BACIT Limited
August 2016 Factsheet
KEY DETAILS INVESTMENT METHODOLOGY
Net Assets Inception Date
NAV Total Return Since Inception NAV Per Share (£)
Share Price (Mid Market) (£) Ex-Div (15 July 2016)
£479.7m
26 October 2012
34.02%
£1.2424
£1.2825
2.2p
BACIT Limited ("BACIT") targets attractive medium to long term returns by investing in leading long only and alternative investment funds with proven managers and across multiple asset classes. The composition of the investment portfolio will vary over time in terms of asset classes, strategies, managers and funds; BACIT intends to be invested in at least 15 distinct investment funds or managed account strategies over time. Further, BACIT invests in the CRT Pioneer Fund LP (the "Pioneer Fund") and may also invest in other drug development and medical innovation projects undertaken by The Institute of Cancer Research, subject to limitations on the amount of its NAV that it may invest in such projects in any year.
Annual Donation (% of NAV) 1% Financial Year End 31 March
BACIT invests only where the relevant investment manager provides investment capacity on a "gross return" basis, meaning that BACIT and its subsidiaries (the "Group") do not bear the impact of management or
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performance fees on its investments. This does not apply to the investment in the Pioneer Fund. Investing on
a "gross return" basis is achieved by the relevant manager or fund agreeing not to charge management or performance fees, by rebating or donating to the Group any management or performance fees charged or otherwise arranging for the Group to be compensated so as effectively to increase its investment by the amount of any such fees. BACIT donates 1% of its NAV each year to charity (50% to The Institute of Cancer Research and 50% to The BACIT Foundation).
NAV TOTAL RETURN VERSUS INDICES
as at 31 August 1M 3M YTD BACIT Limited
1.45
1.40
1.35
Share Price | -0.58% | 0.20% | 0.59% | 1.25 |
NAV Total Return | 1.51% | 2.05% | 0.85% | 1.20 |
1.30
1.15
1.10
MSCI World (TR, $)
HFRIFOFS Index
0.08% 3.14% 4.99%
0.81% 2.11% -0.68%
1.05
Aug 16
Jul 16
Jun 16
May 16
Apr 16
Mar 16
Feb 16
Jan 16
Dec 15
Nov 15
Oct 15
Sep 15
Aug 15
Jul 15
Jun 15
May 15
Apr 15
Mar 15
Feb 15
Jan 15
Dec 14
Nov 14
Oct 14
Sep 14
Aug 14
Jul 14
Jun 14
May 14
Apr 14
Mar 14
Feb 14
Jan 14
Dec 13
Nov 13
Oct 13
Sep 13
Aug 13
Jul 13
Jun 13
May 13
Apr 13
Mar 13
Feb 13
Jan 13
Dec 12
Nov 12
Oct 12
1.00
FT All-Share (TR, £)
1.89% 8.97% 10.51% BACITLimited
HFRI Fund of Funds Strategic Index
FT All-Share (TR, £)
MSCI World (TR, $)
PERFORMANCE (% TOTAL RETURN)*
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
2016 | -2.19 | -0.41 | 0.08 | 0.08 | 1.30 | -1.46 | 2.01 | 1.51 | - | - | - | - | 0.85 |
2015 | 2.73 | 1.01 | 3.58 | -0.16 | 1.53 | -2.56 | 2.15 | -2.07 | -2.13 | 1.60 | 2.39 | 1.44 | 9.69 |
2014 | -0.55 | 0.58 | 0.13 | -1.64 | 2.18 | -0.20 | -0.51 | 0.26 | 0.58 | 0.17 | 2.36 | 0.55 | 3.91 |
2013 | 4.12 | 2.55 | 2.58 | -0.16 | 2.69 | -1.57 | 1.24 | -1.23 | -0.78 | 2.94 | -0.42 | 0.82 | 13.32 |
2012 | - | - | - | - | - | - | - | - | - | - | 0.53 | 2.34 | 2.89 |
