Absolute Return Fund - banner
Argonaut Absolute Return Fund
Absolute Return Fund - intro
VT Argonaut Absolute Return Fund
Conviction equity long/short strategy
Overview
Overview - Content
Fund Manager
Barry Norris graduated from Cambridge University in 1996 with an MA in History, and in 1997 with an MPhil in International Relations (with distinction). He also holds the CFA charter.
Following graduation, Barry joined Baillie Gifford as an equity analyst before moving to Neptune Investment Management in June 2002 as Head of European Equities where he managed the Neptune European Opportunities Fund from its launch in November 2002.
Barry left Neptune in 2005 to found Argonaut Capital Partners, initially establishing Argonaut’s long-only strategy via the European Alpha and Income Opportunity Funds.
The VT Argonaut Absolute Return Fund launched in February 2009 and Barry has been the fund manager and key-decision maker on the fund throughout.
Fund Information
Overview
The VT Argonaut Absolute Return Fund is a long/short equity strategy dedicated to seeking non-correlated returns from mainly Pan European equities. It employs an actively managed, fundamental investment approach combining bottom-up proprietary equity analysis with thematic & macro awareness. It is a high conviction strategy with, typically, 30-50 long positions and 20-50 short positions.
Investment Objective
The Fund aims to provide positive absolute returns over a 3-year rolling period regardless of market conditions. The Fund is not managed against any formal benchmark.
Accounts date
Financial year end: Last day of December
Base Currency
GBP
Share Class hedging
Non base currency share classes are fully hedged.
Dividends
Accumulation shares only.
Benchmark
The Fund is not managed against any formal benchmark.
Anti-dilution levy
Argonaut funds may apply a dilution levy, if collective inflows/outflows are 2.5% or over on one day then this will trigger a swing. For further details please refer to the prospectus.
Prime Broker
UBS
Authorised Corporate Director (ACD)
Valu-Trac Investment Management
Auditor
Johnston Carmichael LLP
Custodian
Caceis
Depositary
Natwest
PEPs/ISAs
Accepted - excluding Mini ISAs.
Price Reporting
Prices published daily
Strategy
Long/short equity
Objective
Positive absolute returns over a 3-year rolling period regardless of market conditions
Approach
Active, fundamental, combining bottom-up proprietary equity analysis with thematic & macro awareness. High conviction – typically 30-50 long positions and 20-50 short positions
Scope
Mainly Pan European equities*
Inception
February 2009
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£212m
Base Currency
GBP
Share Classes
GBP, USD, EUR, CHF
Dealing Frequency
Daily, before 12pm
*at least 50% of gross exposure in companies listed or domiciled in Pan Europe.
Rolling Performance
Rolling Performance (%)
| As at 20-Dec-24 | MTD | 3M | 1YR | 3YR | 5YR | YTD | ITD | ITD CAGR |
|---|---|---|---|---|---|---|---|---|
| Argonaut AR Fund | 1.2 | 9.0 | 14.8 | 49.6 | 88.0 | 14.6 | 256.9 | 8.5 |
| EURO STOXX NR | 0.5 | -0.3 | 8.2 | 17.7 | 37.4 | 8.4 | 221.9 | 7.8 |
| IA Targeted Absolute Return | -0.5 | 0.3 | 6.5 | 12.1 | 20.7 | 6.2 | 96.5 | 4.2 |
Source: Bloomberg. Using GBP I Acc share class.
Discrete Yearly Performance
Discrete Yearly Performance (%)
| As at 20-Dec-24 | 20 Dec 2020 | 20 Dec 2021 | 20 Dec 2022 | 20 Dec 2023 | 20 Dec 2024 |
|---|---|---|---|---|---|
| Argonaut AR Fund | 17.9 | 6.6 | 15.1 | 13.3 | 14.8 |
| EURO STOXX NR | -1.1 | 18.0 | -8.4 | 18.8 | 8.2 |
| IA Targeted Absolute Return | 4.1 | 4.5 | 0.3 | 5.1 | 6.5 |
Source: Bloomberg. Using GBP I Acc share class.
