Fund of Funds November 2014 - Headstart · PDF fileFund of Funds 1st November 2014 . Contents ... Diversified multi-strategy fund of hedge funds launched in 1999 ... Investors must
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Telephone: +44 20 7376 5437 1 Knightsbridge Green
E-mail: info@headstartadvisers.com London SW1X 7NE
Website: www.headstartadvisers.com United Kingdom
Fund of Funds
1st November 2014
Contents
Introduction 3 Overview
Organisational Structure 4 Biographies 5
Performance
Performance vs. Major Equity & Fund of Funds Indices 6 Monthly Performance 7 Performance Comparisons 8 Returns Analysis 13
Investment Process
Universe ‘Filtering’ & Portfolio Diversification 14 Portfolio Construction 15
Portfolio Characteristics
Strategy Breakdown 17 Strategy Evolution 18 Correlation Analysis 19 Advantages 20
Awards, Rankings & Nominations 21 Summary & Terms 22 Structure 23 Risk Warnings 24
2 www.headstartadvisers.com
Firm established in 1990
Diversified multi-strategy fund of hedge funds launched in 1999
Objective is to achieve long-term capital growth in excess of returns available in monetary markets while minimising risk
Offers access to a strategically diversified portfolio of selected hedge funds, many of which are closed to new investment
Record of consistent positive performance
Objective of 10% to 15% net return per annum
Strong infrastructure with experienced investment team
Fast response in the investment process
FCA authorised and regulated
Introduction
3 www.headstartadvisers.com
Overview
4 www.headstartadvisers.com
Organisational Structure
Overview
5
Biographies
Mr Najy Nasser is the Chief Investment Officer at Headstart Advisers Ltd. Prior to joining Headstart in 1997, Najy was Chief Investment Officer at Arab
Commerce Bank where he was head of proprietary trading, having previously managed their proprietary asset allocation, traded Foreign Exchange
Strategies and been active in international merchant banking deals on behalf of the bank. Najy began his career in 1987 with AMRO Bank and their wholly
owned merchant bank, Pierson Heldring & Pierson in Hong Kong and Holland. He graduated from the London School of Economics with an MSc in
Accounting and Finance and holds a BA in Business Administration and Economics.
Mr Henry Watkinson is a Director at Headstart Advisers Ltd. Prior to joining Headstart in 2002, Henry worked for Credit Suisse Asset Management in
Sydney specialising in Futures and Fixed Income, having previously supported the top performing Fund Manager at Morgan Stanley. Before this, Henry
worked at ANZ Emerging Market Fund Management (later renamed Ashmore). Henry’s career began at Bankers Trust in London working on the Fixed
Income trading desk. He graduated with a BA in Business Studies from Bristol Business School.
Mr Jonathan Gates, CAIA is the Senior Analyst at Headstart Advisers Ltd. Jonathan is responsible for manager research, due diligence and portfolio
management. Jonathan initially joined Headstart on an internship in 2005 before joining full time as a research analyst upon finishing his studies at the
University of Southampton. He graduated from the University of Southampton with a BSc in Economics, where he specialised in Macroeconomics and
Empirical Finance. Jonathan holds the Chartered Institute for Securities and Investment certificate in Investment Management and holds the Chartered
Alternative Investment Analyst designation.
Mr Alan Cope is a Fund of Funds Analyst at Headstart Advisers Ltd. He joined Headstart in 2010. Alan holds a BA in Politics and International Business
from the University of Loughborough and the Chartered Institute for Securities and Investment certificate in Investment Management.
Mr Patrick Rutherford oversees client relations at Headstart Advisers Ltd. He joined Headstart in 2013 having previously worked as an adviser to a
government minister. Patrick holds a BA in Law from Oxford University.