* Returns are inclusive of dividend distributions
COMPANY INFORMATION TOP 10 HOLDINGS
Structure Closed End Investment Company | Fund | Investment Manager | Strategy | Asset | % of |
Domicile Guernsey | Class | NAV | |||
Listing London Stock Exchange | 1 Polygon European Equity Opportunity | Polygon Global Partners | Hedge | Equities | 6.4% |
Website www.bacitltd.com | 2 Polar Capital Japan Alpha | Polar Capital | Long Bias | Equities | 6.1% |
Investment Manager BACIT (UK)Limited | 3 Majedie UK Equity | Majedie Asset Management | Long Bias | Equities | 5.9% |
Administrator Northern Trust International | 4 Tower Master Fund | Ten Five Capital Management | Hedge | Equities | 5.1% |
Custodian Northern Trust (Guernsey) Ltd | 5 Maga Smaller Companies UCITS | Otus Capital Management | Hedge | Equities | 5.0% |
Registrar Capita Registrars (Guernsey) Limited | 6 Sinfonietta | Symphony Financial Partners | Hedge | Macro | 5.0% |
Corporate Broker J.P. Morgan Cazenove | 7 Parity Value | Parity Asset Management Limited | Hedge | Macro | 4.9% |
8 SW Mitchell European | SW Mitchell Capital | Hedge | Equities | 4.5% | |
9 Polygon Mining | Polygon Global Partners | Hedge | Equities | 4.4% | |
10 The SFP Value Realization Fund | Symphony Financial Partners | Long Bias | Equities | 4.3% | |
Total | 51.5% | ||||
CHARITIES SUPPORTED BY BACIT |
The BACIT Foundation
The charitable objects of The BACIT Foundation relate primarily to the prevention, treatment, cure and ultimately eradication of cancer, but also cover diseases allied to cancer, and such other charitable objects and organisations as the Foundation may from time to time consider desirable.
The Institute Of Cancer Research
The Institute of Cancer Research, London, is one of the world's most influential cancer research institutes, with an outstanding record of achievement dating back more than 100 years. Today, the ICR is ranked as the UK's leading academic research centre, and leads the world in isolating cancer-related genes and discovering new targeted drugs for personalised cancer treatment. The ICR employs leading scientists from over 50 countries around the world and since 2005 alone, 16 drug development candidates have been discovered based on ICR research, 6 of which have progressed into phase 1 clinical trials. The ICR has charitable status and relies on support from partner organisations, charities and donors to fund its research and innovation.
All Charities
Alzheimer's Research UK JDRF (The Juvenile Diabetes Research Foundation)
The Alzheimer's Society The Louis Dundas Centre For Children's Palliative Care
Beating Bowel Cancer Maggie's
Butterfly Thyroid Cancer Trust Marie Curie Cancer Care
Child Bereavement UK NSPCC
Cure Leukaemia The Rwanda Hope Foundation
Downside Up Scope
The Egmont Trust Supporting Wounded Veterans (Skiing With Heroes)
The Institute Of Cancer Research SSAFA Forces Help
The James Wentworth-Stanley Memorial Fund Women For Women International
BACIT (UK) Limited, 2nd Floor, 10 Aldermanbury, London EC2V 7RF Telephone: +44 20 3603 0453 Email: IR@bacit.co BACIT (UK) Limited, registered number 9066820, is authorised and regulated by the Financial Conduct Authority.
