Objective

The main investment objective of Manticore is to leverage industry specific expertise and disciplined portfolio management in order to attempt to produce attractive absolute risk-adjusted returns, which are defined as having higher returns than comparable broad market indices with less risk.

Manticore works continuously to build a broad and well diversified portfolio using a number of uncorrelated strategies that together help to keep down the investment strategy's risk level and hedge (protect) the investments against the risks identified by the portfolio managers.

Investment strategy

In seeking attractive investment opportunities, Manticore plans to focus on employing three main strategies:

Top-Down Analysis: The fund manager's deep understanding of the major structural shifts and evolutions impacting TMT and identify those companies that are most likely to benefit from these trends and those companies most likely to suffer is essential. Investors are often anchored to past perceptions and underestimate the impact of structural shifts have on incumbent vendors and the opportunity available to new market entrants. The fund managers expect that the steady cycle of innovation within TMT will provide a continually evolving universe of long and short opportunities.

Asset Value Analysis: The fund manager identifies companies where they believe the medium to long term asset value varies greatly from the current operating value discounted by the market. In the fund manager’s view, true durable value, or lack thereof, can often be obscured by short term operating performance and other transitory factors, thus creating market inefficiencies.

Product Cycle Analysis: Product cycles are critical to the lifecycle of technology companies. By developing a superior understanding of product cycle, which impacts on short and medium term operating performance, the fund manager strives to identify long and short investment opportunities. Given the rapid pace of innovation and new product introductions, the ability to generate alpha on long and short ideas is a continual process.

The investment strategy's ultimate goal is to create a diversified portfolio consisting of companies with substantial exposure to each of the three main targeted strategies.