Anavon Master Fund
The Anavon Master Fund is a global long/short equity fund. The Fund's objective is to achieve superior absolute risk-adjusted returns over the long term. The strategy is biased towards developed markets and analysable sectors with a focus on liquid, large or mid cap stocks. Anavon employs deep fundamental research to seek out individual long and short opportunities while leveraging the manager's experience across the capital structure.
The long portfolio targets high quality businesses with secular growth and competitive advantage where the share price is highly dislocated. The short portfolio seeks to position low quality businesses with structural challenges where the share price is overhyped. The strategy is designed to protect capital during downturns and capture equity market upside during upturns with a strong focus on risk management.
Investment opportunities may arise as a result of factors such as technical exogenous factors leading to forced selling in a particular security, market valuations that fail to recognise the upside or downside associated with particular corporate actions or a general misappraisal of a company's intrinsic value due to near term concerns. Such near term concerns may arise from a particular legal challenge on the way the company markets or produces its products, currency fluctuations or devaluations in one of the company's geographic segments that could impact the company's ability to deliver on consensus earnings forecasts, certain renegotiations of business terms where the end result is difficult to accurately predict, concerns about the company's balance sheet structure, debt covenants and debt repayment schedule or other concerns that are excessively weighing on the company's market price. In all of these situations deep multidimensional fundamental analysis in combination with a long-term investment horizon will allow us to build positions and benefit as the relevant factors materialise or subside.
The investment strategies employed may encompass, among other things, any or all of the
following strategies: directional long or short positions with or without a catalyst. Short
positions can only be implemented via financial derivatives.