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The Fund is a long/short equity fund whose objective is to realize a positive return, regardless of the market conditions. The Fund aims for an average return in the mid-term (3 to 5 years) of 15% per annum, after deduction of all costs. The Fund will try to achieve this objective by reacting to sizeable valuation inefficiencies of shares in European stock-exchange-quoted companies with a market capitalization of less than € 2.5 billion. Long/short strategies will be used in this: combinations of long and short positions in shares.
Long and short positions are selected by means of a disciplined approach based on thorough fundamental analysis. The Manager is looking for those companies of which it may be expected that their under- or over-valuation would be neutralized within 12 months. Long positions will be taken in the case of (reputed) under-valuation. The position will be short on (reputed) over-valuation. On balance, the position is usually not neutral, so that the portfolio will be susceptible to the movements in stock exchanges. The Fund will invest in about 15 to 30 companies selected by the Manager.
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NAV (€)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2006 |
|
|
|
50,00 |
48,80 |
49,10 |
47,94 |
50,41 |
52,36 |
53,54 |
54,38 |
56,84 |
| 2007 |
60,40 |
60,72 |
62,21 |
63,35 |
62,75 |
63,60 |
62,63 |
59,69 |
59,17 |
59,39 |
56,65 |
57,09 |
| 2008 |
54,00 |
54,59 |
54,08 |
56,81 |
58,08 |
54,46 |
54,35 |
55,82 |
55,10 |
52,96 |
51,14 |
50,10 |
| 2009 |
52,60 |
52,55 |
54,32 |
58,18 |
61,16 |
60,51 |
61,32 |
64,86 |
65,57 |
66,30 |
65,99 |
67,68 |
| 2010 |
69,46 |
68,35 |
71,94 |
72,64 |
70,07 |
68,51 |
70,56 |
70,38 |
74,01 |
75,49 |
75,08 |
80,49 |
| 2011 |
81,63 |
82,12 |
82,46 |
84,35 |
83,74 |
79,72 |
79,28 |
77,48 |
76,73 |
77,32 |
77,20 |
76,57 |
| 2012 |
78,52 |
81,60 |
83,91 |
82,41 |
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|
Performance EV Smaller Companies Fund
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
YTD |
Cum |
| 2006 |
|
|
|
|
-2,4% |
+0,6% |
-2,4% |
+5,2% |
+3,9% |
+2,3% |
+1,6% |
+4.5% |
+13,7% |
+13,7% |
| 2007 |
+6,3% |
+0,5% |
+2,5% |
+1,8% |
-0,9% |
+1,4% |
-1,5% |
-4,7% |
-0,9% |
+0,4% |
-4,6% |
+0,8% |
+0,4% |
+14,2% |
| 2008 |
-5,4% |
+1,1% |
-0,9% |
+5,0% |
+2,2% |
-6,2% |
-0,2% |
+2,7% |
-1,3% |
-3,9% |
-3,4% |
-2,0% |
-12,2% |
+0,2% |
| 2009 |
+5,0% |
-0,1% |
+3,4% |
+7,1% |
+5,1% |
-1,1% |
+1,3% |
+5,8% |
+1,1% |
+1,1% |
-0,5% |
+2,6% |
+35,1% |
+35,4% |
| 2010 |
+2,6% |
-1,6% |
+5,3% |
+1,0% |
-3,5% |
-2,2% |
+3,0% |
-0,3% |
+5,2% |
+2,0% |
-0,5% |
+7,2% |
+18,9% |
+61,0% |
| 2011 |
+1,4% |
+0,6% |
+0,4% |
+2,3% |
-0,7% |
-4,8% |
-0,6% |
-2,3% |
-1,0% |
+0,8% |
-0,2% |
-0,8% |
-4,9% |
+53,1% |
| 2012 |
+2,5% |
+3,9% |
+2,8% |
-1,8% |
|
|
|
|
|
|
|
|
+7,8% |
+64,8% |
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|
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