GAM Star Fund plc

554 Pages·2017·1.65 MB·English

GAM Star Fund p.l.c.
Unaudited Half-Yearly Report
31 December 2017
GAM Star Fund p.l.c. is an open-ended umbrella investment company incorporated with limited liability with variable capital under the laws of Ireland.
It is an umbrella fund with segregated liability between Funds (registered number 280599).
Directors of the Company Delegate Investment Managers Depositary
Andrew Bates* Cantab Capital Partners LLP State Street Custodial Services (Ireland)
David Dillon** City House Limited
Andrew Hanges* 126-130 Hill Road 78 Sir John Rogerson's Quay
Daniel O' Donovan** Cambridge CB2 1RE Dublin 2, Ireland
Burkhard Poschadel** United Kingdom
Delegate Administrator
(Resigned 31 December 2017)
Manning & Napier Advisors LLC State Street Fund Services (Ireland)
*Non-executive Director 290 Woodcliff Drive Limited
**Independent non-executive Director Fairpoint 78 Sir John Rogerson's Quay
New York 14450, USA Dublin 2, Ireland
Manager, Registrar and Secretary
GAM Fund Management Limited Wadhwani Asset Management LLP Independent Auditors
George’s Court 40 Berkeley Square PricewaterhouseCoopers
54-62 Townsend Street London W1J 5AL Chartered Accountants and Registered
Dublin 2, Ireland United Kingdom Auditors
One Spencer Dock
Registered Address of the Company GAMCO Asset Management Inc.
North Wall Quay
George’s Court One Corporate Center
Dublin 1, Ireland
54-62 Townsend Street Rye, N.Y. 10580-1433, USA
Dublin 2, Ireland Legal Advisers to the Company
Wellington Management International
and the Manager as to Irish Law
Sponsor and Global Distributor Limited
and the Irish Listing Sponsor
GAM Limited Cardinal Place, 80 Victoria Street
Dillon Eustace
Wessex House London SW1E 5JL, United Kingdom
33 Sir John Rogerson’s Quay
45 Reid Street
ATLANTICOMNIUM SA Dublin 2, Ireland
Hamilton HM12, Bermuda
24 Route de Malagnou
Co-Investment Managers Case Postale 330
GAM International Management Limited CH-1211 Geneva 17, Switzerland
20 King Street
North of South Capital LLP
London, SW1Y 6QY
45 Pont Street
United Kingdom
London SW1X 0BD, United Kingdom
GAM Hong Kong Limited (Resigned 1 July 2017)
Suite 2302, 23/F Lee Garden One
Fermat Capital Management LLC
33 Hysan Avenue, Causeway Bay
615 Riverside Avenue
Hong Kong
Westport CT 06880
GAM USA Inc USA
One Rockefeller Plaza
Dalton Investments LLC
21st Floor
1601 Cloverfield Boulevard
New York
Suite 5050 N
NY 10020
Santa Monica, California 90404, USA
USA
(Resigned 31 December 2017)
New Horizon Wealth Management
1111B, Raheja Chambers
Nariman Point
Mumbai – 400021
India
(Resigned 31 December 2017)
Table of Contents
General Information 2 GAM Star Tactical Opportunities 433
Investment Objectives 3 GAM Star Target Return 439
GAM Star Absolute Return Bond 8 GAM Star Target Return Plus 445
GAM Star Absolute Return Bond Defender 11 GAM Star Technology 450
GAM Star Absolute Return Bond Plus 14 GAM Star US All Cap Equity 454
GAM Star Absolute Return Macro 17 GAM Star Worldwide Equity 458
GAM Star Alpha Spectrum 34 Balance Sheet 462
GAM Star Alpha Technology 38 Notes to the Unaudited Half-Yearly Report 474
GAM Star Asian Equity 43 Contact Information 550
GAM Star Asia-Pacific Equity 47
GAM Star Balanced 51
GAM Star Capital Appreciation US Equity 61
GAM Star Cat Bond 67
GAM Star Cautious 74
GAM Star China Equity 82
GAM Star Composite Global Equity 87
GAM Star Continental European Equity 90
GAM Star Credit Opportunities (EUR) 94
GAM Star Credit Opportunities (GBP) 107
GAM Star Credit Opportunities (USD) 115
GAM Star Defensive 129
GAM Star Discretionary FX 134
GAM Star Dynamic Global Bond 141
GAM Star Dynamic Growth 156
GAM Star Emerging Equity 160
GAM Star Emerging Market Rates 167
GAM Star European Equity 173
GAM Star Flexible Global Portfolio 177
GAM Star GAMCO US Equity 181
GAM Star Global Quality 186
GAM Star Global Rates 190
GAM Star Global Selector 212
GAM Star Growth 217
GAM Star India Equity 225
GAM Star Interest Trend 229
GAM Star Japan Equity 234
GAM Star Keynes Quantitative Strategies 239
GAM Star MBS Total Return 271
GAM Systematic Alternative Risk Premia 287
GAM Systematic Core Macro 297
GAM Systematic Global Equity Market Neutral 382
1
GAM Star Fund p.l.c.
