Rho Investments
Rho Investments
Multi-strategy SIL
| Rho Investments | ES0155144035 |
SIL's objective
Multi-strategy SIL which aims to deliver net positive return every year, regardless the behaviour of traditional assets. To achieve it, the SIF’s assets are allocated to six different strategies: Active, Relative Value, Macro Selection, Micro Selection, Special Situations and Deep Value. The strategies are focused on finding cheap assets with asymmetric profiles.
PERFORMANCE
Evolution
*Data for Rho Investments SIL
How do we invest?
Our approach focuses on identifying assets offering substantial optionality. In order to comply with our guidelines any investment has to comply with the three following criteria:
- Are mispriced for a defined investment horizon in statistical terms or vs our fair value models
- Exhibit an asymmetric risk-return profile.
- Have clear catalysts within the defined investment period which will result in a reversal to fair value
The following strategies will be used:
- Active trading: It uses non-systematic statistical and technical models to identify very short-term investment opportunities (intraday to one week)
- Micro: It selects outright positions in securities which are cheap by historical standards or according to our valuation models based on fundamental and industry specific analysis
- Macro: Looks to anticipate and exploit trend changes in the main asset classes (fixed-income, equity and forex) through an analysis of market and technical variables.
- Relative value: Non directional long/short or multi-leg trades in single asset, capital structure or across different asset classes that look to profit from relative mispricing opportunities
- Special situations: highly idiosyncratic event-driven opportunities looking to capitalize on M&A arbitrage, share buy backs, liability management exercises, corporate restructurings, call tenders and any other corporate events.
- Deep Value: Longer term investments in which exceptional value opportunities are linked to a relative lack of liquidity, or investments in securities that require a significant time period (a full economic cycle, market reopening, IPO, etc.) to reach the intrinsic value of the investment.
VaR metrics allow managers to estimate the maximum loss that the fund could statistically expect to suffer over a given time interval, under normal market conditions, at a given confidence level. VaR consumption shall be determined at any time by managers’ discretion based on their market view.
Net Asset Value and Returns
*Past postive returns do not guarantee future positive returns
Reasons for choosing this SIL
- Its value lies in the strategies, not in the assets
- Consistent and disciplined risk management tested over periods of substantial market volatility
2002 dot.com bubble (+3.85%)
2007 and 2008 GFC ( -13.93% over 2-yrs)
2011 Height of EU Sov Crisis (+ 6.02%)
2015 Bund vol, EM crisis (+7.28% ytd)
- A management team with over 59 years’ experience in combined markets
- Two main drivers of the project have known each other for over 10 years working closely on trading opportunities and developing along the way a common investment philosophy
- A wealth of multi/asset class expertise enables the SIF to capitalize on cross-market investment opportunities and to analyze every opportunity from different points of the cap structure and/or asset types
- Strong alignment of all principals in the business with fund performance: all senior partners have the vast majority of their personal wealth and/or pensions tied up in the vehicle. Deferred compensation has to remain mandatorily invested in the vehicle.
- It adapts a time-tested and successful investment strategy to a format that enhances the risk-reward profile of the opportunity set.
CHARACTERISTICS
As of 31/12/2020
Performance attribution per strategy
Groos Notional Exposure by Sector
Number of Positions per Strategy
Gross Notional Exposure by Asset Class
ADDITIONAL INFORMATION
Rho Investments
- ISIN
- ES0155144035
- Management fee
- 0,00%*
- Success fee
- 0,00% with HWM*
- Withdrawal fee
- 0%
- Type
- SIL
- Liquidity
- Daily
- Minimum investment
- Professional investor: 50.000€
- Well-informed investor: 100.000€
- Inception date
- December 2005
- Term investment
- 3-5 years
- Auditor
- KPMG
- Depositary bank
- Novo Banco S.A., Sucursal en España
- Category
- Multi Hedge Fund
- Administrator
- Novo Banco S.A., Sucursal en España
- Bloomberg Code
- S1412 SM
- Address
- Spain
*Rho Investments SIL follows a master-feeder structure, therefore fees are waived for the SIL to avoid double charging. Management and performance fees charged correspond to Rho Multi-strategy SIF’s fees (1% management Fee, 20% Success fee).
DOCUMENTS
Monthly factsheet: Rho Investments SIL
Annual Accounts: Annual Accounts Quadriga AM SGIIC, S.A. 2018 Annual Accounts Rho Investments SIL 2018
KIID: KIID Rho Investments
Complete Brochure: Complete Brochure
Quarterly report: 3Q 2020 Report 1Q 2020 Report
Semi-annual report: 2S 2019 Report 1S 2019 Report
Semi-annual report: Privacy Policy
