Products

MS Lynx UCITS Fund (3)

The MS Lynx UCITS Fund seeks to provide exposure to Lynx’s Programme, a diversified, medium-term managed futures programme. Further diversification is achieved by using trend systems over multiple timeframes and contrarian and intermarket models help achieve better risk-adjusted returns and enhance performance in a non-trending market environment.  

Lynx Asset Management AB (“Lynx” which manages around USD 6.1 bn of assets as of 31 March 2017) is based in Sweden, and was founded in 1999 by Jonas Bengtsson, Svante Bergström and Martin Sandquist.  In 2002, Lynx joined Brummer & Partners, the leading Nordic hedge fund group, which acquired a 40% stake. Lynx has over 71 employees (including 33 investment professionals, 22 researchers and 13 programmers).

 

MS Lynx UCITS Fund Strategy Overview

  • Systematic trend following using multiple approaches and applied over different timeframes
  • Programme applied on the most liquid global futures and forwards markets across fixed income, currencies, equity indices and commodities
  • Allocation to diversifying models that exploit other market phenomena than price momentum (e.g. mean reversion, relative value, pattern recognition) in order to enhance performance in a non-trending market environment
  • Target volatility of 18% p.a. before fees

Details

INVESTMENT PHILOSOPHY
  • Trend-following strategies offer attractive returns over time
  • Diversification in using different types of models reduces portfolio risk
  • Programme applied on the most liquid global futures and forwards markets
  • Varying risk level protects downside
  • 100% systematic investment process including trading and risk management
INSTRUMENTS

The Lynx Programme is applied across a diversified portfolio of around 75 liquid futures and forward markets across four sectors:

  • Fixed Income
  • Currencies
  • Equity indices
  • Commodities
iNVESTMENT PROCESS
  • Investment committee sets risk budgets per market/model biannually
  • Day-to-day position taking is 100% systematic, bottom-up driven
  • Execution by proprietary algorithms, monitored 24 hours by trading desk
RISK MANAGEMENT
  • Stop-loss mechanisms on individual model level
  • Focus on diversification and portfolio construction
  • Three parallel VaR-models with limits on instrument, asset class and portfolio level

Managers

Svante Bergström – Portfolio Manager, CEO and Founding Partner

Svante Bergström is a B.Sc. econ and business admin graduate from the Stockholm School of Economics. Between 1984 and 1991, Bergström worked for Hagströmer & Qviberg Fondkommission, as a stock broker, and later as head of the firm’s bond trading department. In 1993, he joined Nordbanken as a quantitative analyst and bond trader within the Strategic Trading unit. In 1996, Mr. Bergström set up Nordbanken’s Proprietary Trading unit, where the investment methodology for Lynx was originally formulated. Bergström is a Founding Partner and has been Portfolio Manager of Lynx since the company’s inception.

Jonas Bengtsson – Portfolio Manager and Founding Partner

Jonas Bengtsson holds a Licentiate degree in engineering physics from the Lund Institute of Technology. In 1993, Bengtsson joined Gota Bank (later merged with Nordbanken) as a quantitative analyst. From 1994, he was employed by the Strategic Trading unit at Nordbanken with responsibility for quantitative research. As of 1996, he was employed by the Proprietary Trading unit. Bengtsson is a Founding Partner and has been Portfolio Manager of Lynx since the company’s inception.

Ander Holst – Portfolio Manager and Partner

Anders Holst holds an MSc degree in Engineering Physics and Financial Mathematics from the Royal Institute of Technology in Stockholm and an MSc degree in Business Administration and Economics from Stockholm University. Holst has worked within the financial markets both during and after his studies and has previously been involved in both marketplace administration/development and trading. Holst joined Lynx in 2004 and became portfolio manager and partner in 2011.

Henrik Johansson – Portfolio Manager and Partner

Henrik Johansson holds an MSc in Engineering Physics from the Royal Institute of Technology in Stockholm. Johansson joined ABB as a trainee in 1994 and worked at the Treasury Center from 1995–1996 with, among other things, evaluation and implementation of quantitative trading systems in the FX markets. Between 1996 and 1997 Johansson held a position as financial analyst and later Risk Manager within Skandia Investment Manager. In 1997, Johansson joined Nektar Asset Management and was until 2006 responsible for the Quant Team before moving to the service company within Brummer & Partners with responsibility for Risk, Valuations, System Development and IT. Johansson was also member of the Board of Directors at Lynx Asset Management between 2005 and 2008. In 2008, Johansson joined SEB Merchant Banking as Global Head of Risk Management, a position he held until joining Lynx Asset Management in 2011 as Head of Research and partner. Johansson became portfolio manager of Lynx in 2014.

Jesper Sandin – Portfolio Manager and Partner

Jesper Sandin holds an MSc degree in Engineering Physics and Financial Mathematics from the Royal Institute of Technology in Stockholm and is a Certified Financial Analyst from IFL Stockholm School of Economics. Sandin started his career in the financial markets in 1996, as a quantitative
analyst at Skandia Asset Management. In 1998 Sandin became Head of Quantitative Research at the First National Swedish Pension Fund and in 2006 he joined Brummer & Partners in a global tactical asset allocation research venture. Sandin joined Lynx in 2008 and became portfolio manager and partner in 2011.

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Fund Facts

Legal Structure: UCITS Irish OEIC

Umbrella Fund: FundLogic Alternatives PLC

Fund Manager: FundLogic SAS

Passporting: Approved in UK, Italy, Germany, France, Switzerland, Sweden, Finland, Belgium, Spain, Singapore, Luxembourg and Austria

Base Currency: USD

Other Currency Share Classes: EUR, GBP, CHF

Liquidity: Weekly

Dealing Deadline (Subscription): 12 midday Irish time 3 Business Days prior to the relevant Dealing Day

Dealing Deadline (Redemption): 12 midday Irish time 3 Business Days prior to the relevant Dealing Day

Settlement Date (Subscription): by 12 midday Irish time 3 Business Days after the relevant Dealing Day

Settlement Date (Redemption): within 5 Business Days after the relevant Dealing Day

Fund Share Class Details

ISIN Code BBG Code Inception Mgmt Fee Perf Fee TER KIID Link
MS Lynx UCITS Fund (3) (Exposure to the Lynx Programme)
Institutional B USD IE00BJT3GL52 FMSLXBU ID 02.01.15 0.30% N.A. 0.70% KIID
Institutional B EUR IE00BJT3GM69 FMSLXBE ID 13.02.15 0.30% N.A. 0.70% KIID
Institutional I USD IE00BJT3GG00 FMSLXIU ID 25.08.16 0.50% N.A. 0.90% KIID
Institutional I EUR IE00BJT3GH17 FMSLXIE ID 28.04.16 0.50% N.A. 0.90% KIID
Private Wealth Mgmt P USD IE00BJT3GB54 FMSLXPU ID 09.09.16 0.50% N.A. 0.90% KIID

* Reference share classes used to report NAVs, Daily, MTD, YTD and LTD performances. 

Source: Northern Trust

The above figures refer to the past. Past performance are net of fees and are not a reliable indicator of future results.

(1) Includes 0.30% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(2) Includes 0.37% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

(3) Includes 0.40% p.a. administration fee covering services providers, audit, passporting, KIID management costs and Risk Management responsibilities performed by Morgan Stanley International plc

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