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Funds

FUNDS | Best Selection Fund

Best Selection Fund


Best Selection Fund invests in a diversified portfolio of units of UCITS funds. Asset Allocation is determined through a discretionary top down macro and fundamental analysis. Target Funds universe is identified through Quantitative and correlations analysis. Finally the Best Funds are selected to compose the portfolio.

MONTHLY COMMENTARY


OCTOBER 2017


The Waterfront Best Selection sub-fund closed the month of August with a performance of -1.13% (Class C).

October was by and large another positive month for most assets. Measures of volatility continued to hover near historical lows, even if they showed some signs of increasing into month end. The major central bank meeting (ECB) passed without any surprises with the taper announcement well-telegraphed in advance. At the same time expectations of some tax reform progress in the US appeared to help sentiment at the margin. On average, US corporate earnings so far displayed a robust trend with a beat/miss ratio even better than previous quarters’ solid results. Political developments in Catalonia generated some volatility but any market fallout was easily contained.

Equities were stronger pretty much across the board with the best performance posted by the Nikkei (+8.1%), triggered by the clear PM Abe’s election victory. In sovereign bond markets and in contrast to equities, peripheral government bond markets actually outperformed core markets. In the FX market it was a good month for the USD, outperformed only by few Asian currencies.

More in detail regarding the performance of the sub-fund:

The sub-fund’s positions suffered a significant loss. Main negative contributions were produced by Long/Short equity programs (-21bp), FX macro strategy (-17bp), an absolute return strategy on S&P 500 options (-44bp) and a net short exposure to US equities implemented via derivatives (-33bp). Convertible bond fund and Asian corporate fund helped with a positive contribution (+15bp).

The modest FX exposure (4% USD) ended up with a -4bps drag.

Fund data
Class C
13 APR, 2018

€ 89,3986
Inception Date 18.03.2016
Investment Minimums € 1.000,00
Subsequent Investment € 100,00
Ticker Bloomberg WFBSLCE MV Equity
ISIN MT7000015947

Account Features: weekly

OFFERING DOCUMENTS

Monthly Performance


Class C
Year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total
2015 - - - - - - - - 0,0000 % 3,2263 % 1,2750 % -2,0430 % 2,4066 %
2016 -3,4961 % -1,3367 % -0,0685 % -0,2775 % 0,8616 % -0,9265 % 0,4228 % -0,8170 % -0,1959 % -0,3331 % -0,1064 % 5,8825 % -0,6404 %
2017 0,1844 % 0,1363 % -0,4344 % -0,5417 % 0,0282 % -0,6375 % 0,4788 % -0,2282 % 0,4323 % -1,1246 % -0,2872 % -2,5470 % -4,4839 %
2018 0,7884 % -3,4403 % -2,2806 % - - - - - - - - - -4,8985 %

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