Description  
 


GAA USD GLOBAL 'Q' FUND

Fund Overview
 

The GAA USD Global 'Q' Fund seeks to make consistent absolute returns primarily by investing and trading in equities and equity related products of blue chip companies incorporated globally, while at the same time reducing exposure to downward movements in the market by actively managing risk.

 

It aims to secure above average returns from a dynamic, 30 day forward looking mathematical ‘Quant’ model which relies on the structured processing and interpretation of universal stock data and forecasting.

Key Benefits

  • The Fund analyzes ALL available data from the entire universe of more than 38,000 stocks

  • Stocks are selected from the analysis of data drawn from across 52 global stock markets

  • The Fund is rigorously reweighted ONCE a month EVERY month - NO stock is ever automatically held over to the next month unless it is reselected

  • Only mid to large cap stocks are considered, with counters typically capitalised at more than US$100 million, and often at more than US$ 1 billion, which makes the Fund a truly global blue chip Fund

  • The Fund employs an extensively researched and tested proprietary Quant model

  • No single stock will constitute more than 5% of the portfolio

  • No market will ever offer up more than 30% of the stocks selected in any given month, other than the US and Japan which could offer up to 50% of the stocks selected due the capitalistion of those particular markets

  • Typically a new set of 120 - 150 stocks are purchased each and every month being those drawn from the list of 38,000 which demonstrate the most likely ability to appreciate over the following 30 days only

  • Typically the Fund holds stocks from between 20 - 30 of the 52 markets considered each month

  • A dynamic hedging facility is used to help protect the portfolio against sudden downturns in the market each month

Investment Strategy

Central to the investment process are proprietary dynamic quantitative multi-factor models. These models incorporate various factors ranging from consensus earnings momentum, earning revisions, price momentum, price/earnings ratios, price to book ratios, price to cash ratios and dividend yields.

The long stock positions are dynamically hedged through the purchase of put options on the underlying component indices which make up the MSCI World Index, thus offering the Fund a level of protection against unexpected falls in global markets.


Corporate Strength

Issued by   :

Fund Manager  :

Custodian     :

Administrator :

Auditor          :

Legal Council :

Authority   :

GAA Investment Funds Limited, Bermuda

Global Asset Allocation Limited, Bermuda

Bermuda Commercial Bank Limited, Bermuda

International Corporate Management of Bermuda Limited, Bermuda

Deloitte & Touche, Bermuda

Conyers, Dill & Pearman, Bermuda & Hong Kong

Bermuda Monetary Authority


Key Information

Name :
Launch Date :
Offer Price :
Minimum Investment :
Entry Fee :
Management Fee :
Early Redemption :
Performance Fee : Bloomberg Code:    ISIN Code :

Valuation Date:

Dealing Date:

Subscription Terms:

 

Redemption Terms:

GAA USD Global 'Q' Fund
3 May 2004
US$ 100 per share
US$ 25,000
Zero cost of entry
1.75% per year
6% in the first year reducing by 1.2% per year to zero after year 5

10% of net new highs based on high watermark

GAAQFND BH

BMG345951682

Last business day of each calendar month

First business day of following calendar month

Funds to be cleared and application received at least three (3) working days before next dealing date

Redemption request to be received by administrator on or before 14th day of calendar month to catch next dealing date (signed original to be received before funds released)

 

  
 

Prices

  
 

Launch Date : May 2004
Launch Price : USD 100

  
   

GAA USD Global 'Q' FUND End of month Performance Table

  GAA USD Global 'Q' FUND End of Month Performance
2004 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Since launch

'Q'

 +3.46% +5.78% +0.37% -3.00%  -2.22%

+2.36%

-0.48%

+1.85%

+3.23%

-0.64%

+8.08%

-1.16%

 +11.17%
MSCI

+1.54%

+1.23%

-2.03%

-2.52%

+0.09%

+1.91%

 -3.34%

+0.26%

+1.77%

+2.37%

+5.09%

+3.73%

 +12.25%
                           
2005 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

 +2.50% +8.23% -5.55% -7.00% -0.87% +3.57%   +4.41%   +4.00%   +8.65% -6.93% +3.64% +6.10% +20.79%
MSCI -2.31% +3.01% -2.17% -2.39% +1.52% +0.71%  +2.82%  +1.15%  +2.47%  -2.49% +3.14% +2.14% +7.56%

