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. 

January 2019 Commentary

No matter the human endeavour, total effort will always win people's hearts. After an unendearing opening to the Brexit process, Theresa May's fortitude has recently been absolute, and sentiment surrounding her premiership has traced a rapid arc from despair to hope. We've learnt to expect as much in a world of continuous news cycles and echo chambers where narratives triumph over facts, suffocating them into silence.

The facts of Brexit remain elusive, but the same. The real impasse has been caused by a lack of unity in the Conservative party, with both sides putting ideology ahead of action for too long. This is changing, and the rhetoric from Jacob, Boris and the ERG all points towards party unity as a priority, and deal making commensurate with that.

Keeping "no deal" alive by denying the recent amendments in parliament strengthened the Prime Minister's hand as she approaches the EU one last time. Surely they will find a workable concession on the backstop which will trigger a flood of support from across the party, finally exposing Jeremy Corbyn's position of inaction and opacity which, despite being politically rational, has been far from edifying.

Is this too much to hope? Perhaps, and while we’re optimistic personally, we remain professionally cautious.

Within our portfolio, we continue to maintain a large currency hedge which has reduced our non-sterling currency exposure close to zero. This is not a bold call on a positive Brexit outcome. This is a pragmatic way to reduce the impact of a highly uncertain and highly concentrated risk within the portfolio: that of the outcome of the Brexit decision. A sharp 10% move in Sterling either way, if we were unhedged, would result in a +/-5% move in our net asset value, something we always strive to avoid.

Stocks within our fund will continue to generate longer term returns and we look forward to our out of favour UK stocks likely drawing attention once the grey skies of Brexit have cleared.

Fact Sheet
January 2019 Factsheet

January 2019 Factsheet

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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 DetailsPatrick Valentine
patrick.valentine@latitudeim.com
+44 (0)207 087 9278
Documents
Fund Reports