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6
Performance
Monthly Performance Net of Fees
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2014 0.40% 0.98% 0.08% -1.02% 0.33% 0.97% -0.11% 0.50% 0.43% -0.57% 1.99%
2013 3.11% 0.64% 0.68% 1.78% 0.32% 0.86% 0.78% -0.45% 1.07% 1.80% 2.13% 1.77% 15.42%
2012 2.46% 2.60% -0.28% -0.48% -0.68% -0.34% 0.95% 1.37% 1.88% 0.81% 0.97% 1.51% 11.22%
2011 2.40% 2.58% 1.28% 1.50% -0.39% -0.96% 0.16% -3.87% -4.73% 1.94% -1.03% -0.25% -1.67%
2010 1.14% 0.18% 2.04% 0.20% -2.56% -0.35% 2.74% 1.29% 3.79% 3.84% 1.01% 5.03% 19.69%
2009 4.46% 1.81% 0.39% -2.01% 3.22% -1.28% -0.62% 2.19% 3.51% 3.51% 1.16% 0.44% 17.86%
2008 -4.34% 0.83% -3.31% 0.13% 2.08% -0.41% -2.28% -2.06% -8.52% -6.67% -4.14% -6.87% -30.75%
2007 1.62% 1.48% 1.71% 1.94% 2.01% 0.01% -0.11% -3.04% 0.35% 2.70% -1.83% -0.29% 6.59%
2006 3.72% 1.12% 1.95% 2.24% -1.91% -0.58% -0.07% 0.54% -0.26% 1.29% 1.66% 2.25% 12.49%
2005 1.05% 2.98% 1.09% -2.44% 0.21% 0.86% 1.55% 0.89% 1.59% -1.21% 1.02% 1.65% 9.52%
2004 1.37% 0.80% 0.25% 0.43% -0.20% 0.50% 0.39% 0.20% 1.11% 2.87% 4.20% 1.43% 14.11%
2003 0.81% 0.44% 0.64% 1.33% 1.37% 0.80% -0.06% 0.41% 1.32% 1.01% 1.08% 1.02% 10.66%
2002 0.36% 0.13% 0.48% 0.26% 0.73% -0.42% 0.18% 0.28% 0.66% 0.32% 0.93% 0.59% 4.60%
2001 3.04% -0.90% -0.55% 1.33% 0.18% -0.56% -0.19% 0.38% -0.79% 1.76% 0.37% 0.78% 4.90%
2000 2.87% 6.23% 1.91% -1.52% 0.21% 4.13% 0.53% 1.40% -0.32% -1.89% -1.95% 3.22% 15.48%
1999 5.06% 5.16% 10.48%
Audited performance information from Nov ember 1999 through December 2008 Class B and Class B2 from January 2009 through December 2013. Performance from January 2014 to the current month is Class B2
performance, unaudited and may be subject to change. The performance information presented here reflects an inv estment in the relev ant Headstart Fund of Funds share class during the indicated period w ithout
additions, w ithdraw als or redemptions, is net of all fees and ex penses, is historical and is not indicativ e of future results. Indiv idual performance may v ary and be dependent on currency class. Inv estors must be able
to bear the risk of a substantial impairment or loss of their entire inv estment.
Italics denotes estimated return
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7
Performance vs. Major Equity & Fund of Funds Indices
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Performance prior to 1st January 2009 relates to Class B shares
-30%
-15%
0%
15%
30%
45%
60%
75%
90%
105%
120%
135%
150%
165%
180%
195%
Headstart HFR FOF Index EurekahedgeFOF Index
Barclay FOFIndex
DAX 30 DJIA NASDAQ S&P 500 FTSE 100 Nikkei 225 CAC 40 US 3 Mth T-Bill
8
Performance vs. Global Indices Since Inception
Performance prior to 1st January 2009 relates to Class B shares
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Logarithmic: Headstart Fund of Funds vs. Global Indices
9
Performance vs. Fund of Funds Indices Since 2009
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
01-Jan-09 01-Jul-09 01-Jan-10 01-Jul-10 01-Jan-11 01-Jul-11 01-Jan-12 01-Jul-12 01-Jan-13 01-Jul-13 01-Jan-14 01-Jul-14
HFRI FOF EurekaHedge FOF Barclay Hedge FOF
Annualised Return 10.77% 4.39% 4.02% 3.90%
Annualised Volatility 6.03% 4.07% 3.73% 3.94%
Sharpe Ratio 1.77 1.08 1.08 0.99