 

2006 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

 +7.34% -0.82% +4.99% +5.96% -2.11% -2.64% -2.24% -1.97% -3.02% +3.94% +4.86% +2.96% +17.72%
MSCI +4.41% -0.29% +1.96% +2.87% -3.72% -0.18% +0.55% +2.38% +1.07% +3.61% +2.27% +1.95% +17.95%

 

2007 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

 -1.14% +3.32% +5.01% +4.61% +9.85% +2.20% +9.89% -5.16% +3.52% +9.21% -10.92% +0.76% +33.22%
MSCI +1.12% -0.65% +1.59% +4.21% +2.47% -0.90% -2.28% -0.27% +4.61% +2.99% -4.24% -1.37% +7.09%

 

2008 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

 -5.92% +5.54% -4.18% +3.15% +0.57% +2.73% -10.99% +0.37% -4.48% +5.48%     -8.74%
MSCI -7.71% -0.74% -1.25% +4.98% +1.11% -8.10% -2.53% -1.60% -12.08% -19.48%     -40.07%

* indicates estimated growth subject to confirmation by fund administrator

GAA USD Global 'Q' FUND End of month Price Table

  GAA USD Global 'Q' FUND End of Month Prices
2004 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Since launch

'Q'

      

100.00

  97.78

100.08

99.61

101.45

104.73

104.06

112.48

111.17

 +11.17%
MSCI      

100.00

 100.09 102.00 98.59 98.84 100.59 102.98 108.22 112.25 +12.25%
                           
2005 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

113.95

123.33

116.49

108.34

107.40

111.23

 116.13 120.77 131.22 122.12 126.56 134.28 +20.79%
MSCI

109.66

 112.96 110.51 107.87 109.50 110.28 113.39  114.69  117.52 114.61 118.21 120.74 +7.56%
                           
2006 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

144.14

 142.96 150.09 159.04 155.69 151.58 148.18 145.26 140.88 146.43 153.54 158.08 +17.72%
MSCI 126.06 125.70 128.16 131.84 126.93 126.71 127.41 130.45 131.84 136.60 139.69 142.42 +17.95%

 

2007 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

156.28

161.47

169.56

177.39

194.86

199.15

218.85

207.55

214.85

234.64

209.01

210.60

 +33.22%
MSCI 144.02 143.08 145.36 151.47 155.22 153.82 150.31 149.91 156.82 161.50 154.65 152.52 +7.09%

 

2008 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec YTD

'Q'

198.14

209.12

200.37

206.68

207.87

213.55

190.07

190.77

182.22

192.20

     -8.74%
MSCI

140.77

139.73

137.99

144.86

146.47

134.60

131.20

129.10

113.51

91.40

     -40.07%

 

 
Pre Launch Stock Selection

The GAA USD Global 'Q' Fund was tested extensively prior to launch in May 2004. Please see below 4 monthly stock portfolios which were posted on GAA's website at the beginning of each month, together with the actual results derived in real time at the end of each month. Monthly results were adjusted to take into account the actual costs of running such portfolios, together with the costs of shorting the components of the MSCI World Index on a monthly basis.

 

MARCH 2004        Portfolio Performance:  +0.37%  vs.  MSCI: -2.03%

Click here for complete stock selection and performance for March 2004

 

FEBRUARY 2004  Portfolio Performance:  +5.78%  vs.  MSCI: +1.23%

Click here for complete stock selection and performance for February 2004

 

JANUARY 2004    Portfolio Performance : +3.46%  vs.  MSCI: +1.54%

Click here for complete stock selection and performance for January 2004

 

DECEMBER 2003 Portfolio Performance :  +4.39%  vs.  MSCI: +4.86%

Click here for complete stock selection and performance for December 2003

 

  
  Chart: GAA USD Global 'Q' Fund vs MSCI World Index  
 

                     Click here to download GAA USD Global 'Q' Fund - October 2008 Report

 

  
 
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