The Latitude Horizon Fund

Combining a high conviction, long-term global equity portfolio with the optimal asset allocation to fixed income, currencies, cash and commodities

Launch date - 01.11.16
Base Currency - GBP
Legal Structure - Irish Domiciled UCITS Funds
Dealing - Daily

Data as of 30.11.21 - Share Class (GBP Acc)

£1.417

NAV per share

£255m

Fund Assets

31

Holdings
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Investment Objective

The objective of the Latitude Horizon Fund is to deliver capital appreciation over the long term by holding a concentrated portfolio of stocks, whilst lowering the equity risk and enhancing return through a selection of non-equity investments.

Key Facts

  • High conviction, style agnostic equity portfolio
  • Portfolio diversified through selective uncorrelated non-equity investments
  • Large cap, liquid investments
  • Globally diverse
  • Seeking strong returns through market cycles

2021

2020

2019

2018

No items found.

Contact

Details

Patrick Valentine
patrick.valentine@latitudeim.com

+44 (0)20 7087 9278
Our administrators SEI
tadublin@seic.com

+353 (0) 1 638 2440

Institutional Investors

Primary Shareclasses (No minimum)

Share Class

ISIN Code

Sedol Code

GBP Acc - Class P
IE00BDC7CZ89
BDC7CZ8 IE
GBP Inc - Class P
IE00BD37NY30
BD37NY3 IE
EUR Acc - Class P
IE00BDC7CX65
BDC7CX6 IE
EUR Inc - Class P
IE00BDC7CW58
BDC7CW5 IE
USD Acc - Class P
IE00BD37NZ47
BD37NZ4 IE
USD Inc - Class P
IE00BDC7JY67
BDC7JY6 IE
Institutional Shareclasses (Minimum GBP 20m)

Share Class

ISIN Code

Sedol Code

GBP Acc - Class 1
IE00BG1TMR88
BG1TMR8
GBP Inc - Class I
IE00BG1TMP64
BG1TMP6
EUR Acc - Class I
IE00BG1TMQ71
BG1TMQ7
EUR Inc - Class I
IE00BG1TMK10
BG1TMK1
USD Acc - Class I
IE00BG1TMT03
BG1TMT0
USD Inc - Class I
IE00BG1TMS95
BG1TMS9

private investors

There are three ways for you to invest.

a) The simplest way to invest is through the following retail platforms:

b) Through your existing bank, stockbroker or IFA quoting one of the following share class identifiers:

Share Class

ISIN Code

Sedol Code

GBP Acc
IE00BDC7CZ89
BDC7CZ8 IE
GBP Inc
IE00BD37NY30
BD37NY3 IE
EUR Acc
IE00BDC7CX65
BDC7CX6 IE
EUR Inc
IE00BDC7CW58
BDC7CW5 IE
USD Acc
IE00BD37NZ47
BD37NZ4 IE
USD Inc
IE00BDC7JY67
BDC7JY6 IE
c) If you wish to invest directly with Latitude please contact us for more information (Minimum GBP 1m):

01 February 2020 Commentary

The coronavirus was a highly unpredictable event, yet investors always knew that something would cause a recession to interrupt the present bull market. Since late 2018 there have been a number of warning signs including: the Fed overtightening of interest rates, the yield curve inverting, and the New York Fed Probability of Recession Model, which has been right each time since 1968.

Economic and earnings forecasts, which are of little use at the best of times, are hopeless at present while the cloud of uncertainty is heaviest. Financial markets are the best predictors of recession, in large part due to their reflexive nature. As they fall investors and consumers lose confidence, making a recession ever more likely, leading markets to potentially fall further. It is this confidence spiral which needs to end in order for markets to find a floor – either through policy intervention (by directly addressing the virus, or financial markets to a lesser extent), or through stocks falling further and finding a clearing price

Despite the fall, equities are still expensive compared to historic levels while, concurrently, they are incredibly attractive compared to most alternatives. This gap between the fair value implied by historic valuations (10-20% lower) and the fair value justified by a lower opportunity cost from owning cash or bonds (c.50% higher) is an ever widening no man’s land filled with fog. It is our view that markets are likely to fall lower towards their historic valuations until such time as clarity prevails, when the upper bounds of possibility will reassert themselves. As a result we trimmed our equity allocation and increased our cash holding recently, and will be looking for further market weakness as an opportunity to initiate new positions.