Monthly & Calendar Year Performance
Monthly & Calendar Year Performance (%)
| As at 20-Dec-24 | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | Correlation* |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2009 | 0.9 | -0.2 | 3.4 | 8.9 | 0.4 | -4.2 | -3.4 | 3.7 | 9.4 | 0.7 | ||||
| 2010 | -1.2 | -0.2 | 0.1 | 3.4 | -2.1 | -2.7 | -1.8 | -2.1 | 1.2 | -0.5 | 3.8 | 3.4 | 1.1 | 0.2 |
| 2011 | -3.5 | -0.4 | 0.1 | 4.7 | 1.7 | 1.0 | 1.2 | -1.1 | 1.2 | 0.4 | 0.6 | 0.5 | 6.4 | 0.2 |
| 2012 | -0.1 | 1.3 | -0.2 | 0.3 | -1.0 | 0.2 | 0.1 | 2.1 | 0.5 | 1.0 | 0.3 | 1.1 | 5.6 | 0.4 |
| 2013 | 0.7 | 3.3 | -0.6 | 3.1 | 3.1 | 3.5 | 2.4 | -1.4 | 2.8 | 10.0 | 4.0 | 3.4 | 39.7 | 0.2 |
| 2014 | 1.1 | 2.9 | 0.9 | -4.8 | 1.1 | 0.8 | -1.5 | -0.7 | 3.4 | -0.3 | 8.1 | 2.4 | 13.6 | 0.3 |
| 2015 | 5.0 | -2.5 | 2.2 | -1.6 | 1.8 | -1.1 | 3.1 | 0.6 | 2.8 | -2.6 | 1.8 | 1.3 | 11.0 | 0.0 |
| 2016 | -2.5 | -5.6 | -3.5 | -4.4 | 2.6 | -8.5 | -1.0 | -1.1 | 0.9 | 1.1 | -3.3 | -3.4 | -25.6 | 0.3 |
| 2017 | 0.0 | -1.3 | -2.0 | -0.2 | 4.2 | -3.0 | 2.4 | 7.4 | -3.2 | 6.1 | 6.1 | 0.3 | 17.3 | -0.4 |
| 2018 | 6.9 | -1.5 | -1.7 | -2.4 | -3.9 | -0.6 | 1.5 | 2.1 | -0.7 | -10.8 | -0.4 | 0.0 | -11.7 | 0.4 |
| 2019 | -2.6 | -0.3 | 1.8 | 2.6 | 5.1 | 4.1 | 0.6 | 6.2 | -7.5 | 1.5 | -2.5 | 4.0 | 12.8 | -0.6 |
| 2020 | 4.3 | 2.2 | 15.0 | -1.5 | -3.4 | 3.4 | 2.6 | 3.4 | 2.5 | -3.1 | -9.2 | 0.9 | 16.6 | -0.8 |
| 2021 | -2.1 | 0.7 | 5.8 | -0.3 | 1.9 | -7.1 | -0.9 | 0.8 | -0.3 | 4.4 | 4.3 | 3.4 | 10.3 | 0.4 |
| 2022 | 5.4 | 3.7 | 1.4 | 6.2 | 4.0 | -7.7 | -7.8 | 3.8 | -0.4 | 5.0 | -3.2 | 1.4 | 11.2 | -0.1 |
| 2023 | -10.4 | 6.8 | 6.0 | -0.3 | 2.5 | -5.0 | -0.1 | 4.3 | 1.6 | 7.5 | 2.1 | 0.0 | 14.6 | -0.7 |
| 2024 | 5.1 | 4.0 | 2.4 | 0.7 | -1.1 | -1.5 | -3.2 | 0.0 | -3.9 | 1.4 | 9.2 | 1.2 | 14.6 | 0.2 |
| CAGR Since Inception | 8.5 | -0.1 | ||||||||||||
Source: Bloomberg. Using GBP I Acc share class. *Correlation is to European equities (Euro Stoxx NR EUR).
