The Fund has been created for receiving profit bigger than stock market in general do. The Fund uses arbitration instruments and active management strategies; acceptable are investments to any publicly traded instruments, who have quotes on any segments of securities market.
The Sub-Fund invests into securities circulating on the organised markets of developed and developing countries.
The developed countries include: USA, Canada, United Kingdom, Switzerland, France, Germany, Italy, Spain, Japan, Austria, Australia and new Zealand. The list of developing countries is limited to the countries having credit rating ВВВ- assigned by one of credit agencies: S&P, Moody's, Fitch.
The requirements to international and internal credit ratings of the issuer of debt securities into which the Sub-fund can invest and perform short sales are not stipulated.
Within the Sub-Funds activity short positions in respect of securities and/or derivatives may be opened as well as leverage.
international credit rating by at least one of three main rating agencies (S&P, Fitch, Moodys) not less than BBB- or a similar rating, or
internal credit rating not less than А- or a similar rating by at least one of three recognised internal (national) credit rating agencies.
The Sub-Fund can invest into derivatives on discretion of Portfolio Manager.
The maximum Sub-Fund leverage coefficient (including the cost of derivatives) is 4:1.
BASIC FEATURES OF "GHC HEDGE FUND"
Currency: USD
Cut-off rate: 12%*
High Watermark (HWM): NAV per Series as of the end of the preceding calendar year (less Manager's Fee and Success Fee for the preceding year)
Manager's Fee (MF): 2% of HWM, if NAV profitability per Series exceeds 12%; 1% of HWM, if the profitability is over 2.5%, but below 12%; it is paid annually from the Sub-fund assets
Success Fee (SF): 20% of NAV (less MF and HWM), if NAV profitability is over 12%; 10% of NAV (less MF and HWM), if NAV profitability is less than 12%; it is paid annually from the Sub-fund assets
Period of letter of allotment: ten (10) business days
Redemption notification period: ten (10) business days
Allotment fee: no
Redemption fee: no
Period of redemption limitation: no
*NAV rate of return, below which Manager's Fee and Success Fee decrease by factor of 2