Tordesillas FIL

Fund Overview

Tordesillas FIL, launched in March 2007, is a Long/Short long Bias actively managed Equity Fund that will take concentrated long and high conviction short positions within the Spanish and Portuguese markets. The Fund will focus on stock picking, while at the same time trying to mitigate the volatility of each position in the portfolio as well as the one in the overall portfolio. The fund hedges market risk through Index futures mainly on the Spanish IBEX35.

Why Invest

The fund looks to capture positive returns, while protecting against down trending markets, by investing in Spanish and Portuguese equities or subsidiaries abroad. Although having a long bias, the fund has enough flexibility to go net short. The portfolio is invested in a concentrated number of ideas, the goal being to generate alpha from both the long and the short side. The fund aims at keeping volatility capped at 8% (12 months rolling).

The managers will increase or decrease equity market exposure by adjusting the funds mix of long, short and future positions. They will take short positions when confident that contribution will be positive for the fund in a near future, in order not to increase substantially our 8% volatility target.

Managers

Ricardo Seixas
Alvaro Llanza Figueroa

Characteristics

Inception: March 2007
Management Fees: 1.50% annual
Performance Fees: 20% annual over HWM
Custody & Administrator: BNP Paribas Group
Prime Broker: Morgan Stanley


Date

NAV
15/08/201914.486
16/08/201914.516
19/08/201914.5558
20/08/201914.569
21/08/201914.579
22/08/201914.556
23/08/201914.633
26/08/201914.542
27/08/201914.541
28/08/201914.522
29/08/201914.536
30/08/201914.568
02/09/201914.566
03/09/201914.570
04/09/201914.584
05/09/201914.559
06/09/201914.573
09/09/201914.534
10/09/201914.458
11/09/201914.473
12/09/201914.477
13/09/201914.484

Monthly reports

 2019

JANUARY     FEBRUARY     MARCH     APRIL     MAY     JUNE     JULY     AUGUST

Monthly reports

 2018

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Monthly reports

 2017

JANUARY     FEBRUARY     MARCH     APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Periodic Information

Quarterly Information

2019

2018

Monthly reports

 2016

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2015

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2014

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2013

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

2015

2013

2011

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