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10
Global Equities Risk-Return Comparison Since Inception
Performance prior to 1st January 2009 relates to Class B shares
Dow Jones
S&P 500
FTSE 100
CAC 40
DAX 30
Nikkei 225
DJ EuroStoxx
MSCI WorldUS 3 Mth T-Bill
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
0% 5% 10% 15% 20% 25%
Ann
ualis
ed R
etur
n
Risk
Emerging Markets
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-20%
-18%
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
MSCI
FOF
11
Performance vs. MSCI Down Months Since Inception
Performance prior to 1st January 2009 relates to Class B shares
MSCI World
Total Number of Down Months 40 79
Average Performance -0.44% -3.73%
% Positive Months 49.37% 0.00%
% Negative Months 50.63% 100.00%
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12
Performance vs. MSCI Down Months Since January 09
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Date MSCI World Index Headstart Fund of FundsJanuary 2009 -8.85% 4.46%
February 2009 -10.49% 1.81%June 2009 -0.61% -1.28%
October 2009 -1.85% 3.51%January 2010 -4.19% 1.14%
April 2010 -0.16% 0.20%May 2010 -9.91% -2.56%June 2010 -3.56% -0.35%
August 2010 -3.92% 1.29%November 2010 -2.35% 1.01%
March 2011 -1.24% 1.28%May 2011 -2.45% -0.39%June 2011 -1.73% -0.96%July 2011 -1.89% 0.16%
August 2011 -7.26% -3.87%September 2011 -8.85% -4.73%November 2011 -2.69% -1.03%December 2011 -0.17% -0.25%
April 2012 -1.37% -0.48%May 2012 -8.99% -0.68%
October 2012 -0.76% 0.81%February 2013 -0.02% 0.64%
May 2013 -0.29% 0.32%June 2013 -2.61% 0.86%
August 2013 -2.33% -0.45%January 2014 -3.77% 0.40%March 2014 -0.09% 0.08%
July 2014 -1.67% -0.08%September 2014 -2.88% 0.61%
Cumulative Total -96.94% 1.47%
1.7% 1.7%
4.4%
20.0%
54.4%
13.9%
3.3%
0.6%
0%
10%
20%
30%
40%
50%
60%
Pe
rfo
rma
nc
e R
etu
rn O
cc
urr
en
ce
Monthly Return
-
2
4
6
8
10
12
14
16
18
20
Pro
ba
bil
ity
of
Oc
cu
rre
nc
e
Monthly Return
Positive Months:72.22%
13
Return Analysis
Performance prior to 1st January 2009 relates to Class B shares
180Total Number of Months (since inception):
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14
Investment Process
Investment Universe c. 8,300 active Hedge Funds globally
Quantitative screen
Network of industry contacts developed over 22 years
Conferences and Capital Introduction Events
Watch List 40-60 funds
Initial Due Diligence
Approved List 5-10 funds
Advanced Due Diligence
Portfolio 15-30 funds
Universe ‘Filtering’ via Contacts and Databases
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Hedge Fund Strategy
Time Horizons
Geographic Focus
Asset Class
Portfolio Diversification
15
Investment Process
‘Bottom Up’ fund selection
Identifying investment managers that have the ability, track record and
risk parameters in place to make long term investments
Macro-Economic View
Top-down macro analysis of markets to determine strategy weightings
Correlation studies
Understand source of returns and avoid chasing returns
Ongoing monitoring and review of investment policy,
structure, organization and asset growth implications
Bi-monthly Investment Allocation and Review of Fund
meetings
Active re-balancing and re-allocation
Risk Controls
Risk Return and Market Condition analysis
Quantitative analysis:
Performance, consistency, volatility, peer group, assets,
