VGI Partners Asian Investments LIC
VGI Partners has listed the VGI Partners Asian Investments listed investment company on the Australian Stock Exchange with the code VG8. The LIC will invest in companies listed in the Asian Region.
The fund will focus on countries with a robust legal system, strong corporate governance and developed capital markets, which means it will initially be weighted to investments in companies listed in Japan, South Korea, Singapore, Hong Kong, Taiwan and Australia.
It will invest in between 15 and 30 long positions in companies but will also be able to take short positions.
"The long investments will be complemented with opportunistic short selling of businesses that the manager considers to be of low quality and materially overvalued. Short positions within the portfolio are expected to be substantially smaller in size than the long investments," the company said in its prospectus.
The fund has a management fee of 1.5 per cent plus a performance fee of 15 per cent of outperformance (if any) over each performance calculation period, subject to a high-water mark mechanism.