General Information
Principal Activities Publication of Prices
GAM Star Fund p.l.c. (the “Company”) was incorporated and Prices are available from GAM Fund Management Limited, on
registered in Ireland under the Companies Act 2014 as an www.gam.com and the Irish Stock Exchange.
investment company with variable capital on 20 February 1998 and
is authorised by the Central Bank of Ireland (“the Central Bank”) as Reports
an Undertaking for Collective Investment in Transferable Securities Annual and half-yearly reports are made available to all shareholders.
("UCITS") under the European Communities (Undertakings for
Collective Investment in Transferable Securities) Regulations, 2011 This half-yearly report as required by UCITS Regulations is
(as amended) (the "UCITS Regulations"). unaudited. We note that the statutory auditor's report in the audited
year end financial statements as at 30 June 2017 was unqualified.
It is an umbrella type company, in that shares may be issued in
relation to different funds (the “Funds”) from time to time. A separate Purchases and Sales
portfolio of assets will be maintained for each Fund and will be
Please contact the Manager or other local GAM Contacts (as per the
invested in accordance with the investment objective and policies
Contact Information) to obtain a complete list of all purchases and
applicable to such a Fund as set out in "Investments Objectives".
sales for any Fund free of charge.
Segregated liability exists between Funds.
Certain Funds are authorised for sale in Austria, Bahrain, Belgium, Prospectus
Bulgaria, Chile, Denmark, Finland, France, Germany, Gibraltar, Hong Further details concerning the Funds are contained in the Prospectus,
Kong, Iceland, Ireland, Italy, Japan, Liechtenstein, Luxembourg, the Key Investor Information Documents of the Company and the
Macau, the Netherlands, Norway, Peru, Portugal, Singapore, Articles of Incorporation. Copies of these, as well as copies of the
Spain, Switzerland, Sweden, Taiwan, United Arab Emirates and the annual and half–yearly reports, are available on application to the
United Kingdom. Manager, to the UK facilities agent, the Hong Kong representative
office, the German and Austrian information agent as well as to the
The following Funds are authorised by the Securities and Futures
Swiss representative free of charge.
Commission (“SFC”) and are available to the public in Hong Kong.
GAM Star Asian Equity, GAM Star Asia-Pacific Equity, GAM Star
Place of performance and forum in Switzerland
China Equity, GAM Star Continental European Equity, GAM Star
European Equity, GAM Star Japan Equity, GAM Star Technology, In the case of shares which are distributed in Switzerland or from
GAM Star US All Cap Equity and GAM Star Worldwide Equity. Switzerland, the place of performance and the forum are at the
domicile of the Swiss representative of the Fund in Zürich.
SFC authorisation is not a recommendation or endorsement of a
product nor does it guarantee the commercial merits of a product Reporting Fund Status (relevant to UK Shareholders only)
or its performance. It does not mean the product is suitable for all
It is the policy of the Company to apply to HM Revenue and Customs
investors nor is it an endorsement of its suitability for any particular
(“HMRC”) for certification of all Share classes (with the exception
investor or class of investors.
of GAM Star Alpha Spectrum and the non UK RFS Classes of the
relevant Funds) as reporting funds as defined in the Offshore Funds
Directors
(Tax) Regulations 2009.
The Directors of the Company during the period ended 31 December
2017 were:
Andrew Bates
David Dillon
Andrew Hanges
Daniel O' Donovan
Burkhard Poschadel
Application for shares
All applications should be made directly to the Manager or via the
German information and distribution agent of the Company, the
Austrian paying agent of the Company, or via the Swiss representative
of the Company. Shares will be purchased on the relevant Dealing
Day and a contract note will be sent to the purchaser. Prospective
shareholders should note that the price of shares may go down as
well as up.
