Asian Fury Fund
LSL Partners has launched the Asian Fury Fund, which invests in a concentrated portfolio of long and short positions in listed Asian equities.
The fund's investment guidelines state that it will not deploy leverage greater than 300 per cent of the fund's net asset value (NAV), it will not invest more than 15% of the fund's NAV as an initial entry point in a security, or permit any one position to exceed 25 per cent of the fund's NAV. The fund will also not be investing in real property or physical commodities and will not invest more than 5 per cent in unlisted securities.
There are three classes of units in the fund for investors - Founder Units, Investor Class Units, and Class B Units - and each class is associated with a particular “class” of shares issued by The Asian Fury Fund. Rights and obligations vary between the different class units, for example, Investor Class shares have a 20 per cent performance fee (in excess of high-water marks), Founder Class shares have a 10 per cent performance fee, and Class B shares have no performance fee.
The Asian Fury Fund is structured as an Australian wholesale unit trust and the minimum initial investment is $500,000.