Vilhena Broad Opportunities Fund
Fact Sheet - 30 November 2016
Investment Objective
The fund is a feeder fund and invests in the Insight Broad Opportunities Fund. The
investment objective of the Fund is to deliver attractive, positive long term returns.
Fund Manager
Matthew Merritt
Matthew Merritt joined Insight as Head of Strategy in September
2004. In this role he leads a team focusing on determining overall
strategic and tactical asset allocation policy for Insight and ensuring
effective implementation across the wide range of portfolios
managed within the business. He joined from Citicorp where he was
managing director, head of global equity strategy for Smith Barney.
Prior to joining Citigroup in 2000 he was managing director, chief in
vestment strategist at ING Barings which he joined in 1996. This
followed four years at NatWest Securities as a global investment
strategist. He started his carrier at Bank of England in 1989.
Matthew holds an M.Soc.Sc. from the University of Birmingham in
Money, Banking and Finance and a BA Honours degree in
Economics from Not tingham University.
Fund Size
Manager
€3.37 million
BOV Asset Management Limited
Sub Investment
Manager
Master Fund - Insight Broad
Opportunities Fund
Custodian
Launch Date
Fund Currency
Minimum Lump Sum
Investment
Bank of Valletta p.l.c.
13 May 2013
Euro
Monthly Investment
Plan
Initial Charge
Exit Fee
Annual Management
Fee
%
Total Return Strategies
12%
Equity
28.7%
Fixed Income
33.1%
Real Assets
11.6%
Cash
14.6%
From €50 per month
Up to 4% of the amount invested
currently discounted to 2%
N/A
0.875% of the Fund's NAV
Annual Administration
0.125% of the Fund's NAV
Fee
Dealing Frequency
Income Distribution
Frequency
For further details
Top holdings (As at 30 November 2016)
€2,500
Daily
N/A
Website:
www.bovassetmanagement.com
Share Price (As at 30 November 2016)
0.77470
Annualised Return
0.92% (from launch to 30 November 2016)
Performance return in absolute terms
Calendar year to date: 0.40%
Last month: -1.69%
Last 6 months: 0.35%
Last year: -1.25%
Last 3 years: 0.96%
Since inception: 3.29%
Calendar Performance %
5
3.09%
3.13%
Values
2.5
0.40%
0
-2.5
-3.24%
-5
2013
Valletta Fund Management Ltd
2014
2015
2016
Page 1/3
Vilhena Broad Opportunities Fund
Fact Sheet - 30 November 2016
Asset Allocation Chart (As at 30 November 2016)
Asset Allocation
Cash
Cash: 0.14 %
Insight Broad Opportunities
Opportunities: 99.86 %
Share Price Performance Chart
0.85
0.825
0.8
0.775
0.75
0.725
Jul '13
Nov '13
Mar '14
Jul '14
Nov '14
Mar '15
Jul '15
Nov '15
Mar '16
Jul '16
Nov '16
The performance figures quoted refer to the past and past performance is not a guarantee to future performance
Valletta Fund Management Ltd
Page 2/3
Vilhena Broad Opportunities Fund
Fact Sheet - 30 November 2016
Manager Commentary
As at: 30 November 2016
In November, bond yields rose and the US dollar (USD) strengthened after the surprise US election result. Emerging markets suffered notable losses, but US equities
rose on the possibility of tax cuts and fiscal expansion. Data continued to point towards a pickup in activity, and oil prices bounced after Opec agreed to limit supply.
Against this backdrop, the Fund recorded a negative return. Fixed income was the largest detractor given the rise in government yields. Fears over a protectionist
outlook for US trade policy provided an additional headwind for emerging market debt. Directional equity holdings made gains, led by US and Japanese positions, the
latter benefiting from the yen weakening against the USD. The Sub-Investment Manager has increased the equity allocation as global economic data remained
supportive. Real assets were negative as infrastructure lost ground. Total return strategies were negative overall, led by emerging market equity and long-dated US
government bond positions, but there were some positive offsets. In terms of activity, the aggregate portfolio duration was reduced and the US and German government
bond curve-flatteners were closed, and new positions were opened.
The Vilhena Broad Opportunities Fund (Feeder Fund) is structured as a UCITS Master-Feeder Fund. It invests a minimum of 85% of its Net Asset Value in Class B1 Euro Shares of the Insight Broad Opportunities Fund,
which is a sub-fund of Absolute Insight Funds p.l.c. , a self-managed scheme, an open-ended investment company with variable capital with segregated liability between sub-funds incorporated under the laws of Ireland with
registration number 431087.
*Annualised Return is an indication of the average growth of the Fund over one year. Any sharp fluctuations in the performance of the Fund over a period of time, is not necessarily represented by the annualised return
indicated. The annualised return is not guaranteed and may go down as well as up. The value of the investment may fall as well as rise and currency fluctuations may also affect the value of the investment. Any initial charges
and exit fees that may apply, may lower the amount invested and the amount received upon redemptions. Investments should be based on the full details of the Vilhena Prospectus and the Key Investor Information
Document, which may be obtained from BOV Asset Management Limited, Bank of Valletta Branches/Investment Centres and other Licensed Financial Intermediaries. BOV Asset Management Limited is licensed to provide
Investment Services in Malta by the MFSA. The Vilhena Funds SICAV plc is licensed as a Collective Investment Scheme, qualifying as UCITS by the MFSA. This factsheet is issued by BOV Asset Management Limited, TG
Complex, Suite 2, Level 3, Brewery Street, Mriehel, Birkirkara BKR 3000 Malta. Tel: (356) 2122 7311, Fax: (356) 2133 4565, Email: [email protected], Source: BOV Asset Management Limited
Valletta Fund Management Ltd
Page 3/3