Redemption of shares
Requests for redemption of shares and requests for the switch
of shares can be submitted via the German paying agent of the
Company, the Austrian paying agent of the Company, the Swiss
representative of the Company or directly to the Manager. This should
be done in writing by post, by facsimile, by email or by telephone.
2
Investment Objectives
The investment objectives of each Fund are set out below. GAM Star Alpha Technology
The investment objective of the Fund is to achieve long term capital
GAM Star Absolute Return Bond appreciation. The Fund seeks to achieve this objective by taking long
The investment objective of the Fund is to invest at least 85% of its and short positions primarily in equities or equity related derivative
assets in GAM Multibond Absolute Return Bond Fund (the “Master contracts of technology related companies. Such companies will
Fund”), the investment objective of which is to achieve a long term be listed on or dealt in Recognised Markets globally (including
positive (absolute) return in both rising and falling financial markets in Emerging Markets as described in the prospectus) and up to
while observing the principle of risk diversification. The Master 10% of its Net Asset Value may be invested in unlisted equities of
Fund is a sub-fund of GAM Multibond which is established as a such companies.
societe d’investissement, a capital variable, and is authorised by the
Commission de Surveillance du Secteur Financier in Luxembourg GAM Star Asian Equity
(“CSSF”) as a UCITS. The Master Fund is managed by GAM The investment objective of the Fund is to achieve capital
International Management Limited, which has also been appointed appreciation through investment primarily in quoted securities which
as Co-Investment Manager of the Fund. are issued by public companies with principal offices or significant
business activities in the Asian region, excluding Japan.
GAM Star Absolute Return Bond Defender
The investment objective of the Fund is to invest at least 85% of its GAM Star Asia-Pacific Equity
assets in GAM Multibond Absolute Return Bond Fund Defender (the The investment objective of the Fund is to achieve long-term capital
“Master Fund”), the investment objective of which is to achieve a appreciation through investing, primarily in quoted equity securities,
long term positive (absolute) return in both rising and falling financial in companies with principal offices in the Pacific Basin, including
markets while observing the principle of risk diversification. The Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia,
Master Fund is a sub-fund of GAM Multibond which is established New Zealand, Pakistan, the Philippines, Singapore, South Korea, Sri
as a societe d’investissement, a capital variable, and is authorised Lanka, Taiwan and Thailand.
by the Commission de Surveillance du Secteur Financier in
Luxembourg (“CSSF”) as a UCITS. The Master Fund is managed GAM Star Balanced
by GAM International Management Limited, which has also been The investment objective of the Fund is to seek to achieve an
appointed as Co-Investment Manager of the Fund. attractive return on capital while simultaneously attempting to limit
the risk of capital loss. This investment objective may be achieved
GAM Star Absolute Return Bond Plus primarily through investment in open-ended collective investment
The investment objective of the Fund is to invest at least 85% of schemes which gain exposure to equities, Fixed Income Securities,
its assets in GAM Multibond Absolute Return Bond Fund Plus (the property, commodities and currencies as set out in the Prospectus.
“Master Fund”), the investment objective of which is to achieve a The Fund will not invest directly in property or commodities and such
long term positive (absolute) return in both rising and falling financial indirect exposure shall be generated as described in the Prospectus.
markets while observing the principle of risk diversification. The
Master Fund is a sub-fund of GAM Multibond which is established GAM Star Capital Appreciation US Equity
as a societe d’investissement, a capital variable, and is authorised The investment objective of the Fund is to achieve long-term capital
by the Commission de Surveillance du Secteur Financier in appreciation. It will be the policy of the Fund to invest primarily in
Luxembourg (“CSSF”) as a UCITS. The Master Fund is managed equities and other equity related securities (including preferred shares,
by GAM International Management Limited, which has also been convertible bonds, American Depositary Receipts and exchange
appointed as Co-Investment Manager of the Fund. traded funds) which are issued by companies with principal offices in
the United States of America, which exercise their primary economic
GAM Star Absolute Return Macro activity in the United States of America, or which are listed on or dealt
(formely known as GAM Star Alternative Fixed Income) in a Recognised Market in the United States of America.
