Valais Diversified Trend Fund

Monthly Factsheet - Class A
April 2014
Fund Administration
Valais Diversified Trend Fund
Fund Advisor
Valais Investment Management SARL aims to deliver the performance that
meets the financial objectives of its clients, whilst reducing the volatility of their
portfolios. You can expect a highly personalised service through Valais Investment
Management SARL; a service that can be defined as both its priority and specificity.
Investment Objective
The objective of the Fund is to achieve solid capital gains over a medium to long
term through well researched investment strategies, despite changing markets.
Based on quantitative and technical analysis of market data through the underlying
funds, the Valais Diversified Trend Fund exploits particular characteristics of price
behaviour to capture market trends. The trading system does not predict or forecast
future market prices, but seeks to participate in markets through a fully systematic,
predefined and dynamic way based on categorised price patterns.
Market Review
Index-based investing and investing in exchange traded funds is increasing faster than
traditional fund investing due to a combination of cheaper fees and superior performance
versus stock picking, value-based or arbitrage funds run by active managers. According
to Deutsche Bank ETF assets have grown 200% since 2011 to reach $2.3 trillion under
management. That compares to $2.2 trillion in private equity and $2.6 trillion in hedge
funds. Assets in US ETFs grew by $150 billion in 2013, while emerging market ETFs
grew 300% to $300 billion over the past 6-years. Due to EM political turmoil and better
growth prospects in developed markets assets in EM ETFs have suffered withdrawals
in 2014 YTD.
Luxembourg
23 October 2009
USD/EUR/GBP
1% p.a. per share class
10% of the increase in NAV subject to
Redemption Fee
Min. Initial Investment
Min. Subsequent
Investment
Dealing Frequency
Investment Advisor
4% reducing by 1% p.a. over 4 years
$10,000 / €10,000 / £10,000
ISIN - USD
ISIN - EUR
ISIN - GBP
Bloomberg Ticker (USD)
Bloomberg Ticker (EUR)
Bloomberg Ticker (GBP)
Launch Price
LU0455418276
LU0455418433
LU0455418516
KMGDTAU LX
KMGDTAE LX
KMGDTAG LX
$1,000/€1,000/£1,000
Price
High Water Mark
$7,500 / €7,500 / £7,500
Weekly - Monday
Valais Investment
Management SARL
USD Class A EUR Class A GBP Class A
NAV per share $756.68
€695.74
£704.33
Based on NAV price per share as at 25 April 2014
TH
There is some concern, perhaps misplaced, that high frequency trading is leading to
excessive stock turnover and the withdrawal of conservative long-term investors. And
that arbitrage activity between ETFs and the underlying stocks is driving volatility. It is
feared that this could lead to non-fundamentally driven demand shocks. However, the
reality is that ETFs currently only account for 10% of all mutual fund assets, and that HFT
at the margins actually has very little effect on real investors who have never seen tighter
bid-offer spreads ever. The share of US stocks owned by individuals and households
has been steadily declining from 48% in 1980 to 20% today. Whereas almost all equity
fund assets were actively managed in 1980 that number is now around 83% today.
There is certainly a place for index-based and low cost ETFs alongside traditional funds
for investors looking for the right balance between diversity, performance and fees.
Performance
USD Class A EUR Class A GBP Class A
1 Month (4 weeks)-1.47% -1.49% -1.51%
YTD
-5.56%-5.64%-5.74%
1 Year (52 weeks)-7.87% -8.92% -9.08%
Since Launch-24.33% -30.43% -29.57%
Past Performance is not indicative of future results
Performance since Launch
Asset Allocation
Past performance is not indicative of future results
1100
1050
NAV per share
Domicile
Launch Date
Share Class
Management Fee
Performance Fee
1000
950
900
Tomac 2 Fund
Tulip Trend Fund
45.28%
Lyxor / QIM
18.93%
Lyxor / Winton
14.97%
21.10%
850
800
750
Valais Investment Management SARL
700
Valais Diversified Trend Fund is a dedicated compartment of KMG SICAV SIF SA
The shareholders have to be “well-informed”, “institutional / professional” investors
25/04/13
GBP Class A
14/02/13
06/12/13
27/09/13
23/08/13
14/06/13
05/04/13
25/01/13
16/11/12
EUR Class A
07/09/12
29/06/12
20/04/12
10/02/12
02/12/11
23/09/11
15/07/11
06/05/11
25/02/11
17/12/10
08/10/10
30/07/10
21/05/10
12/03/10
12/03/10
04/01/10
23/10/09
USD Class A
Rue de Lac 4, 1897 Le Bouveret
Tel: +41 22 819 1893 • Fax: +41 22 819 1900
Email: [email protected]
Website: www.valais-investments.com
Investment Advisor to:
KMG SICAV-SIF – Valais Diversified Trend Fund
RC No: B139130
Registered Address:
11, Rue Aldringen, L -1118, Luxembourg
Website: www.kmgsicavsif.com
The Valais Diversified Trend Fund is a Dedicated Fund of KMG SICAV – SIF, a Luxembourg-registered “Société d’Investissement à Capital Variable” organised under Luxembourg Law of 13th February 2007 relating to specialised
investment funds (SICAV-SIF). The KMG SICAV SIF is domiciled in Luxembourg. The Luxembourg regulator is “Commission de Surveillance du Secteur Financier” (CSSF). In accordance with the risks associated with the Valais
Diversified Trend Fund, the shareholders have to be “well-informed”, “institutional/professional” investors. No guarantee is given or intended as to the completeness, timelines, or adequacy of the information provided herewith. Past
performance of any investment is not always indicative of future performance and investments are subject to fluctuations in exchange rates. The value of the fund and its share classes are calculated without taking into account any
placement or redemption fees and assuming constant reinvestments of dividends. The information given on this page does not constitute an offer nor a product recommendation, it is provided for individual information purposes only.
This is not a fund offering as specified by law. Such a document is obtainable free of charge at the registered office of KMG SICAV – SIF.

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