Latest Prices
Latest Prices
| GBP A | GBP I | GBP R | GBP O | EUR A | EUR I | EUR O | USD A | USD I | USD O | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20-Dec-2024 | 3.20 | 3.57 | 3.04 | 1.63 | 1.96 | 2.88 | 1.56 | 1.60 | 2.05 | 1.61 |
| 19-Dec-2024 | 3.19 | 3.56 | 3.04 | 1.63 | 1.95 | 2.87 | 1.56 | 1.59 | 2.05 | 1.60 |
| 18-Dec-2024 | 3.25 | 3.63 | 3.09 | 1.66 | 1.99 | 2.93 | 1.59 | 1.62 | 2.08 | 1.63 |
| 17-Dec-2024 | 3.25 | 3.63 | 3.09 | 1.66 | 1.99 | 2.93 | 1.59 | 1.62 | 2.08 | 1.63 |
| 16-Dec-2024 | 3.22 | 3.60 | 3.07 | 1.64 | 1.97 | 2.91 | 1.58 | 1.61 | 2.07 | 1.62 |
| 13-Dec-2024 | 3.21 | 3.58 | 3.05 | 1.64 | 1.96 | 2.89 | 1.57 | 1.60 | 2.06 | 1.61 |
| 12-Dec-2024 | 3.21 | 3.58 | 3.06 | 1.64 | 1.97 | 2.89 | 1.57 | 1.60 | 2.06 | 1.61 |
| 11-Dec-2024 | 3.17 | 3.54 | 3.02 | 1.62 | 1.94 | 2.86 | 1.55 | 1.59 | 2.03 | 1.60 |
Important Information
This website is for UK professional investors only. It is not intended for any person who would qualify as a Retail investor. Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
The material on this website is not intended to be substitute to the full legal documentation of the products mentioned and to any information which investors must obtain from their financial intermediaries acting in relation to their investment in the products mentioned on this website. To ensure you understand whether a fund is suitable for you, please refer to the relevant fund’s prospectus and KIID in your local language depending on local country registration, available in Fund Documents.
© 2024 Argonaut Capital Partners LLP, 20 North Audley St, W1K 6LX, London.
Authorised and regulated by the Financial Conduct Authority (FCA). FCA Reg. No. 433809. Established in 2005. All rights reserved.
Use of this website is governed by Terms & Conditions. Please refer to our Privacy Policy for information on how we may collect and use your personal data. Please also see Regulatory Disclosures for other key information.
Alpha by Calendar Year
Alpha by Calendar Year (%)
Correlation
Correlation
Low correlation to equity markets – the chart below illustrates the highly differentiated nature of Argonaut Capital’s returns.
Net Return vs. Correlation to MSCI Europe over 5 years | VT Argonaut Absolute Return Fund vs. Equity Long/Short Peer Group*
*Morningstar Equity Long/Short Sector
Source: Argonaut Capital Partners as at 30-Nov-24. All performance data above refers to VT Argonaut Absolute Return Fund, uses the GBP I share class and is net of fees. Correlation calculated in base currency on a monthly basis. The VT Argonaut Absolute Return Fund’s prospectus changed in 2021 from being ‘predominantly’ to ‘mainly’ pan European equity exposure.
Capital Preservation
Capital Preservation
Strong capital preservation credentials.
Performance of the VT Argonaut Absolute Return Fund during the six largest European equity market drawdowns since the fund’s inception (May-09)
Source: Argonaut Capital Partners as at 30-Nov-24. All performance data above refers to VT Argonaut Absolute Return Fund, uses the GBP I share class and is net of fees. Drawdown periods are from peak to trough of the MSCI Europe EUR TR Net since the Fund’s inception in Feb-09 and ‘Average’ refers to the simple average of the six stated periods. The VT Argonaut Absolute Return Fund’s prospectus changed in 2021 from being ‘predominantly’ to ‘mainly’ pan European equity exposure.
Important Information - Performance Analysis
This website is for UK professional investors only. It is not intended for any person who would qualify as a Retail investor. Past performance does not guarantee future results and the value of all investments and the income derived therefrom can decrease as well as increase.
The material on this website is not intended to be substitute to the full legal documentation of the products mentioned and to any information which investors must obtain from their financial intermediaries acting in relation to their investment in the products mentioned on this website. To ensure you understand whether a fund is suitable for you, please refer to the relevant fund’s prospectus and KIID in your local language depending on local country registration, available in Fund Documents.
© 2024 Argonaut Capital Partners LLP, 20 North Audley St, W1K 6LX, London.
Authorised and regulated by the Financial Conduct Authority (FCA). FCA Reg. No. 433809. Established in 2005. All rights reserved.
Use of this website is governed by Terms & Conditions. Please refer to our Privacy Policy for information on how we may collect and use your personal data. Please also see Regulatory Disclosures for other key information.
