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A managed fund is an investment fund run on behalf of an investor by a professional manager to execute an agreed investment mandate.
In geographies such as the US, it is typically referred to as a mutual fund.
Investments can be made on a monthly basis. We will usually cut off applications at 2pm AEST on the last business day of each month.
The Fund is an unregistered managed investment scheme (MIS), therefore, applications for units in the Fund will only be accepted if the investment qualifies for an exemption from the requirement to provide a regulated product disclosure document under the Corporations Act 2001 (Cth).
An exemption from the requirement to provide a regulated product disclosure document applies to applications from 'wholesale investors' (as that term is defined in section 761G of the Corporations Act).
Generally, investors of this category will need to demonstrate they have net assets of at least $2.5 million, or gross income of at least $250,000 per annum for each of the past two years, as certified by a Qualified Accountant or make an investment in the Fund of at least $500,000.
Distributions are assessed on a biannual basis and are paid in accordance with the Fund's Trust Deed and Information Memorandum.
The Vega Fund utilises a three-step process to create its portfolio which involves;
- Quantitative macroeconomic analysis.
- Optimised investment selection.
- Excess risk hedging.
For a more detailed review of The Vega Fund process, please see our Information Memorandum which can be found here.
The strategy earns high risk-adjusted returns by selecting investments with the highest likely returns and then minimises potential losses through macroeconomic analysis, diversification and hedging practices.
Investors should understand that all investments involve risk. There can be no guarantee against loss resulting from an investment in the Fund, nor can there be any assurance that the Fund’s investment objectives will be attained.
Broad categories of risks which investors should consider include market risk, investment security risk and manager risk. A more comprehensive list of risks can be found within our Information Memorandum which can be accessed here.
The Fund’s investment positions are constantly monitored and re-evaluated based on market movements and economic developments. The Fund optimizes the portfolio by establishing new positions and closing out existing positions which have reduced in potential or have become too risky.
The Fund can enter, exit or amend position exposures quickly due to the use of highly liquid derivatives.
Investor returns from the Vega Fund comprise both an income component (from distributions) and capital gains (from the appreciation in the unit price).
Your advisor or accountant is best placed to provide an assessment of your returns from the Fund over time.