The investment objective of the Fund is to seek to achieve consistent
positive returns over the long term while observing the principle GAM Star Cat Bond
of risk diversification. The Fund aims to achieve this by blending The investment objective of the Fund is to seek to generate returns
discretionary and model driven investment strategies which may through selective investment in a global portfolio of catastrophe
generate exposure (either directly or indirectly through the use bonds (“Cat Bonds”). Cat Bonds are debt securities that transfer the
of financial derivative instruments) principally to Fund income risk of catastrophic events from insurance companies, reinsurance
instruments and currencies. companies, corporations, governments, etc. to the capital markets.
GAM Star Alpha Spectrum GAM Star Cautious
The investment objective of the Fund is to seek to achieve an The investment objective of the Fund is to seek to achieve long term
attractive return on capital while simultaneously attempting to limit capital growth with lower volatility than a fund which invests solely in
the risk of capital loss. The Fund aims to achieve this investment equities. The Fund aims to achieve this investment objective primarily
objective by gaining exposure to equity, fixed income and trading through investment in open-ended collective investment schemes
strategies. Such exposure may be achieved principally through which provide exposure to equities, Fixed Income Securities,
investment in open-ended collective investment schemes deploying property, commodities and currencies as set out in the Prospectus.
equity long only, equity hedge, fixed income and trading strategies.
3
GAM Star Fund p.l.c.
GAM Star China A Equity GAM Star Credit Opportunities (EUR)
(Approved on 12 December 2014. Not yet launched) The investment objective of the Fund is to achieve long-term capital
The investment objective of the Fund is to achieve capital gain in Euro. It will be the policy of the Fund to seek to achieve
appreciation. GAM International Management Limited and GAM its investment objective through investment principally in income
Hong Kong Limited, which have been appointed as Co-Investment bearing or accruing securities with fixed principal amounts including
Managers to the Fund, intend to achieve this investment objective government bonds, corporate bonds, junior debt securities,
through investment primarily in China A shares listed on or dealt preferred shares, convertible securities and contingent capital notes.
in the Shanghai Stock Exchange (“SSE”) or the Shenzhen Stock
Exchange (“SZSE”) (“China A Shares”). GAM Star Credit Opportunities (GBP)
The investment objective of the Fund is to achieve long-term capital
GAM Star China Bond gain in Sterling. It will be the policy of the Fund to seek to achieve
(Approved on 27 September 2016. Not yet launched) its investment objective through investment principally in income
The investment objective of the Fund is to provide long-term capital bearing or accruing securities with fixed principal amounts including
growth and income. The Fund seeks to achieve this investment government bonds, corporate bonds, junior debt securities,
objective through investment primarily in Fixed Income Securities preferred shares, convertible securities and contingent capital notes.
and Money Market Instruments denominated in Renminbi (“RMB”)
issued by entities located in the People's Republic of China (the GAM Star Credit Opportunities (USD)
“PRC”) or by entities which carry out a predominant proportion The investment objective of the Fund is to achieve long-term capital
of their business activities in the PRC. The Fund may also invest gain in US dollars. It will be the policy of the Fund to seek to achieve
up to 100% of net assets in instruments issued by government, its investment objective through investment principally in income
government agencies, supra-national agencies located in the PRC bearing or accruing securities with fixed principal amounts including
in accordance with the requirements set out in the Investment government bonds, corporate bonds, junior debt securities,
Restrictions section of the Prospectus. preferred shares, convertible securities and contingent capital notes.
GAM Star China Equity GAM Star Defensive
The investment objective of the Fund is to achieve capital appreciation The investment objective of the Fund is to seek to achieve long
through investment primarily in quoted equity securities listed on or term capital growth. The Fund aims to achieve this investment
dealt in any Recognised Market and which are issued by companies objective primarily through investment in open-ended collective
with principal offices or significant business activities in the People’s investment schemes which provide exposure to equities, Fixed
Republic of China and Hong Kong. Income Securities, property, commodities and currencies as set out
in the Prospectus.
