Navis Jockey Fund
The Navis Jockey Fund invests in a concentrated portfolio of carefully selected listed equities where reputable private equity firms own a meaningful stake and the businesses are primarily based in the Asia Pacific region. The Fund’s objective is to achieve returns comparable to top quartile private equity returns, with low fees, high liquidity and subscription/redemption flexibility for investors.
The competitive advantages of the Fund are:
- The strategy is unique and mitigates risk whilst preserving upside potential
- The investment team are experts in the execution of this niche strategy
The Navis Jockey Fund “co-invests” with reputable private equity firms in high growth Asian companies through the listed markets on a highly selective basis. This approach mitigates the main risk of investing in Asian private equity, namely exit risk, as all the underlying positions are liquid. The strategy also mitigates the main risk of investing in Asian listed equities, namely governance risks, with the private equity shareholder being a counterbalance against the power of controlling entrepreneurs or families. The Fund is accordingly innovative, offering exposure to private equity “co-investments” on a highly selective basis through the listed equity markets through an open ended structure. The Jockey strategy is particularly appropriate for Asia, as the overlap between the private and listed markets is bigger in Asia than in other parts of the world.
The Jockey Fund invests in companies with the following characteristics:
- Quality companies with sustainable competitive advantages and growth prospects
- Valuation is relatively attractive
- Alignment of interest with a reputable PE/VC manager
- Liquidity meets required threshold
Since inception in January 2016, the Jockey Fund has increased by 49.2%, outperforming the MSCI Asia index which increased by 34.2% over the same period (as of 31 September 2018).
Fund Structure and Terms
- The Navis Jockey Fund is a Cayman Islands exempted company with limited liability and registered as a mutual fund under section 4(3) of the Mutual Funds Law of the Cayman Islands
- The fund is open ended with monthly net asset valuations and subscriptions
- Redemptions are processed quarterly with 60 days’ prior notice
- There no entry or exit fees
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