Anantam International SPC Fund - 6 SP
- Charles Dickens opened A Tale of Two Cities with the line, “it was the best of times, it was the worst of times.” In a similar vein, we find ourselves writing that this was both a good month and a difficult one.
- It was a good month as the portfolio delivered positive returns despite elevated global uncertainty. At the same time, it was a challenging month as we trailed the MSCI All Country World Index, though we remain significantly ahead of our benchmarks since inception.
- The strong performance of the index was driven by the semiconductor rally across the United States, South Korea, and Taiwan. This was a move we did not anticipate, and as a result, we did not participate in it.
- Our positioning around the US reshoring and reindustrialization theme worked well. The First Trust Clean Edge Smart Grid
- Infrastructure ETF reached an all-time high and remains one of our highest conviction and largest holdings. As we have reiterated, we believe we are still early in a structural cycle driven by electricity demand, what we often describe as Day 3 of a 5-day test match.
- Positioning, however, required careful balance. Our exposures to commodities, energy, and portfolio hedges pulled in different directions. Hedging strategies performed well during periods of heightened geopolitical tension, while the energy book came under pressure when tensions eased. Overall our commodity exposure and hedges weighed on performance this month.
- We continue to believe the risk of an inflation shock remains high barring an unexpected positive development, with fertilizer prices and key agricultural commodities already moving higher.
- While markets appeared relatively complacent in April, we remain cautious as the near term continues to be uncertain. It is unlikely to be a smooth journey ahead.
Investment Objective
To generate income and capital appreciation by investing primarily in listed securities of developed and select emerging markets. The strategy is implemented mainly through US-listed exchange-traded funds (ETFs) and listed equity securities. Exposure to listed debt or debt-linked instruments, including exchange-traded notes (ETNs), may be taken opportunistically. The fund does not invest in unlisted securities.
| Particulars | Remarks |
|---|---|
| Currency | USD |
| Type | Open ended |
| Minimum Investment | $100,000 |
| Minimum top up post 1st investment | $25,000 |
| Subscription | Weekly, NAV is declared on every Friday and on the last working day of every month |
| Redemption | Anytime, subject to at least 15 calendar days of notice |
| Partial Redemptions | Permitted, subject to post redemption minimum investment at $100,000 |
| Redemption Fee/ Exit Load | 1% for exit within 12 months from investing |
| Management Fee | 1% per annum; charged monthly on average AUM |
| Performance Fee | 15% performance fee over hurdle of 7% (subject to high watermark) |
| Operating Fee | On Actuals, capped at 0.5%p.a. on AUM |
| Hurdle Rate | 7% |
| Fund Name | Anantam International SPC Fund – 6 SP (Cayman Island) |
| Investment Manager | Dovetail Investment Management Limited |
| Fund's Bank Account | SBM Bank (Mauritius) Limited |
| Auditor | Forvis Mazars |
| Administrator | Ohm Dovetail Global Admin (IFSC) Private Limited |
Benchmarks
Equity Benchmark – iShares MSCI ACWI ETF (ACWI): Tracks the MSCI All Country World Index, covering large and mid-cap stocks across 23 developed and 24 emerging markets, representing approximately 85% of global equity market capitalization with U.S. exposure of 64.28%. Serves as a comprehensive reference for global equity performance.
Bond Benchmark – iShares Core U.S. Aggregate Bond ETF (AGG): Tracks the Bloomberg U.S. Aggregate Bond Index, representing the U.S. investment-grade bond market including Treasuries, mortgage-backed securities, and corporate bonds. Serves as the standard reference for U.S. fixed income performance.
Real Assets Benchmark – VanEck Real Assets ETF (RAAX): Provides diversified exposure to commodities, natural resource equities, REITs, infrastructure, and gold. Selected to capture the role of real assets as an inflation hedge and as a diversifier against equity and bond risks.
Peers in the space typically use a 60:40 blend of the MSCI World Stock Index and Bloomberg Global Bond Index as a benchmark. However, we have chosen to present three distinct benchmarks, each at 100% weight, to more clearly reflect PineTree’s investment style and asset allocation.
The inclusion of a real assets benchmark reflects our macro view: as early signs of a multipolar currency world emerge, global supply chain efficiency will be tested, driving procurement costs higher. At the same time, developed economies face mounting debt. In this environment, real asset owners such as commodity producers and efficient commodity procurers are well positioned to benefit. Incorporating real assets into the benchmark increases the challenge for our fund, as hard commodities also serve as an important hedge against inflation.
Together, ACWI, AGG, and RAAX provide a transparent framework to evaluate PineTree’s performance across global equities, U.S. fixed income, and real assets. Each benchmark was selected for its accuracy in representing the targeted asset class and relevance to the current macroeconomic environment.