transparency (risk, exposures and liquidity), fees and
leverage
Qualitative analysis:
Reputation, experience, integrity, team, discipline / process,
edge, operations, regular office visits and monthly
communication, fund structure including conditions, side-
letters, scalability, risk controls and liquidity
Portfolio Construction
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16
Investment Process
Core Holdings
‘Blue-chip managers’
Long-term investments
Identifiable and repeatable process
Stability of strategy
Ability to navigate across market cycles
Business model longevity
Significant track record
Portfolio Manager pedigree
Volatility, liquidity and capacity of strategy
Proprietary investment
Satellite Holdings
‘Opportunistic Strategies’
Short-Medium term investments
Identifiable opportunity
Identifiable and repeatable process
Hedging strategies
Track record
Generally smaller AUM
History with Manager
Liquid strategy
Satellite Holdings
‘New launches and
Early-stage Managers’
Potential to become core positions
Identifiable and repeatable process
Portfolio Manager pedigree
Business model
Liquidity, risk and portfolio construction
Ability to gain preferential fees
Strong proprietary investment
Pre-defined capacity
Portfolio Construction
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17
Portfolio Characteristics
Strategy Breakdown
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Long Short40.53%
Arbitrage18.64%
Global Macro14.87%
Structured Credit
6.59%
Multi-Strategy5.83%
Emerging Market
6.12%
Multi-Strategy Credit
4.44%
Hedge2.97%
Long/ Short Equity -
Thematic, 13.68%
Statistical Arbitrage,
8.67%
Global Macro, 6.89%
Structured Credit,
6.59%
Long/ Short Equity -
Multi-Manager, 6.64%
Multi-Strategy, 5.83%
Long/ Short Equity -
Emerging Markets, 6.12%
Volatility Arbitrage,
5.27%
Capital Structure
Arbitrage, 4.70%
Multi-Strategy-Credit,
4.44%
L/S Equity - Multi-
Sector Fundamental, 4.03%
Long/ Short Equity -
European Mid Caps, 3.93%
Long Short Equity -
Asia, 3.97%
Global Macro - Multi
Manager, 6.22%
Long/ Short Equity -
Global Utilities, 3.16%
Long Short Equity ,
3.19%
Systematic Hedge,
1.97%
Emerging Market
Macro, 1.75% Long/ Short Equity -
Systematic, 1.95%
Hedge, 1.01%
Detailed Strategy Overview of funds
General Strategy of Funds within the Portfolio
18
Portfolio Characteristics
Strategy Evolution
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0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jan-
09
Mar
-09
May
-09
Jul-0
9
Sep-
09
Nov
-09
Jan-
10
Mar
-10
May
-10
Jul-1
0
Sep-
10
Nov
-10
Jan-
11
Mar
-11
May
-11
Jul-1
1
Sep-
11
Nov
-11
Jan-
12
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Capital Structure Arbitrage Commodities Distressed Debt Emerging Markets
Equity Arbitrage Equity Short Bias European CLO Event Driven
Global Macro Hedge Long Short Credit Long Short Equity
Multi Strategy Multi Strategy - Credit Statistical Arbitrage Structured Credit
Volatility Arbitrage
19
Portfolio Characteristics
Correlation Analysis
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FOF FUND 1 FUND 2 FUND 3 FUND 4 FUND 5 FUND 6 FUND 7 FUND 8 FUND 9 FUND 10 FUND 11 FUND 12 FUND 13 FUND 14 FUND 15 FUND 16 FUND 17 FUND 18 FUND 19 FUND 20 FUND 21 FUND 22 FUND 23