Strategy
Long/short equity
Objective
Positive absolute returns over a 3-year rolling period regardless of market conditions
Approach
Active, fundamental, combining bottom-up proprietary equity analysis with thematic & macro awareness. High conviction – typically 30-50 long positions and 20-50 short positions
Scope
Mainly Pan European equities*
Inception
February 2009
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£212m
Base Currency
GBP
Share Classes
GBP, USD, EUR, CHF
Dealing Frequency
Daily, before 12pm
*at least 50% of gross exposure in companies listed or domiciled in Pan Europe.
Please log in or register below to see the content of this section.
Please log in or register below to see the content of this section.
Codes & Fees
Codes & Fees - Content
Codes
| Share Class | ISIN | SEDOL | Bloomberg | LEI |
|---|---|---|---|---|
| GBP A | GB00B7MC0R90 | B7MC0R9 | IMEAAAG LN | 213800G7V238AYRGOT98 |
| GBP I | GB00B79NKW03 | B79NKW0 | IMEAIAG LN | 213800G7V238AYRGOT98 |
| GBP R | GB00B7FT1K78 | B7FT1K7 | IMEARAG LN | 213800G7V238AYRGOT98 |
| GBP O | GB00BN722925 | BN72292 | FPAAROG LN | 213800G7V238AYRGOT98 |
| EUR A | GB00B7K37282 | B7K3728 | IMEAAAE LN | 213800G7V238AYRGOT98 |
| EUR I | GB00B779CH97 | B779CH9 | IMEAIAE LN | 213800G7V238AYRGOT98 |
| EUR O | GB00BN722B48 | BN722B4 | FPAAROE LN | 213800G7V238AYRGOT98 |
| USD A | GB00BN722818 | BN72281 | FPAARAU LN | 213800G7V238AYRGOT98 |
| USD I | GB00BH36TH37 | BH36TH3 | IMEAIAU LN | 213800G7V238AYRGOT98 |
| USD O | GB00BN722C54 | BN722C5 | FPAAROU LN | 213800G7V238AYRGOT98 |
Fees
| Share Class | Management Fee | Performance Fee | Hurdle | High Water Mark |
|---|---|---|---|---|
| GBP A | 1.50% | 20% | 5% | Yes |
| GBP I | 0.75% | 20% | 5% | Yes |
| GBP R | 0.75% | 20% | 5% | Yes |
| GBP O | 1.50% | 20% | 5% | Yes |
| EUR A | 1.50% | 20% | 5% | Yes |
| EUR I | 0.75% | 20% | 5% | Yes |
| EUR O | 1.50% | 20% | 5% | Yes |
| USD A | 1.50% | 20% | 5% | Yes |
| USD I | 0.75% | 20% | 5% | Yes |
| USD O | 1.50% | 20% | 5% | Yes |
Important Information - Codes & Fees
Note: The performance fee is payable by the month end following the end of the performance period. The performance fee accrues daily when the mid-price of the fund outperforms the Hurdle Rate (5% per annum) and exceeds the High-Water Mark (HWM). This is reflected in the price of shares calculated each day. A new HWM is set at the end of the performance period. The performance period runs from 1 January to 31 December each year (or first/last working day of the year). Fees crystallise annually. Losses carried forward.
The accounting methodology used to calculate the performance fee on the fund is the equalisation process. Performance fee equalisation ensures that any performance fee is charged only to those Shares which have appreciated in value, that all Shareholders of the same class have the same amount per Share at risk and that all Shares within the same class have the same NAV per Share. See prospectus for more detail.
Strategy
Long/short equity
Objective
Positive absolute returns over a 3-year rolling period regardless of market conditions
Approach
Active, fundamental, combining bottom-up proprietary equity analysis with thematic & macro awareness. High conviction – typically 30-50 long positions and 20-50 short positions
Scope
Mainly Pan European equities*
Inception
February 2009
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£212m
Base Currency
GBP
Share Classes
GBP, USD, EUR, CHF
Dealing Frequency
Daily, before 12pm
*at least 50% of gross exposure in companies listed or domiciled in Pan Europe.
How to Invest
How to Invest - Content
Subscriptions
Instructions must be received by Valu-Trac no later than 11.59am on the relevant Dealing Day. A Dealing Day is every day the London Stock Exchange is open.
