Post on 12-Jul-2015
Simodan Hedge Funds (2009) LTD
Mayer Capital Management
Simodan Hedge Funds (2009) LTD
Full Liquidity
Total Transparency
Excellent Past Performance
Simodan Hedge Funds (2009) LTD
Investment philosophy: Fixed income - Macro-Global
Investment policy:
5) a. The Fund’s exposure to bonds of any kind, that are traded worldwide, will not, at any time, be less than 75% of the net value of the Fund’s assets.
b. In calculating the exposure mentioned in paragraph “a” above, bonds and/or capital notes creating exposure to equity instruments, will not be taken into account.
Simodan Hedge Funds (2009) LTD
2) Unless otherwise notified by the Fund Manager, the exposure will not, at any time, exceed, 30% equity comprised in the net value of the Fund’s assets and 200% foreign currency of the net value of the Fund’s assets.
3) Any change in the investment policy will be reported by the Fund Manager on the Fund’s website, and written notice sent to the holders of the units.
Simodan Hedge Funds (2009) LTD
Legal framework: Limited Partnership. Registration: Registered with the Register of Partnerships, the Ministry of Justice - Israel.Launch date: 2st Q 2010. Minimum investment: $500,000. Annual management fees: 2% (+ V.A.T). Trust fees: 0.1%Incentive fee: Nil.Entry fee: 0.5%. Entry/exit from the Fund: Daily (T+3). Unit price of the Fund: Published daily on the Company’s website + Bloomberg (ISIN: IL0011159899, Ticker: MCMMACA IT).
The Fund Manager will publish on its site at the beginning of each month, the composition of the Fund’s assets at the level of individual securities, as at the end of the preceding month.
Simodan Hedge Funds (2009) LTD
Fund Trustee: Union Bank Trust Company Ltd.
Fund assets: The Fund’s assets are deposited with Bank Hapoalim Ltd,
in an account in the name “Union Bank Trust Company Ltd”.
Transparency: Unit holders in the Fund will receive a pin number enabling
access to and viewing of the Fund’s bank account.
Fund administrator: Union Bank Trust Company Ltd.
Auditors: Freidkes & Co. - CPA.
Legal advisor: “Yigal Shapira” Law Company.
Taxation: According to a ruling received from the income tax authorities: - An Israeli - resident limited partner is liable to tax at the rate of
25% on the Fund’s income.
- Foreign - resident limited partner is exempt from tax on the Fund’s
income.
Simodan Hedge Funds (2009) LTD
By means of electronic code via the internet
--- Authorization to view
the Fund account
$ 500,000$ 500,000Minimum investment
Nil 20% above benchmark Incentive Fee
2% (+ V.A.T)2% Annual management
fees
Daily (T+3). QuarterlyBuy / sell
Daily on the Fund Manager’s website + On the Bloomberg system
(ISIN: IL0011159899
Ticker: MCMMACA IT)
Quarterly Rate published
MCM Fund Regular Hedge
Fund
Simodan Hedge Funds (2009) LTD Simodan bonds investments (2E)(!) – Mutual Fund
The fund's assets composition for May 2010
Simodan Hedge Funds (2009) LTD
Simodan Hedge Funds (2009) LTD
Total currency exposure 149.87%
Simodan Hedge Funds (2009) LTD
Total long exposure 115.53%
Simodan Hedge Funds (2009) LTD
Total short exposure 132.64%
Simodan Hedge Funds (2009) LTD
Total Government Bonds 66.46%
Simodan Hedge Funds (2009) LTD
$ Yield (%) since 5/2003Data from T.A.S.E
102.20%
Redemption prices chart
Yie
ld (
%)
Simodan Hedge Funds (2009) LTD
86.69% Cumulative yield (for the last 84 months - 30/4/03 - 30/4/10)
9.33% Average annual yield (for the last 84 months 30/4/03 - 30/4/10)
119.84%Cumulative yield
8.81%-Jan-May 2010
31.46%2009
11.63%-2008
17.60%2007
17.17%2006
6.93%2005
9.30%2004
28.86%2003
U.S Dollar YieldYear
Simodan (2E)(!) bonds investments fund performance
Simodan Hedge Funds (2009) LTD
8.81-31.4711.62-17.6017.1706.949.3028.81Total
1.612.47-0.520.10-2.644.093.88December
1.41-5.51-3.856.320.07-5.523.40November
1.1311.24-0.002.130.42-0.30-3.34October
1.203.41-2.500.97-0.951.211.12September
1.73-3.85-2.870.512.582.02-1.41-August
3.963.001.132.603.052.89-5.08-July
0.79-1.871.93-3.73-5.73-4.424.16June
-6.4410.402.011.25-0.77-1.04-0.34-5.54May
0.63-8.030.46-3.788.922.240.43-8.01April
0.641.431.531.701.840.040.33-4.41March
1.71-0.44-0.13-2.842.49-2.970.211.36February
1.78-5.067.690.502.360.12-0.162.41-January
20102009200820072006200520042003
Monthly performance data from T.A.S.E
No. of up months: 53 (61%) Best monthly return: 10.4%No. of down months: 36 (39%) Worst monthly return: -11.24%STDEV (last 6 mo.): 0.74%
Simodan Hedge Funds (2009) LTD
RISK MANAGEMENT• The Fund has a clear investment policy – at least 75% of the Fund's assets will be
exposed to bonds (of all kinds) and not more than 30% will be exposed to equity (including commodities).