BACIT Limited | |||||||
ASSET ALLOCATION (% OF NAV) | FUND STRATEGY ALLOCATION (% OF NAV) | ||||||
CashCommodi Private Equity 1%5% 6% Macro 13% Infrastructure 3% Fixed Income 4% Equity Long Bias 20% DENOMINATION OF INVESTMENTS (% OF NAV) | ty Credit 11% Equity Hedge 37% | Cash 1% Long Bias 36% Infrastructure 3% STRATEGY GEOGRAPHICAL FOCUS (% OF NAV) | Hedge 60% | ||||
US$ Partially Hedged into GBP, € Hedged into GBP, SEK Unhedged Cash 1%Emerging EUR (hedged) 10% USD (hedged) 15% Asia-Pacific 15% 26% US 6% UK 6% GBP 29% Europe 41% Global 10% USD 29% SEK Europe & US 1% 11% NAV PERFORMANCE ANALYSIS ALLOCATION LIMITS | |||||||
Inception | 26 October 2012 | Current | Limit | % of | |||
NAV (£m) | £479.7 | Limit | |||||
1 Month Return | 1.51% | Asset Class | Equity Hedge | 37% | 80% | 46% | |
3 Month Return | 2.05% | Manager | Polygon Global Partners | 13% | 30% | 45% | |
YTD Return | 0.85% | Fund | Polygon European Equity Opportunity | 6% | 20% | 32% | |
Last 12 Months Return | 4.16% | ||||||
NAV Total Return Since Inception | 34.02% | INDEX ANALYSIS OF NAV PERFORMANCE | |||||
Annualised Return Since Inception | 7.94% | ||||||
Annualised Volatility Since Inception | 5.73% | Monthly comparative MSCI World | FT All-Share | HFRIFOFS | |||
Sharpe Ratio | 1.3 | (TR, $) | (TR, £) | Index | |||
Best Month | 4.12% | Alpha | 6% | 5% | 5% | ||
Worst Month | -2.56% | Beta | 0.22 | 0.34 | 0.76 | ||
% Positive Months | 65% | Correlation | 0.43 | 0.60 | 0.64 | ||
Largest Drawdown | -4.59% | Outperformance in Down Markets* | 88% | 94% | 67% | ||
*This measures the percentage of months when the benchmark falls, that BACIT outperforms it. | |||||||
DATA SOURCES: | |||||||
Data has been sourced from Bloomberg, Northern Trust, the Company's administrator, and the underlying funds. | |||||||
IMPORTANT INFORMATION AND LEGAL DISCLAIMER | |||||||
This fact sheet contains information regarding BACIT Limited's (the "Company's") performance and outlook. The information contained in the fact sheet is unaudited, and the reported NAVs of the underlying funds may have been subject to deductions in respect of management and performance fees which will not apply to the Company's investment. This fact sheet is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Company. The material provided is not intended to provide a sufficient basis on which to make an investment decision. Past performance is no guarantee of future returns and estimated results, performance or achievements may materially differ from actual results. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions. Information and opinions presented in the material contained on these pages relating to the Company and its investments have been obtained or derived from sources believed by the Company to be reliable, but the Company makes no representation as to their accuracy or completeness. Except as required by applicable law, the Company expressly disclaims any obligations to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise. |
Prepared by Mainspring Fund Services Limited E: bacit@mainspringfs.com W: mainspringfs.com
The BACIT Foundation Registered Office: 2nd Floor, 10 Aldermanbury London EC2V 7RF England Registered charity number: 1149202 Registered company number: 08073905 DONATIONS FOR YEAR ENDED 31 MARCH 2016Alzheimer's Research UK | £128,460 |
The Alzheimer's Society | £111,969 |
Beating Bowel Cancer | £111,866 |
Butterfly Thyroid Cancer Trust | £111,927 |
Child Bereavement UK | £123,806 |
Cure Leukaemia | £111,877 |
Downside Up | £125,534 |
The Egmont Trust | £111,855 |
The Institute of Cancer Research | £148,216 |
The James Wentworth-Stanley Memorial Fund | £123,706 |
JDRF | £111,862 |
The Louis Dundas Centre for Children's Palliative Care | £126,662 |
Maggie's | £116,609 |
Marie Curie | £114,036 |
NSPCC | £116,551 |
The Rwanda Hope Foundation | £111,861 |
Scope | £111,918 |
SSAFA | £111,927 |
Supporting Wounded Veterans | £123,817 |
Women for Women International | £116,543 |
Direct donation from BACIT Limited to The Institute of Cancer Research £2,375,804 Donations via The BACIT Foundation:
Total donation via The BACIT Foundation £2,371,000
Total donations £4,746,804
15 September 2016
BACIT Limited published this content on 26 September 2016 and is solely responsible for the information contained herein.
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