s strategy launched more than 18 years ago, there have been five times when equity markets dropped in the year. Three of those years were modest, falling single-digit percentages during 2011, 2015, and 2018, while 2008 was a real doozy, crashing 42%. We’ll characterize 2022 as solidly bad, with market indices generally down almost 20%. Of those five down market years, the investment manager was able to generate positive returns in three of them. Relative to general markets, 2022 will go down as one of the investment managers best as they outperformed the MSCI ACWI global benchmark by more than 20%. On that basis, 2022 would be considered one of the investment managers strongest years, as there have only been two other years where they have beat the benchmark to such an extent. Stellar short performance and finding a few pockets of solid long performance were key to holding up against the general tide. For Q4, Europe contributed 4.8%, but all major regions were positive. For the year, North America added the most value, rising 8.1%, with losses on the long side more than offset by gains of 11.1% on the short side. Looking across sectors, the materials area stood out, adding 7.2%, with 6.7% of that coming from the long side. All sectors contributed to short performance for the year, but consumer was the leader, adding 9.9%. Looking at individual stocks, Osaka Titanium in Japan added over 2.1% in the year. All five top longs were also in the Materials area, including two North American oil and gas companies and a couple of coal companies, one in Indonesia and a second in the US detractors were led by Vicor (detracting 1.5%) of the US, a power semiconductor company that could have a bright future but suffered supply chain and production capex delays that we fear will continue. Overall, ten names detracted more than 1%.

Performance Commentary - September 30, 2022

The Apis Global Long/Short Fund (the ‘Fund’) returned 3.70% (net) for the quarter (in Australian dollar terms). Losses in the portfolio were about half of the market overall during the quarter, primarily due to net positioning and long-side outperformance, while shorts were positive but more in line with weak markets. Geographically, Asia contributed, with Korea and Taiwan notably strong.

On the other end of the spectrum, longs in Europe dragged on performance by over 2%. Sectors were generally flat in the quarter except for Industrials which detracted 3%, all of which and more coming in the month of September. Stock picking was overwhelmed by macro with energy-related names contributing positively to the period despite a substantial selloff in September.

The largest detractor was Solaria in Spain, a developer and operator of solar farms. Solaria fell victim to a growing trend of political interference. A portion of Solaria’s business is exposed to spot prices, which have been very favourable due to the energy crisis in Europe. As a result of this “windfall” profit (which could be redeployed into more solar investments), the European Union ministers have proposed a cap on prices. These types of unanticipated risks are the reason Europe is viewed as cheap. These policies work to subsidize demand and slow the supply of needed energy, exacerbating the situation. On the short side, there were no notable trends, although Asia stood out with 12 of the top 15 contributors.

The Fund’s biggest detractor (about 0.30%) in the quarter was a battery play that has garnered hundreds of millions of dollars in benefits through the Inflation Production Reduction Act. Again, political interference worked unfavourably here, complicating what was a straightforward investment case. The investment manager suggests the only winner from these subsidies will surely be the management.

Performance Commentary - June 30, 2022

The Apis Global Long/Short Fund (‘the Fund’) returned 5.47% (net) for the quarter (in Australian dollar terms).

The portfolio’s returns for the second quarter of 2022 were considerably better than equity markets in general thanks to the short side of the portfolio which contributed about 12% to performance for the quarter. “Streaks” of monthly performance are largely statistical noise, but it is notable how long this streak of positive short performance has lasted – 10 months through June.

Regionally, Asia ex Japan was relatively quiet. While positive short performance in North America was able to overwhelm negative long performance, the opposite was true in Japan and Europe. The two sectors that stood out during the quarter were consumer and cyclicals (materials & industrials). Shorts were particularly strong in consumer, adding over 5% to performance, while longs were a meaningful detractor in cyclicals, amounting to more than 10%.

Top performers during the quarter on the long side included Silicon Motion, Aixtron, and Ranger Oil. All were relatively small contributors, adding less than 0.50%. Detractors on the long side included IMDEX, Serica Energy, and Major Drilling. Each name detracted approximately 1.4%. The primary driver on the long side was general market “risk-off” sentiment. In the case of Silicon Motion, the company received a takeout offer currently valued at $93 of cash plus $12 of stock (in USD terms). The company trades at $83 (in USD terms) as of this writing. The market is skeptical of everything at the moment. On the short side, there were a handful of detractors, but nothing of substance worth noting. Short contributors were broadly distributed across the portfolio, with the top ten names adding 0.4% to performance on average. As mentioned last quarter and discussed further below, the investment manager continues to see attractive opportunities here – the “garbage-bubble” has yet to truly deflate.

Performance Commentary - March 31, 2022

The Apis Global Long/Short Fund returned -4.00% (net) for the quarter. Most of the credit goes to the short side, which contributed over 6.0% and offset long losses. This continues a streak of monthly positive short performance, which now dates to September of last year. Regionally, North America was especially strong with gains both long and short, adding about 4.2% (gross), while Asia detracted almost as much, contributing to the flat overall result.

Sectors were generally steady, with two big exceptions – technology fell over 5.6% (gross) primarily due to semiconductor long positions, while gains in the materials sector compensated by adding over 5.1% (gross). Six of the top 7 long performers were materials names led by Serica (adding 1.7%), highlighted below.

On the downside, three semiconductor names were top detractors, led by Vicor, which missed earnings estimates due to supply chain issues (a common refrain of late). Vicor has unique intellectual property on power management semiconductors for data centres and electric vehicles (EVs), which the investment manager believes holds tremendous potential. Still, the investment manager lowered the position to “farm” as these issues will take a least a few quarters to resolve. As mentioned, shorts continue to be fruitful, with most of the credit going to profitless unicorns whose survival depends on the continued influx of capital.

Performance Commentary - June 30, 2021

The Apis Global Long/Short Fund returned 2.60% (net) for the quarter. The second quarter of 2021 was characterised by several feuds playing out in the market. The retail embrace of SPACs and meme stocks continued in earnest. While the Fund is somewhat impacted on the short side, the Fund maintains a handful of small positions. The long side was characterised by strong performances from commodity-related names offset by a pullback from other companies in the Fund’s portfolio that performed strongly last year. In general, the market is working out whether to favour growth or value stocks. However, the investment manager’s framework allows for both growth and value; moreover, the investment manager often find both elements in the same stock.

Regionally, Europe and Asia both contributed more than 2.0% gross while North America was slightly negative due to the short side. By sector, cyclicals added nearly 5.0% and financials contributed nearly 2.0%. Consumer was a detractor (again, driven by the short side), down about 3.1% during the quarter.

Notable winners on the long side included Penn Virginia, a shale oil name the Fund has owned during past cycles. It is a conservative, hedged operator, which participated solidly in the oil rally, contributing about 1.7%. Also contributing more than 1.0% were flatexDEGIRO (an online broker in Europe), Cornerstone Building (building supplies in the US) and HEG Ltd (Indian manufacturer of graphite electrodes). Long detractors were all below 1.0% each and included companies such as Intelligent Systems which the investment manager expects to have a strong catalyst in the fourth quarter of the year as well as Darling Ingredients. On the short side of the portfolio, the Fund had one retail-driven detractor, costing the Fund about 2.7%, along with a handful of others detracting between 0.3% and 0.6%. These continue to be some of the most compelling shorts the Fund has ever seen, but the investment manager acknowledges the need to manage risk and have intentionally kept them small, generally between 0.2% to 1.0% in size.

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