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
17/06/201914.400
18/06/201914.419
19/06/201914.399
20/06/201914.406
21/06/201914.432
24/06/201914.416
25/06/201914.384
26/06/201914.346
27/06/201914.346
28/06/201914.387
01/07/201914.392
02/07/201914.393
03/07/201914.427
04/07/201914.434
05/07/201914.421
08/07/201914.412
09/07/201914.431
10/07/201914.339
11/07/201914.471
12/07/201914.469

Monthly reports

 2019

JANUARY     FEBRUARY     MARCH     APRIL

Monthly reports

 2018

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

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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