Dealing Form (via Argonaut website)
Applications can be made using our fund Dealing Form which can be downloaded from the fund documents page. Once completed, it should be sent to the Administrator, Valu-Trac Administration Services, Orton, Fochabers, Moray IV32 7QE. Email: argonaut@valu-trac.com
Directly via ACD
Applications can be placed by contacting Valu-Trac IM directly on +44 (0)1343 880 217 and +44 (0)1343 880 344 or by email on argonaut@valu-trac.com.
Valu-Trac are available to receive requests for the sale or redemption of shares at any time between 09:00 and 17:00 on any Business Day.
Via Investment Platforms
The Fund is available via the following investment platforms. Please note that the below list is not exhaustive. The fund is available on several other platforms also. Further details available on request.
Dealing Information
Dealing
Deals may be placed daily forward to 11.59am.
Valuation
12pm daily
Payment
All subscription monies must be received in the subscription account of Valu-Trac IM, no later than 5.00pm on the fourth Business Day following the relevant Dealing Day. A completed Application Form should be received by 11.59am on the relevant Dealing Day. If subscription monies have not been received by Valu-Trac IM within the time period specified above, the directors of the company may cancel any allotment of shares made and charge the applicant for any loss, cost, expense or fees suffered by the company as a result of such cancellation of Shares.
Allocation of Shares
The shares are held on a separate Valu-Trac IM account until they have received your full registration details, at which time they will be transferred into your name.
Registration
All shares will be registered and issued in inscribed form, i.e. no certificate will be issued but ownership will be evidenced by entry on the Fund's register of shareholders.
Redemptions
Redemption instructions must be received by the Administrator no later than 12pm on the relevant Dealing Day. A Dealing Day is every day the London Stock Exchange is open. Redemption proceeds will usually be returned by the fourth Business Day following the relevant Dealing Day.
Strategy
Long/short equity
Objective
Positive absolute returns over a 3-year rolling period regardless of market conditions
Approach
Active, fundamental, combining bottom-up proprietary equity analysis with thematic & macro awareness. High conviction – typically 30-50 long positions and 20-50 short positions
Scope
Mainly Pan European equities*
Inception
February 2009
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£212m
Base Currency
GBP
Share Classes
GBP, USD, EUR, CHF
Dealing Frequency
Daily, before 12pm
*at least 50% of gross exposure in companies listed or domiciled in Pan Europe.
Fund Documents
Prospectus
Application Forms
KIIDS
-
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class R Accumulation Shares
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class O Accumulation Shares (USD)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class O Accumulation Shares (GBP)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class O Accumulation Shares (EUR)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class I Accumulation Shares (USD)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class I Accumulation Shares (GBP)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class I Accumulation Shares (EUR)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class I Accumulation Shares (CHF) (currency hedged)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class A Accumulation Shares (USD)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class A Accumulation Shares (GBP)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class A Accumulation Shares (EUR)
- Nov-24 – VT Argonaut Absolute Return Fund KIID Class A Accumulation Shares (CHF) (currency hedged)
Financial Statements
Assessment of Value
Strategy
Long/short equity
Objective
Positive absolute returns over a 3-year rolling period regardless of market conditions
Approach
Active, fundamental, combining bottom-up proprietary equity analysis with thematic & macro awareness. High conviction – typically 30-50 long positions and 20-50 short positions
Scope
Mainly Pan European equities*
Inception
February 2009
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£212m
Base Currency
GBP
Share Classes
GBP, USD, EUR, CHF
Dealing Frequency
Daily, before 12pm
*at least 50% of gross exposure in companies listed or domiciled in Pan Europe.
KEY DETAILS
Strategy
Long/short equity
Objective
Positive absolute returns over a 3-year rolling period regardless of market conditions
Approach
Active, fundamental, combining bottom-up proprietary equity analysis with thematic & macro awareness. High conviction – typically 30-50 long positions and 20-50 short positions
Scope
Mainly Pan European equities*
Inception
February 2009
Legal Structure
UK Domiciled UCITS Fund
Fund AUM
£212m
Base Currency
GBP
Share Classes
GBP, USD, EUR, CHF
Dealing Frequency
Daily, before 12pm
*at least 50% of gross exposure in companies listed or domiciled in Pan Europe.