GAM Star China Focus Fund
(Approved on 12 October 2015. Not yet launched) GAM Star Discretionary FX
The investment objective of the Fund is to achieve capital appreciation The investment objective of the Fund is to achieve absolute returns
through investment primarily in equity securities of small or medium over the medium term arising out of the Fund’s participation in the
sized companies listed on or dealt in any Recognised Market and global currency and related markets.
which are issued by companies with principal offices or significant
business activities in the People’s Republic of China and Hong Kong. GAM Star Dynamic Global Bond
The investment objective of the Fund is to maximise total investment
GAM Star Composite Global Equity
return generated from a combination of income, capital appreciation
The investment objective of the Fund is to achieve long term capital and currency gains. The Fund aims to achieve this investment
appreciation with the aim of generating a capital return in excess objective principally through investment either directly or through
of global equity markets over the medium to long term. The Fund the use of associated financial derivative instruments in a broadly
intends to pursue its investment objective by gaining exposure diversified portfolio of Fixed Income Securities and currencies.
principally to equity strategies. Such exposure may be achieved
principally through investment in open ended collective investment GAM Star Dynamic Growth
schemes deploying equity long only and equity hedge strategies. (formely known as GAM Star Global Equity)
The Fund may also invest in exchange traded funds which are The investment objective of the Fund is to seek to achieve long term
listed or traded on Recognised Markets worldwide in order to gain capital growth. The Fund aims to achieve this investment objective
exposure to such strategies. The Fund may also invest in unlisted primarily through investment in open-ended collective investment
collective investment schemes in accordance with the provisions of schemes which provide exposure to equities, Fixed Income
the UCITS Regulations. Securities, property, commodities and currencies as set out in the
terms of the Prospectus. The Fund will not invest directly in property
GAM Star Continental European Equity or commodities and such indirect exposure shall be generated as
The investment objective of the Fund is to achieve long-term described in the terms of the Prospectus.
capital appreciation through investing primarily in quoted equity
and equity related securities (including but not limited to warrants), GAM Star Emerging Equity
listed on or dealt in Recognised Markets within the EU which are (formely known as GAM Star North of South EM Equity)
issued by companies with principal offices in Europe other than the The investment objective of the Fund is to achieve long term capital
United Kingdom. appreciation. The Fund seeks to achieve this objective through
investing primarily in equity and equity related securities (such
as warrants and rights issues) of companies listed on or dealt in
Recognised Markets in Emerging Markets or which are listed on or
dealt in Recognised Markets outside of the Emerging Markets but
which generate the bulk of their earnings in Emerging Markets.
4
GAM Star Emerging Market Rates GAM Star Global Selector
The investment objective of the Fund is to achieve absolute return The investment objective of the Fund is to achieve long term capital
regardless of market conditions through investment in a portfolio of appreciation by investing primarily in a focused, concentrated
local and hard currency bonds and other fixed income securities portfolio of worldwide quoted equity and equity related securities
from emerging markets worldwide. (including, but not limited to warrants), listed on or dealt in
Recognised Markets on a worldwide basis.
GAM Star European Equity
The investment objective of the Fund is to achieve long-term capital GAM Star Global Smaller Companies
appreciation through investing primarily in quoted equity securities (Approved on 27 September 2016. Not yet launched.)
issued by companies with principal offices in Europe, including The investment objective of the Fund is to provide capital
Austria, Belgium, Denmark, Finland, France, Germany, Greece, appreciation. The Fund aims to achieve this investment objective
Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, through direct investment in securities of small and medium sized
Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the companies on a worldwide basis which are listed or traded on
United Kingdom. It will be the policy of the Fund to invest primarily Recognised Markets worldwide.
in equities.
GAM Star Growth
GAM Star Flexible Global Portfolio The investment objective of the Fund is to seek to achieve long term
The investment objective of the Fund is to achieve capital capital growth. The Fund aims to achieve this investment objective
appreciation by gaining exposure to one or more of the following primarily through investment in open-ended collective investment
asset classes: financial indices, open-ended collective investment schemes which provide exposure to equities, Fixed Income Securities,
schemes, exchange traded funds, exchange traded commodities, property, commodities and currencies as set out in the Prospectus.
Fixed Income Securities, equities, equity related securities, derivative The Fund will not invest directly in property or commodities and such
instruments, cash, cash equivalents, Money Market Instruments and indirect exposure shall be generated as described in the terms of
closed-ended funds. Allocations will be made at the Co-Investment the Prospectus.
