fund details and performance

Latest Monthly Report


GAA USD Global 'Q' Fund Factsheet

Fund Overview

The GAA USD Global 'Q' Fund offers investors an alternative to traditional investment management techniques with a view to securing long term capital growth in an environment designed to be risk adverse.

The Fund seeks consistent absolute returns primarily by investing and trading in equities and equity related products of companies incorporated globally, while at the same time reducing exposure to downward movements in the market by actively managing risk. It aims to secure consistent and above average returns from a number of dynamic, forward looking mathematical ‘quant’ models which rely on the structured processing and interpretation of universal stock data and forecasting. At the same time, hedging techniques are used to limit both currency and global market fluctuations when and where possible.

Key Benefits

  • Continuously analyses data across European, Japanese and American stock markets
  • Dynamic stock selection process is based on a number of extensively researched and developed 'Quant Models' from peer reviewed advisory team
  • Fund allows monthly subscriptions and redemptions
  • Underlying stock selection is evaluated and reallocated intra daily
  • In times of volatility, defensive positions will be taken in fixed interest instruments

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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, dividend yields and many other factors. They have been designed to systematically identify short-term market inefficiencies, construct forecasts using statistical and mathematical techniques and exploit short-term predictability across a set of global liquid assets. By combining probabilistic return forecasts with appropriate transactional cost models, the strategies are designed to generate stock positions in order to maximise profitability and minimise risk.

The analysis of mispricing variables is used to detect episodes of short-term predictability and gives rise to the potential for mean-reversion, which can be traded profitably by carefully managing transaction costs and risk exposure. For this reason, the utilisation of a number of statistical arbitrage models simultaneously gives rise to potentially profitable long/short equity strategies which, when combined, result in approximately market neutral exposure.

Fund Information


Name  : GAA USD Global 'Q' Fund
Launch Date : 3 May 2004
Offer Price : US$ 100 per share
Minimum Investment : US$ 25,000
Entry Fee  : Zero cost of entry 
Management Fee : 1.75% per year
Early Redemption  : 6% year 1 reducing by 1.2% per year to 0 after year 5
Performance Fee  : 10% of net new highs based on high watermark

Dealing Information


Corporate Strength


Issued by : GAA Investment Funds Limited, Bermuda
Fund Manager : Global Asset Allocation Limited, Bermuda
Custodian  : Bermuda Commercial Bank Ltd, Bermuda
Administrator : Apex Fund Services Pte Ltd, Singapore
Auditor : KPMG, Bermuda
Legal Council : Conyers, Dill & Pearman, Bermuda
Authority : Bermuda Monetary Authority


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GAA USD Global 'Q' Fund Performance




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GAA USD Global 'Q' Fund Valuation Calculator

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End of month Performance Table

GAA USD Global 'Q' Fund End of Month Performance
2004JanFebMarAprMayJunJulAugSepOctNovDecSince Launch
\\\'Q\\\'0%-2.22%+2.35%-0.47%+1.85%+3.23%-0.64%+8.09%-1.16% 11.17%
MSCI+0.09%+1.91%-3.34%+0.26%+1.77%+2.37%+5.09%+3.73% 12.25%

2005JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'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%

2006JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'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%

2007JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'-1.14%+3.32%+5.01%+4.62%+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%

2008JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'-5.92%+5.54%-4.18%+3.15%+0.58%+2.73%-11.00%+0.37%-4.48%+5.48%+0.48%+6.94% -1.94%
MSCI-7.71%-0.74%-1.25%+4.98%+1.11%-8.10%-2.53%-1.60%-12.08%-19.48%-6.22%+3.06% -42.08%

2009JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'-3.51%-2.19%-8.40%+17.83%+7.65%-4.52%-0.68%-3.72%+3.75%-2.08%-0.66%+1.66% 2.72%
MSCI-8.85%-10.49%+7.24%+10.91%+8.62%0.00%+7.70%+4.73%+4.29%-3.06%+3.87%+1.94% 27.28%

2010JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'-4.75%-0.49%+4.57%+1.88%-3.58%-1.53%+3.15%-3.95%+10.87%+1.74%+1.80%+3.69% 13.09%
MSCI-4.42%+1.24%+5.93%-0.16%-9.91%-3.56%+8.02%-3.92%+9.11%+3.65%-2.35%+7.25% 9.29%

2011JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'+1.09%-0.23%+4.86%+2.09%-5.08%-2.17%-2.71%-10.82%-6.05%-1.82%-6.57%-1.37% -26.07%
MSCI+2.19%+3.33%-1.24%+4.02%-2.45%-1.73%-1.89%-8.41%-7.70%+10.26%-2.69%-0.17% -7.61%

2012JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'+0.44%+1.64%-5.27%-2.12%-1.25%-1.63%-0.34%-0.01%+3.33%+1.35%+1.43%+0.85% -1.84%
MSCI+4.93%+4.66%+1.02%-1.37%-8.99%+4.93%+1.20%+2.29%+2.52%-0.76%+1.07%+1.75% 13.18%

