ACM Mano Delivers +1.2% for August 2017

The fund continued its summer trend of outperformance with returns exceeding that of both the broader index and its key benchmark.  The portfolio’s core positions were largely unchanged in the face of volatility, while several or the shorter term catalyst investments saw attractive outsized returns.  Underperformance was attributed to a short position in a Japanese technology company, while outperformance was generated by a long position in a US pharmaceutical company.