Manager’s discretion, both within each asset class and among the
asset classes. The Fund need not be invested in any or all of the GAM Star India Equity
asset classes at any one time. The investment objective of the Fund is to achieve long-term
capital appreciation. It is the policy of the Fund to invest primarily
GAM Star GAMCO US Equity in a diversified portfolio of equity and equity related securities and/
The investment objective of the Fund is to achieve long-term capital or other derivative instruments of companies listed or dealt on any
appreciation. It will be the policy of the Fund to invest primarily in a Recognised Market with principal offices in India or significant
diversified portfolio of equities (i) issued by companies with principal business activities, assets or resources related to India.
offices in the United States of America and/or (ii) which are listed
on Recognised Markets in the United States of America. Whilst the GAM Star Interest Trend
Fund will primarily invest in the equities described above, it may also The investment objective of the Fund is to achieve long-term capital
invest in other equities listed on Recognised Markets worldwide. appreciation in US dollars. The Fund aims to achieve its investment
objective through investment principally in income bearing
GAM Star Global Diversified securities which are expected to generate fixed income payments
(Approved on 12 October 2015. Not yet launched) and also selectively make capital gains from trends in interest rates.
The investment objective of the Fund is to provide capital appreciation. Such instruments include government bonds, corporate bonds,
It will be the normal policy of the Fund to invest primarily in shares junior debt securities, preferred shares, convertible securities and
and other equity related securities (which shall comprise of preferred contingent convertible notes.
stock) listed on or dealt in Recognised Markets worldwide.
GAM Star Japan Equity
GAM Star Global Quality The investment objective of the Fund is to achieve long-term capital
The investment objective of the Fund is to provide capital appreciation appreciation through investing primarily in quoted equity securities
primarily through investment in quoted equity securities listed on in Japan issued by companies with principal office in Japan. It will be
or dealt in Recognised Markets on a worldwide basis. The Fund the policy of the Fund to invest primarily in equities.
emphasises investment in companies in developed countries such
as the United States, the countries of Western Europe and certain GAM Star Keynes Quantitative Strategies
countries in the Pacific Basin, which include but are not limited to The investment objective of the Fund is to seek to achieve an
Australia, Hong Kong, Japan, New Zealand and Singapore. attractive return on capital while simultaneously attempting to limit
the risk of capital loss. The Fund aims to achieve this investment
GAM Star Global Rates objective through the use of systematic quantitative models.
The investment objective of the Fund is to achieve absolute returns.
The Fund employs a process of economic analysis to identify GAM Star MBS Total Return
fundamental trends within both the fixed income and global currency The Fund’s primary investment objective is to seek to generate
markets. There are both medium term and short term based themes returns through selective investment in a diversified portfolio of
involved in the Fund’s strategy. mortgage-backed debt securities (“MBS”). The Fund may also
invest to a lesser extent in asset-backed debt securities (“ABS”)
as well as debt securities (such as bonds and notes) issued by
corporations and governments. Such debt securities may pay fixed,
floating and inverse floating rates of interest and may include zero
coupon obligations.
5
GAM Star Fund p.l.c.
GAM Star North American Growth GAM Star Target Return Plus
(Approved on 12 October 2015. Not yet launched) The investment objective of the Fund is to seek to achieve long term
The objective of the Fund is to provide capital appreciation. growth and capital appreciation via a flexible asset allocation, using
The Fund aims to achieve this investment objective primarily a moderate approach. The Fund aims to achieve this investment
through investment in equity and equity related securities (which objective by gaining exposure, either directly or indirectly through the
shall comprise of warrants, rights issues and preferred stock) of use of collective investment schemes and derivatives to a range of
companies listed on or dealt on Recognised Markets in the United asset classes including equities, Fixed Income Securities, currencies,
States and Canada. commodities and property as described in the Prospectus. The
Fund will not invest directly in property or commodities.
GAM Systematic Alternative Risk Premia
The investment objective of the Fund is to provide consistent GAM Star Technology
above-average, risk-adjusted returns on capital with a low long term The investment objective of the Fund is to achieve long-term capital
correlation with traditional asset classes such as equities and bonds. appreciation. It will be the policy of the Fund to invest primarily in a
The investment objective is achieved by the Co-Investment Manager globally diversified portfolio of technology related companies. The
by gaining exposure directly or indirectly using financial derivatives Fund seeks to achieve this objective through investing primarily in
instruments to the following four asset classes i.e. equities (which equity and equity related securities (such as warrants and rights
will be listed or traded worldwide), fixed income (i.e. Fixed Income issues) of companies listed on or dealt in Recognised Markets
Securities), currencies and commodities. worldwide, and up to 10% of its net assets in unlisted equities, in
each case which demonstrate long term growth opportunities within
GAM Systematic Alternative Risk Premia Ex-A the broader technology sector or whose business models are driven
The investment objective of the Fund is to provide consistent by new technologies. The Fund may also seek to gain exposure to
above-average, risk-adjusted returns on capital with a low long term such companies through the use of financial derivative instruments
correlation with traditional asset classes such as equities and bonds. described in the Prospectus.
