Anantam International SPC Fund - 6 SP
- February delivered another strong month for the fund, with PT returning 5.02% against the ACWI's 1.29%, a month where our positioning in real assets and defensive hedges did the heavy lifting.
- Markets grew increasingly uncomfortable in February. Tariff uncertainty, a stuttering US consumer, and a tech sector that appeared to finally be pricing in execution risk all contributed to a more volatile backdrop. We were prepared for this.
- The re-entry of SJB (ProShares Short High Yield) into our top holdings reflects our continued caution on credit. When risk appetite fades, high yield tends to be one of the first casualties, and we are positioned accordingly.
- Gold remains our largest position and continues to validate the bull market thesis: central bank buying, fiscal dominance, and a
- slow but unmistakable move away from dollar-centric reserves are structural, not cyclical, tailwinds.
- Electrification and industrial infrastructure (GRID, XLI) are beginning to attract broader market attention. We have held these positions with conviction for some time, and remain content to let the fundamentals do the talking.
- We also tactically reduced our Rest of the World position immediately at the onset of the war in the Middle East. Rising energy prices will hit the rest of the world disproportionately compared to the US, which is almost self sufficient in terms of energy security.
Investment Objective
To generate income and capital appreciation by investing primarily in listed securities of developed and select emerging markets. The strategy is implemented mainly through US-listed exchange-traded funds (ETFs) and listed equity securities. Exposure to listed debt or debt-linked instruments, including exchange-traded notes (ETNs), may be taken opportunistically. The fund does not invest in unlisted securities.
| Particulars | Remarks |
|---|---|
| Currency | USD |
| Type | Open ended |
| Minimum Investment | $100,000 |
| Minimum top up post 1st investment | $25,000 |
| Subscription | Weekly, NAV is declared on every Friday and on the last working day of every month |
| Redemption | Anytime, subject to at least 15 calendar days of notice |
| Partial Redemptions | Permitted, subject to post redemption minimum investment at $100,000 |
| Redemption Fee/ Exit Load | 1% for exit within 12 months from investing |
| Management Fee | 1% per annum; charged monthly on average AUM |
| Performance Fee | 15% performance fee over hurdle of 7% (subject to high watermark) |
| Operating Fee | On Actuals, capped at 0.5%p.a. on AUM |
| Hurdle Rate | 7% |
| Fund Name | Anantam International SPC Fund – 6 SP (Cayman Island) |
| Investment Manager | Dovetail Investment Management Limited |
| Fund's Bank Account | SBM Bank (Mauritius) Limited |
| Auditor | Forvis Mazars |
| Administrator | Ohm Dovetail Global Admin (IFSC) Private Limited |
Benchmarks
Equity Benchmark – iShares MSCI ACWI ETF (ACWI): Tracks the MSCI All Country World Index, covering large and mid-cap stocks across 23 developed and 24 emerging markets, representing approximately 85% of global equity market capitalization with U.S. exposure of 64.28%. Serves as a comprehensive reference for global equity performance.
Bond Benchmark – iShares Core U.S. Aggregate Bond ETF (AGG): Tracks the Bloomberg U.S. Aggregate Bond Index, representing the U.S. investment-grade bond market including Treasuries, mortgage-backed securities, and corporate bonds. Serves as the standard reference for U.S. fixed income performance.
Real Assets Benchmark – VanEck Real Assets ETF (RAAX): Provides diversified exposure to commodities, natural resource equities, REITs, infrastructure, and gold. Selected to capture the role of real assets as an inflation hedge and as a diversifier against equity and bond risks.
Peers in the space typically use a 60:40 blend of the MSCI World Stock Index and Bloomberg Global Bond Index as a benchmark. However, we have chosen to present three distinct benchmarks, each at 100% weight, to more clearly reflect PineTree’s investment style and asset allocation.
The inclusion of a real assets benchmark reflects our macro view: as early signs of a multipolar currency world emerge, global supply chain efficiency will be tested, driving procurement costs higher. At the same time, developed economies face mounting debt. In this environment, real asset owners such as commodity producers and efficient commodity procurers are well positioned to benefit. Incorporating real assets into the benchmark increases the challenge for our fund, as hard commodities also serve as an important hedge against inflation.
Together, ACWI, AGG, and RAAX provide a transparent framework to evaluate PineTree’s performance across global equities, U.S. fixed income, and real assets. Each benchmark was selected for its accuracy in representing the targeted asset class and relevance to the current macroeconomic environment.