FOF 1.00 0.35 0.43 0.30 0.65 0.21 -0.02 0.31 0.35 0.35 0.23 0.45 0.00 0.15 0.26 0.36 0.52 0.14 0.18 -0.61 0.32 0.34 0.47 0.10
FUND 1 0.35 1.00 -0.01 -0.35 0.36 -0.10 -0.21 -0.12 0.12 0.29 0.08 0.60 0.00 0.20 -0.02 0.39 0.46 -0.01 -0.06 0.06 0.15 -0.09 -0.18 -0.21
FUND 2 0.43 -0.01 1.00 0.03 -0.26 -0.13 -0.10 -0.05 0.11 -0.18 -0.15 0.27 0.00 -0.09 -0.17 0.05 0.13 0.04 -0.08 -0.25 0.06 0.39 0.21 -0.10
FUND 3 0.30 -0.35 0.03 1.00 0.18 0.05 0.03 0.21 -0.04 -0.17 -0.10 -0.48 0.00 0.18 -0.04 0.02 0.04 0.09 0.21 -0.19 0.03 0.34 0.18 0.13
FUND 4 0.65 0.36 -0.26 0.18 1.00 0.29 -0.24 0.65 0.26 0.18 0.59 0.43 0.00 0.35 -0.16 0.62 0.58 -0.47 -0.18 -0.63 0.59 0.85 0.50 -0.10
FUND 5 0.21 -0.10 -0.13 0.05 0.29 1.00 -0.06 0.08 0.20 0.24 0.15 -0.04 0.00 0.19 0.26 -0.03 0.12 0.28 0.14 -0.22 0.07 0.07 -0.09 0.20
FUND 6 -0.02 -0.21 -0.10 0.03 -0.24 -0.06 1.00 0.18 0.35 0.34 0.20 -0.20 0.00 -0.12 0.11 0.22 0.24 -0.11 0.11 0.21 0.25 0.01 0.18 0.16
FUND 7 0.31 -0.12 -0.05 0.21 0.65 0.08 0.18 1.00 0.29 0.39 0.35 0.05 0.00 0.01 0.33 0.51 0.31 0.03 0.42 -0.22 0.55 0.21 0.30 -0.31
FUND 8 0.35 0.12 0.11 -0.04 0.26 0.20 0.35 0.29 1.00 0.55 0.23 0.11 0.00 -0.11 0.18 0.50 0.46 0.03 -0.11 -0.60 0.65 0.11 0.63 0.13
FUND 9 0.35 0.29 -0.18 -0.17 0.18 0.24 0.34 0.39 0.55 1.00 0.54 -0.24 0.00 0.16 0.31 0.50 0.55 -0.08 0.21 -0.53 0.65 0.03 0.36 0.36
FUND 10 0.23 0.08 -0.15 -0.10 0.59 0.15 0.20 0.35 0.23 0.54 1.00 0.32 0.00 0.29 0.29 0.50 0.40 -0.07 0.23 -0.23 0.40 -0.15 0.22 0.20
FUND 11 0.45 0.60 0.27 -0.48 0.43 -0.04 -0.20 0.05 0.11 -0.24 0.32 1.00 0.00 -0.09 0.21 0.55 0.35 0.39 -0.05 -0.35 0.47 0.19 0.29 -0.10
FUND 12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND 13 0.15 0.20 -0.09 0.18 0.35 0.19 -0.12 0.01 -0.11 0.16 0.29 -0.09 0.00 1.00 0.00 -0.02 0.13 -0.09 0.04 -0.12 0.01 -0.07 -0.17 0.31
FUND 14 0.26 -0.02 -0.17 -0.04 -0.16 0.26 0.11 0.33 0.18 0.31 0.29 0.21 0.00 0.29 1.00 0.29 -0.02 0.13 -0.09 0.04 -0.12 0.01 -0.07 -0.17
FUND 15 0.36 0.39 0.05 0.02 0.62 -0.03 0.22 0.51 0.50 0.50 0.50 0.55 0.00 -0.02 0.29 1.00 0.29 0.09 0.09 0.24 -0.11 0.38 -0.18 0.12
FUND 16 0.52 0.46 0.13 0.04 0.58 0.12 0.24 0.31 0.46 0.55 0.40 0.35 0.00 0.13 -0.02 0.29 1.00 0.26 -0.05 0.17 -0.44 0.62 0.18 0.46
FUND 17 0.14 -0.01 0.04 0.09 -0.47 0.28 -0.11 0.03 0.03 -0.08 -0.07 0.39 0.00 -0.09 0.13 0.09 0.26 1.00 -0.09 0.07 -0.42 0.34 0.03 0.51
FUND 18 0.18 -0.06 -0.08 0.21 -0.18 0.14 0.11 0.42 -0.11 0.21 0.23 -0.05 0.00 0.04 -0.09 0.09 -0.05 -0.09 1.00 0.22 -0.05 -0.06 0.19 -0.04
FUND 19 -0.61 0.06 -0.25 -0.19 -0.63 -0.22 0.21 -0.22 -0.60 -0.53 -0.23 -0.35 0.00 -0.12 0.04 0.24 0.17 0.07 0.22 1.00 0.43 0.07 0.33 0.14
FUND 20 0.32 0.15 0.06 0.03 0.59 0.07 0.25 0.55 0.65 0.65 0.40 0.47 0.00 0.01 -0.12 -0.11 -0.44 -0.42 -0.05 0.43 1.00 -0.56 -0.20 -0.38
FUND 21 0.34 -0.09 0.39 0.34 0.85 0.07 0.01 0.21 0.11 0.03 -0.15 0.19 0.00 -0.07 0.01 0.38 0.62 0.34 -0.06 0.07 -0.56 1.00 0.10 0.42
FUND 22 0.47 -0.18 0.21 0.18 0.50 -0.09 0.18 0.30 0.63 0.36 0.22 0.29 0.00 -0.17 -0.07 -0.18 0.18 0.03 0.19 0.33 -0.20 0.10 1.00 0.28
FUND 23 0.10 -0.21 -0.10 0.13 -0.10 0.20 0.16 -0.31 0.13 0.36 0.20 -0.10 0.00 0.31 -0.17 0.12 0.46 0.51 -0.04 0.14 -0.38 0.42 0.28 1.00
FUND LEVEL CORRELATION ANALYSIS
20
Portfolio Characteristics
Advantages
Repeatable investment process honed through actively investing into hedge funds since 1999.