• At least 90% of the Fund's assets will be invested only in liquid tradable assets.• The Fund's exposure to forex will not exceed 200%.• The Fund is active in derivatives. The fund will not collateralize more than 40% of
its assets regarding this activity.• The fund will invest not more than 10% of its assets in one single security (except
for government bonds).• The fund will strive to invest in ETF`s, and other index instruments as much as
possible.• All the above is supervised by three independent parties:
A. The Trustee (administrator) – at least once a week.B. The Bank (custodian) – daily.C. Computerized daily monitoring by Fund manager.
• Monthly publication of Fund's assets (a list of individual securities) on fund's site.• Limited partners in the fund will receive a PIN number enabling access to and
viewing of the fund's bank account at all times.
Simodan Hedge Funds (2009) LTD
Fund Manager: Roy Mayer. Roy Mayer is the founder and owner of the Simodan Group. The Simodan Group was founded in 1990 and is active in two main areas:
Mutual Funds management and Hedge Funds management.The Company’s customers include institutions, public and private corporations, nonprofit societies, business corporations and private clients. Roy Mayer, B.A Economics, former CEO of fix income division at Leumi PIA Mutual Fund Management Ltd and prior to that, was executive representative of the Union Bank of Israel on the TASE(from 1982 onwards).
Simodan Hedge Funds (2009) LTD
Hedge fundGeneral
A hedge fund is an investment fund that adopts a strategy purporting to create profit, whatever the market situation may be.
Legal structure
Most hedge funds are established as limited partnerships, where the fund manager is the general partner and the investors, the limited partners.
This legal structure has tax advantages as each investor in the fund (limited partner) has a different tax regime (foreign resident, Israeli resident, corporation, private client, etc.)
Simodan Hedge Funds (2009) LTD
Macro-Global
This strategy is perhaps the most well known in the field of hedge funds. The strategy manager in macro-global funds attempts to take advantage of changes in policy and macro-economic developments and their impact on the various markets. This was done by many managers during the emerging period of the European Union, when interest rates of the currencies of the various countries of the Union converged to a single status. The fund managers that estimated that unification would go forward, bought Italian and Spanish denominated bonds bearing high yields, and against this sold short German and French bonds, on which the yields were relatively low. As the date of the unification approached, and on its completion, the managers reaped profits irrespective of the level at which the yield on the common European currency was fixed, namely the Euro.
Simodan Hedge Funds (2009) LTD
Investment advantages of hedge fundsThe main advantage is lack of dependence on market behavior. The most popular investments are equity instruments and debt instruments. Equity instruments yield profit when the market rises, and lose when the market goes down. In equity instruments, profit depends mainly on changes in the yields: a drop in the yields will cause a rise in the bond rates and growth in profits, and a rise in yields may cause profit to go down below normal interest rates, and even lead to a loss.However, investing in hedge funds is not necessarily connected with the behavior of the markets. Regardless of whether the market is going up or down, or interest rates are rising or falling - the fund manager may earn a profit as well as a loss.
Simodan Hedge Funds (2009) LTD
In contrast to investing in funds and bonds where the investor wants to beat the market, the investment manager in the hedge fund will wish to meet a pre-determined profit target - that is generally higher than the benchmark. In those circumstances, investing in hedge funds produces results having a low correlation with those of the market or of ordinary investments. This is one of the important requirements of an investment portfolio: to invest in assets having a low or negative correlation, thereby reducing the risk. For those reasons, investing in hedge funds enables a profit to be made whatever the market situation may be, and also benefit from a drop in the asset prices, exploit changes in the market in both directions, diversify investments and vary the assets. Hedge strategies are very wide and invest in equity instruments, debt instruments, currencies, commodities, interest rates and the like - in Israel and throughout the world. Risk management, that is the basis of the hedge-fund industry, allows risks to be limited and profits to be maximized.
Simodan Hedge Funds (2009) LTD
Fund Facts:Inception Date: May 23rd 2010Fund Codes
ISIN: BMG3676W3154 Bloomberg Ticker: FORINEJ_BH
Management Fee: 1%Performance Fee: NoneMinimum Initial Investment: US $ 50,000Nav. Frequency: WeeklyDomicile: BermudaCurrencies: USD
Class J – Forum M.C.M Hedge Fund
Simodan Hedge Funds (2009) LTD
Simodan Hedge Funds (2009) LTD
Simodan Hedge Funds (2009) LTD
Office:14 Moshe Dayan St.
Petach-Tikva 49518, Israel.
Tel: 972 – 3 - 9229901
Fax: 972 – 3 - 9229905
Cell: 972 – 54 - 4236167
Cell Euro: 372 - 53291295
Cell USA: 1 – 516 – 697 - 2001
Cell Canada: 1 – 514 – 621 - 3759
E-mail: roy@simodan.com
Website: www.simodan.com