2013JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'+1.87%-0.31%+0.37%+1.30%-0.58%-4.18%+1.42%+0.14%+1.68%+1.19%+0.58%+1.82% 5.26%
MSCI+5.00%-0.02%+2.09%+2.90%-0.29%-2.61%+5.19%-2.33%+4.82%+3.83%+1.59%+2.01% 24.10%

2014JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'+0.95%+0.69%+0.34%+0.75%+0.79%+0.29%+0.99%-0.67%-1.06%-0.76%-0.17%-0.31% 1.82%
MSCI-3.77%+4.81%-0.09%+0.83%+1.63%+1.65%-1.67%+2.00%-2.88%+0.57%+1.84%-1.71% 2.93%

2015JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'-0.46%+0.75%-0.58%+0.77%-0.28%-0.99%+2.81%-6.93%-1.62%-0.60%-1.70%-2.02% -10.59%
MSCI-1.88%+5.68%-1.81%+2.16%+0.05%-2.46%+1.73%-6.81%-3.86%+7.83%-0.67%-1.87% -2.74%

2016JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'-5.80%-1.29%-2.78%-0.44%-2.94%-3.04%-0.07%-0.08%-3.23%-2.56%+0.53%-0.62% -20.34%
MSCI-6.05%-0.96%+6.52%+1.77%-0.16%-1.28%+4.15%-0.13%+0.36%-2.01%+1.25%+2.29% 5.32%

2017JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'-2.20%-1.20%-1.37%-0.36%-1.23%-2.13%-0.10%+0.07%-0.53% -8.73%
MSCI+2.35%+2.58%+0.82%+1.33%+1.78%+0.25%+2.33%-0.07%+2.08% 14.24%


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GAA USD Global 'Q' Fund Prices


Launch Date : May 2004
Launch Price : USD 100

End of month Price Table

GAA USD Global 'Q' Fund End of Month Prices
2004JanFebMarAprMayJunJulAugSepOctNovDecSince Launch
\\\'Q\\\'100.0097.78100.0899.61101.45104.73104.06112.48111.17 11.17%
MSCI100.00100.09102.0098.5998.84100.59102.98108.22112.25 12.25%

2005JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'113.95123.33116.49108.34107.40111.23116.13120.77131.22122.12126.56134.28 20.79%
MSCI109.66112.96110.51107.87109.50110.28113.39114.70117.53114.61118.21120.74 7.56%

2006JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'144.14142.96150.09159.04155.69151.58148.18145.26140.88146.43153.54158.08 17.72%
MSCI126.06125.70128.16131.84126.93126.71127.41130.45131.84136.60139.69142.42 17.95%

2007JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'156.28161.47169.56177.39194.86199.15218.85207.55214.85234.64209.01210.60 33.22%
MSCI144.02143.08145.36151.47155.21153.82150.31149.91156.82161.50154.65152.52 7.09%

2008JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'198.14209.12200.37206.68207.87213.55190.07190.77182.22192.20193.12206.52 -1.94%
MSCI140.77139.73137.99144.86146.47134.60131.20129.10113.5191.4085.7288.34 -42.08%

2009JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'199.28194.91178.54210.37226.47216.23214.76206.77214.52210.05208.67212.14 2.72%
MSCI80.5372.0877.3085.7393.1293.12100.29105.03109.54106.19110.30112.44 27.28%

2010JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'202.07201.08210.26214.21206.55203.38209.78201.50223.41227.29231.37239.91 13.09%
MSCI107.47108.80115.25115.06103.6699.96107.98103.74113.20117.33114.58122.88 9.29%

2011JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'242.52241.96253.71259.02245.86240.53234.00208.67196.04192.48179.83177.37 -26.07%
MSCI125.57129.75128.15133.30130.04127.79125.38114.83105.99116.86113.72113.53 -7.61%

2012JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'178.15181.07171.53167.90165.80163.09162.53162.52167.94170.21172.64174.10 -1.84%
MSCI119.12124.67125.95124.22113.05118.63120.05122.80125.90124.94126.28128.49 13.18%

2013JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'177.36176.81177.46179.77178.73171.26173.69173.93176.85178.95179.99183.26 5.26%
MSCI134.92134.89137.71141.70141.30137.62144.75141.38148.19153.87156.32159.46 24.10%

2014JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'185.01186.29186.93188.34189.82190.37192.25190.96188.93187.49187.18186.60 1.82%
MSCI153.45160.83160.69162.02164.65167.36164.57167.87163.04163.97166.99164.12 2.93%

2015JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'185.75187.15186.06187.49186.97185.11190.32177.13174.26173.21170.27166.83 -10.59%
MSCI161.04170.19167.11170.72170.81166.61169.49157.96151.86163.75162.66159.62 -2.74%

2016JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'157.15155.12150.80150.13145.71141.28141.18141.06136.51133.02133.73132.90 -20.34%
MSCI149.96148.52158.21161.02160.76158.71165.29165.07165.66162.32164.36168.11 5.32%

2017JanFebMarAprMayJunJulAugSepOctNovDecYTD
\\\'Q\\\'129.97128.41126.65126.19124.64121.99121.87121.95121.30 -8.73%
MSCI172.06176.51177.95180.31183.52183.97188.26188.13192.05 14.24%


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