Latitude Horizon Fund


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 THROUGH A SELECTION OF NON-EQUITY INVESTMENTS. 

November 2018 Commentary

Howard Marks said “When there’s nothing clever to do, the mistake lies in trying to be clever”. Being too clever has led to an annus horribilis for many politicians this year, and investors have not been immune. This situation will endure for at least as long as volatility and uncertainty remain elevated, which is very much our prediction.

Markets are increasingly fragile, fickle and, ultimately, quite false these days. Headlines often neatly justify recent events, however, there is actually far more noise than signal. Stanley Druckenmiller has elegantly described it as “algos taking the rhythm out of the market”; we agree that investors need to dance to a different, longer term, beat. The sharp swings in prices and expectations are certainly due, in part, to the algos, but also an increasingly high level of uncertainty amongst fundamental investors. Extrapolating increasingly marginal data points results in ever-sharper swings in sentiment and positioning, which is likely to continue into next year and beyond.

As we said at launch in our fund philosophy report: “We live in a world of low returns and high volatility, and we need to plan accordingly.” This heightened level of volatility suits our diversified investment approach, with capital preservation a key focus for us alongside generating strong returns after inflation. We are pleased to have delivered on this objective in difficult markets.

In the near term, our focus remains drawn by the Fed’s monetary policy (and a likely softening of stance) and the incoming Brexit vote(s). We believe the portfolio is positioned in such a way that the outcome of either will not drive performance too drastically, allowing the businesses we own to continue to shine through.

We all wish you a very happy Christmas and look forward to continuing to work with you in 2019 and beyond

Fact Sheet
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Key info
Key Info
Fund Launch Date1st November 2016
Legal StructureIrish Domiciled UCITS V Fund - ICAV
RegulatorCentral Bank of Ireland
Base CurrencySterling
Regional ExposureGlobal, primarily developed markets
BenchmarkThe fund is not benchmarked
Share Classes£ - A/I IE00BDC7CZ89 / IE00BD37NY30
$ - A/I IE00BD37NZ47 / IE00BDC7JY67
€ - A/I IE00BDC7CX65 / IE00BDC7CW58
Management Fee1% per annum
Performance Fee0%
DealingDaily
AdministratorSEI Investments – Global Fund Services
CustodianSEI Investments Trustee and Custodial Services (Ireland)
Auditors PriceWaterhouseCoopers
Legal CouncilMatheson
Firm ComplianceOptima Partners
Contact DetailsAlex Robins - alex.robins@latitudeim.com 12-13 St James’s Place, London, SW1A 1NP +44 (0) 207 087 9275
Documents
Fund Reports