Lafayette Dalton Asia Pacific UCITS Fund

Investment rationale

The fund is designed to deliver attractive long-term capital appreciation through Asia Pacific long and short equity exposure, so it can serve as a growth-oriented regional allocation within a broader portfolio. It is intended for investors who plan to stay invested for at least 5 years and who are prepared to take on a medium-low level of risk of loss to their original capital in order to seek higher potential return. With a summary risk indicator of 3 out of 7, an open-ended structure, and equity-focused regional exposure, it is suited to investors using it as part of a portfolio of investments. Its distinctiveness comes from combining long and short positions, derivative use, and a focus on Asia Pacific companies, while also allowing selective use of collective investment schemes and fixed income securities.

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How the strategy works

The objective is to achieve attractive long-term capital appreciation. The fund invests primarily in shares and similar securities of companies domiciled, listed or traded in the Asia Pacific region, or companies deriving or expected to derive a significant portion of present or future revenue from that region; it may invest in companies of any size but is focused on those with market capitalisation above US$500 million. It seeks industry and sector diversification, with a minimum of 2 industry sectors and a maximum exposure to any single industry sector of 50% of net asset value, and it may also invest in collective investment schemes, exchange traded funds, cash, money market instruments, and fixed income securities including government or corporate bonds, with up to 25% of net asset value in sub-investment grade bonds. The fund uses swaps, options, futures, warrants, forwards and contracts for difference both for indirect investment and hedging; all short positions are taken through derivatives, with maximum net long exposure of 150% of net asset value, maximum net short exposure of 100%, and gross long and short positions together of up to 250%. It is actively managed on a fully discretionary basis, with the MSCI AC Daily TR Net Asia Pacific Index used only for reference or investor communication purposes and not as a target to outperform; income is reinvested, and the recommended holding period is 5 years.

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Investment philosophy

• The portfolio is built primarily from long and short positions in shares and similar securities of Asia Pacific companies, including companies domiciled, listed or traded in the region and companies expected to derive a significant portion of revenue from it.

• The fund can invest across companies of any size, but it is focused on businesses with market capitalisation above US$500 million.

• Portfolio construction includes industry and sector diversification rules, requiring exposure to at least 2 industry sectors and limiting any single industry sector to 50% of net asset value.

• The fund may complement direct equity exposure with collective investment schemes, exchange traded funds, and fixed income securities, including government and corporate bonds, with up to 25% of net asset value allowed in sub-investment grade bonds.

• Derivatives including swaps, options, futures, warrants, forwards and contracts for difference are used for indirect investment and hedging; all short positions are established through derivatives, with net long exposure capped at 150% of net asset value, net short exposure at 100%, and gross exposure at 250%.

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Distinctive features

A distinguishing feature is its ability to run both long and short Asia Pacific positions, with all shorts implemented through derivatives and explicit limits on net and gross exposure. The strategy combines regional equity investing with flexibility to use collective investment schemes, exchange traded funds, and a measured allocation to fixed income securities including sub-investment grade bonds up to 25% of net asset value. Its portfolio construction framework is specific, requiring at least 2 industry sectors and capping any one industry sector at 50% of net asset value. The fund is also open-ended, offers free switching into another share class of the sub-fund or another fund of Lafayette UCITS ICAV, and does not charge entry or exit fees at the product level.

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Risks

The fund has a summary risk indicator of 3 out of 7, described as a medium-low risk class, with potential losses from future performance rated at a medium-low level. Investors may receive payments in a different currency and final returns may depend on exchange rates, a risk not captured in the summary indicator. Derivative use is a material structural risk factor because the fund may use swaps, options, futures, warrants, forwards and contracts for difference for indirect investment and hedging, and all short positions are taken through derivatives. Credit risk is also present through the ability to invest in government and corporate bonds, including up to 25% of net asset value in sub-investment grade bonds, while sector exposure and leverage are managed through stated limits of at least 2 industry sectors, a 50% cap on any single industry sector, maximum net long exposure of 150%, maximum net short exposure of 100%, and gross exposure up to 250% of net asset value.

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Asset manager

Waystone Management Company (IE) Limited is the PRIIPs manufacturer and management company and is authorised in Ireland and regulated by the Central Bank of Ireland. The fund is a sub-fund of Lafayette UCITS ICAV and is authorised in Ireland and regulated by the Central Bank of Ireland. Northern Trust Fiduciary Services (Ireland) Limited is the depositary and Northern Trust International Fund Administration Services (Ireland) Limited is the administrator.

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