Anantam International SPC Fund - 6 SP

  • Gold is no longer our top position, as it has become increasingly popular with the broader market. We believe it now requires a time or price correction to reset investor sentiment.
  • While we remain long-term bearish on the US dollar, it’s worth noting that less than one-third of our portfolio is currently allocated to US assets. Consequently, if the USD continues to weaken, approximately two-thirds of our portfolio stands to benefit from this depreciation.
  • We believe that US mega-cap tech is entering a long-term bear market. Global capital flows are gradually shifting away from this over-owned sector toward alternative assets and geographies, paving the way for new market leaders to emerge. To be clear, we continue to view US mega-cap tech companies as world-class businesses, but we expect their P/E multiples to compress, even as their earnings grow.
  • When establishing any investment position, we assess not only the underlying asset but also the currency in which it is denominated. An asset might appear attractive on a valuation basis, but a strong currency can offset those gains. In this context, we have increased our exposure to Latin America, as both LATAM assets and currencies remain fundamentally undervalued

Note: The Pinetree NAV considered is after operating and management fee but before adjustment for performance fee(s), and other charges, if any.

Investment Objective

To provide with income generation and capital appreciation through investments in equities, bonds and other related securities of emerging and developed markets. This objective is to be achieved by investing in debt, quasi equity (including convertible bonds, warrants, etc.) and equity shares, both listed and unlisted in, developed, emerging and frontier markets.

Particulars Remarks
Minimum Investment $100,000
Minimum top up $1,000 and multiples thereof
Subscription Monthly last day of each month
Redemption Monthly, subject to at least 15 calendar days of notice
Redemption Free/ Exit Load 1% on AUM up to 1 year from the investment date.
Management Fee 1% per annum charged monthly on daily average AUM
Performance Fee 15% performance fee over hurdle of 7% (subject to high water mark)
Operating Fee On Actuals, capped at 0.5%p.a. on AUM
Hurdle Rate 7%
Fund Name Anantam International SPC Fund - 6 SP
Investment Manager Arpana Investment Management (Bermuda)
Auditor Forvis Mazars
Administrator Ohm Dovetail Global Admin (IFSC) Pvt Ltd

Benchmark Construction

Benchmark is a blend of Vanguard total world stock Index ETF (VT) - 34%, Vanguard total bond market ETF (BND) - 33% & VanEck Inflation Allocation ETF (RAAX) – 33%. ETFs are chosen for the benchmark to reflect the diversified nature of the underlying portfolio. Peers in the space typically use a 60:40 combination of MSCI World stock Index and Bloomberg global bond Index as benchmark.

The reason for including real asset as a part of benchmark - As early sings of multi polar currency world emerges, the efficiency of supply chains will be challenged pushing the cost of procurement upwards. As developed economies struggle through the massive debt burden creating an overhang on fiscal & monetary policies; real asset owners like commodity producers, efficient commodity procurers may emerge as winners. Inclusion of real assets in the Benchmark has increased the challenge for the fund as hard commodities act as inflation hedge.