Headstart “inner-circle” of industry contacts
Dynamic portfolio management
Non-correlation to markets
Low minimum investment for portfolio of seasoned funds, many with high minimum investments
Monthly liquidity with no lock-up
Strong Corporate Governance
Independent board of directors
Institutional cash controls
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Awards, Rankings & Nominations
HFM European Performance Award nominations
Fund of Hedge Funds long-term performance (5 years)
2014
Fund of Hedge Funds Long-Term Performance (3 years)
2012
Best Multi-Strategy Fund of Hedge Funds
2011
21
Routinely ranked in the
Top 10 Multi-Strategy Fund of Hedge Funds
on a rolling 12, 9, 6 and 3 month basis in
2010, 2011 and 2012
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Winner
Best Diversified Fund of Hedge Funds
of the Year Award
(Funds under $250m category)
Winner
Best European Diversified Fund of
Hedge Funds 2013 Award
Winner
Diversified Fund of Hedge Funds of the
Year
Winner
Fund of Hedge Funds Multi-Strategy
(Funds under $500m Award)
Winner
Best UK Diversified Fund of Hedge Funds
The primary goal of the HeadStart Fund of Funds is to preserve investors’ capital while achieving consistent profitable monthly returns regardless of market conditions.
Since inception in November 1999, the HeadStart Fund of Funds has achieved low volatility and good consistency of performance despite some of the most volatile markets in history.
HeadStart Fund of Funds offers investors exposure to a wide range of high quality alternative investment styles and strategies whose objectives are to produce consistent absolute returns with relatively low levels of risk.
Subscriptions Monthly with 10 business days’ notice
Redemptions Monthly with 2 calendar months’ notice plus 5 business days
Fees 1.5% (Management) and 15% (Performance with HWM)
All reported returns net of all fees
22
Summary & Terms
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Fund Registered Office
Equity Trust Company (Cayman) Ltd
First Floor, Windward 1
Regatta Office Park, P.O. Box 10338
Grand Cayman KY1-1003
Cayman Islands
British West Indies
Investment Adviser
Headstart Advisers Ltd
1 Knightsbridge Green
London
SW1X 7NE
United Kingdom
Independent Auditors
Deloitte & Touche
P.O. Box 1787 GT
2nd Floor, One Capital Place
Shedden Road, George Town
Grand Cayman, Cayman Islands
British West Indies
Investment Manager
Headstart Management Inc.
Offshore Incorporations Centre
PO Box 850
The Valley
Anguilla
British West Indies
Banker
The Royal Bank of Scotland
International Limited
Royal Bank House
2 Victoria Street, Douglas
Isle of Man IM99 1NJ
British Isles
Legal Adviser
Mourant Ozannes
Harbour Chambers
Third Floor, Harbour Centre
PO Box 1348, George Town
Grand Cayman, Cayman Islands
British West Indies
Administrator
Custom House Group
25 Eden Quay
Dublin 1
Republic of Ireland
Structure
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The Fund is not a recognised Collective Investment Scheme under the UK Financial Services and Markets Act 2000 and associated legislation and investors may not be protected by any statutory investors’ compensation scheme.
Past performance is not necessarily a guide to future performance. The price of participating shares can go down as well as up and investors may not get back the amount they invest. Money should not be invested which an investor cannot afford to lose. An investment in this Fund is not suitable for investors who require a regular or immediate flow of income from their investment.
This material is for information only and does not constitute an offer or recommendation to buy or sell any investment. In the United Kingdom it is intended only for the use of existing clients, authorised persons, institutional and other professional investors falling within the categories set out in the Financial Services and Markets Act 2000. Recipients may pass on this document, but only to others falling within those categories. Documents relating to this Fund may be inspected at, and Offering Memorandum or Report and Accounts obtained from Headstart Advisers Ltd.
24
Risk Warnings
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