GAM Systematic Core Macro GAM Star UK Diversified
(formely known as GAM Systematic Diversified Macro) (Approved on 12 October 2015. Not yet launched)
The investment objective of the Fund is to achieve long term The investment objective of the Fund is to provide capital
capital growth through the generation of absolute returns by the appreciation. The Fund aims to achieve this investment objective
use of proprietary advanced modeling techniques which are used primarily through investment in quoted equity and equity related
to identify appropriate investments for the Fund across all relevant securities (which shall comprise of preferred stock) which are
asset classes. (i) listed on or dealt in Recognised Markets in the UK, (ii) issued
by companies with principal offices in the UK or (iii) issued by
GAM Systematic Global Equity Market Neutral companies which exercise their primary economic activity in the UK.
The investment objective of the Fund is to provide investors with
consistent absolute returns independent of global equity markets. GAM Star US All Cap Equity
The Fund aims to achieve this investment objective through the use The investment objective of the Fund is to achieve long-term capital
of proprietary advanced modeling techniques which are used to appreciation through investing primarily in quoted securities in
identify appropriate investments for the Fund. the United States of America issued by companies with principal
offices in the United States of America. The Fund will invest in a
GAM Star Tactical Opportunities broad spread of equities, and may invest in Fixed Income Securities
The investment objective of the Fund is to seek to achieve capital and preferred stock listed on or dealt in a Recognised Market in the
appreciation via unconstrained tactical asset allocation. The Fund United States of America. It will be the policy of the Fund to invest
aims to achieve this investment objective by gaining exposure either primarily in equities.
directly or indirectly through the use of derivatives to a range of
asset classes including equities, fixed income securities, currencies, GAM Star Worldwide Equity
commodities and property as described in the Prospectus. The The investment objective of the Fund is to provide capital
Fund will not invest directly in property or commodities. appreciation primarily through investment in quoted securities on
a worldwide basis. It will be the normal policy of the Fund to invest
GAM Star Target Return primarily in equities.
The investment objective of the Fund is to seek to achieve long term
growth and capital appreciation via a flexible asset allocation, using
a conservative approach. The Fund aims to achieve this investment
objective by gaining exposure, either directly or indirectly through the
use of collective investment schemes and derivatives to a range of
asset classes including equities, Fixed Income Securities, currencies,
commodities and property as described in the Prospectus. The
Fund will not invest directly in property or commodities.
6
General
In addition, please note the following in relation to the investment
objectives and policies of the Funds:
(i) any Fund, the name of which contains a reference to a specific
type of security, country or region will invest at least two thirds
of its non-liquid assets in that specific type of security, country
or region;
(ii) any Fund, the name of which contains a specific reference to a
specific currency, will invest at least two thirds of its non-liquid
assets in securities denominated in that specific currency;
(iii) where the investment policy of a Fund states that investments
are made “primarily” in a specific type of security, country or
region, that Fund will invest either directly or indirectly (through
the use of financial derivative instruments) at least two thirds
of its non-liquid assets in that specific type of security, country
or region;
(iv) where the investment policy of a Fund refers to investments in
companies of a specific country or region, this means (in the
absence of any other definition) that these companies will have
their registered office in the specific country or region stated,
notwithstanding their being listed on any stock exchange
mentioned in the investment policy of the Fund.
7
GAM Star Absolute Return Bond
Fund Manager: Timothy Haywood/Daniel Sheard
31 December 2017
Portfolio Analysis
31 December 30 June
Analysis, by geographical area 2017 % 2017 %
Global 99.97 100.38
Net Current Assets/(Liabilities) 0.03 (0.38)
100.00 100.00
31 December 30 June
Analysis, by industry sector 2017 % 2017 %
GAM Funds 99.97 100.38
Net Current Assets/(Liabilities) 0.03 (0.38)
100.00 100.00
31 December 30 June
Analysis, by investment 2017 % 2017 %
Bond Funds 99.97 100.38
Net Current Assets/(Liabilities) 0.03 (0.38)
100.00 100.00
8