Bond yields are now effectively zero across the world and, even if earnings fall 20%, stock markets will have an earnings yield of 5% at today’s prices. These earnings are implicitly inflation protected and will grow through time, at least in line with GDP. Many individual stocks which are potential investments for the Horizon Fund are already more attractively valued and offer higher potential growth.

The stock market is alive with opportunities, and it is the only remaining asset class with a long term positive expected return. In 2020 investors need to decide when, not if, to reallocate some of their portfolios to equities.

NB Markets are moving fast and stock markets have fallen again in March. To the 9th March the FTSE World Index (£) has fallen -9% and the fund is down -2%.

Fact Sheet

Key info

Tom Allison
Head of Private Credit
AIG Investments

Georgina Cadbury
Chairman
James Alpha Holdings, LLC

Jonathan Elkington
Head of Equities
Goldman Sachs LLP

Max Lami
Head of Options
Merill Lynch NYC

Gordon Moore

William Noortman

Crispin Odey

Waleed Saigol

Jonathan Summers

Jane Tufnell

Hugo van Vredenburch

Suzi Williams

Please read this important information before proceeding. It contains legal and regulatory notices relevant to the information on this site.
This is for professional clients and eligible counterparties and their Professional Advisors only, this is not to be marketed to Retail Clients or the General Public. Past performance is neither an indication or guarantee as to future performance. All investments may go down as well as up and you may not get back to total value of your investment. The return information is net of management and performance fees, but gross of taxation. Acquiring units may expose an investor to a significant risk of losing the entire amount invested. Please seek advice from your FCA regulated Investment Advisor, before making any investment decisions.
Where this communication constitutes a financial promotion/marketing communication it is issued and only made available to, and directed at, (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as “relevant persons”). This communication is written for the benefit of the categories of persons described above. It is not addressed to any other person and may not be used by them for any purposes whatsoever. Furthermore, this communication must not be acted on or relied on by persons who are not relevant persons.
Any investment or investment activity to which this communication relates is only available to relevant persons and will be engaged in only with relevant persons.
This is an Undertaking for Collective Investment in Transferable Securities (UCITS) regulated by Central Bank of Ireland (CBI). The information herein was obtained from various sources. We do not guarantee its accuracy. This information is for your private information and is for discussion purposes only. A variety of market factors and assumptions may affect this analysis, and this analysis does not reflect all possible loss scenarios. There is no certainty that the parameters and assumptions used in this analysis can be duplicated with actual investments. Any historical examples which appear are not necessarily indicative of future investments. Neither the information, recommendations or opinions expressed herein constitutes an offer to buy or sell the specified investment product. Foreign currencies denominated investments are subject to fluctuations in exchange rates that could have a positive or adverse effect on the investor’s return.

Unless otherwise stated, any pricing information in this presentation is indicative only and is subject to change. Prior to undertaking any investment, you should discuss with your professional tax, accounting or other adviser how such a particular investment(s) affect you and whether it is suitable.

The fund is not registered in all jurisdictions and you must check it is registered in your country before investing. All analysis (whether in respect of tax, accounting, law or of any other nature), should be treated as illustrative only and not relied upon as accurate.This product may place your capital at risk; return figures quoted may not display all the short and long term prospects for the investment.This document is being made available by Latitude Investment Management LLP (FRN# 774437) which is Authorised and Regulated by the Financial Conduct Authority. Latitude Horizon Fund, a sub- fund of Waystone UCITS Platform ICAV (An Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub-funds with registration number C141639 and authorised by the Central Bank of Ireland pursuant to the European Communities [Undertakings for Collective Investment in Transferable Securities]). Regulations 2011 (as amended). Management Company and Investment Management services provided by Waystone Investment Management Services (Europe) Limited.
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