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.

June saw positive performance in catalyst strategy while algorithmic strategies were slightly negative

The catalyst strategy outperformed the broader index and was in line with the key benchmark. Despite some intra month volatility, overall our positions’ previous month gains remained unaffected.  On an individual basis, we saw some positions react to catalyst related news, but our overall portfolio positioning and adjustments dampened any affect to returns.  We attributed any underperformance largely to a short position in an Asian tech company, while outperformance was generated by a long position on a Chinese tech company.
In our algorithmic strategies:
CSI300 – We continue to suspend CSI 300 live trading.

 US Mean Reverting – Our mean reverting strategy delivered negative performance for the month however the strategy was not active during the entire month as we were implementing revisions.

US Multi-Algo – The multi-algo portfolio delivered negative performance for the month due to volatility in the US tech sector.