SYNCONA LIMITED BACIT Limited
KEY DETAILS INVESTMENT METHODOLOGY
December 2014 Factsheet
Net Assets
Inception Date
NAV Total Return Since Inception
NAV Per Share (£)
Share Price (Mid Market) (£) Ex-Div (Aug-14) Management Fee Performance Fee
£445.4m
26 October 2012
21.15%
£1.1634
£1.1550
2.0p
-
-
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.
BACIT invests only where the relevant investment manager provides investment capacity on a "gross
Annual Donation (% of NAV) 1% Financial Year End 31 March
return" basis, meaning that BACIT and its subsidiaries (the "Group") do not bear the impact of management or 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
SEDOL
ISIN
Bloomberg Ticker
B8P59C0
GG00B8P59C08
BACT:LN
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 does not charge its investors fees. However, it donates
1% of 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 December 1M 3M YTD
BACIT Limited
1.45
1.40
1.35
1.30
Share Price
NAV Total Return
-3.75% -4.15% -2.53%
0.55% 3.10% 3.91%
1.25
1.20
1.15
1.10
MSCI World (TR, $)
HFRIFOFS Index
-1.61% 1.01% 4.94%
0.37% 0.91% 3.05%
1.05
1.00
FT All-Share (TR, £)
-1.60% 0.58% 1.18% BACIT Limited
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
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 Domicile Listing Website
Investment Manager Administrator Custodian
Registrar
Corporate Broker
Closed End Investment Company
Guernsey London Stock Exchange www.bacitltd.com
BACIT GP Limited Northern Trust International Northern Trust (Guernsey) Ltd
Capita Registrars (Guernsey) Limited
J.P. Morgan Cazenove
Fund Investment Manager Strategy Asset % of
Class NAV
1 Polar Capital Japan Alpha Fund Polar Capital Long Bias Equities 7.6%
2 Majedie UK Equity Fund Majedie Asset Management Long Bias Equities 5.7%
3 Sinfonietta Fund Symphony Financial Partners Hedge Macro 5.0%
4 Tower Fund Ten Five Capital Management Hedge Equities 5.0%
5 Maga Smaller Companies Fund Otus Capital Management Hedge Equities 5.0%
6 Salt Rock Fund Ltd Salt Rock Capital Partners Hedge Macro 4.8%
7 SW Mitchell European Fund SW Mitchell Capital Hedge Equities 4.8%
8 Polygon European Equity Opportunity Fund Polygon Global Partners Hedge Equities 4.6%
9 The SFP Value Realization Fund Symphony Financial Partners Long Bias Equities 3.7%
10 WyeTree European Recovery Fund WyeTree Asset Management Long Bias Credit 3.6%
Total 49.6%
CHARITIES SUPPORTED BY BACIT (DURING THE YEAR ENDED 31 MARCH 2014)
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
Downside Up The Rwanda Hope Foundation
The Egmont Trust Scope
The Institute Of Cancer Research SSAFA Forces Help
The James Wentworth-Stanley Memorial Fund Women For Women International
BACIT GP LIMITED, 2nd Floor, Aldermanbury, LONDON EC2V 7RF Telephone: +44 20 3603 0453 Email: IR@bacit.co
BACIT Limited
ASSET ALLOCATION (% OF NAV) FUND STRATEGY ALLOCATION (% OF NAV)
Commodity
8%
Credit
14%
Cash
6%
Cash
6%
Private Equity
1%
Macro
13%
Equity Hedge
31%
Long Bias
33%
Infrastructure
2%
Fixed Income
3%
Infrastructure
2%
Hedge
59%
Equity Long Bias
22%
DENOMINATION OF INVESTMENTS (% OF NAV) STRATEGY GEOGRAPHICAL FOCUS (% OF NAV)
US$ Unhedged, € Hedged into GBP
EUR
13%
UK 9%
US 10%
Asia-Pacific 18%
Global 4%
Emerging 8%
USD
56%
GBP
31%
Europe & US
14%
Europe 37%
NAV PERFORMANCE ANALYSIS ALLOCATION LIMITS
Inception
26 October 2012
Current Limit % of
NAV (£m) £445.4 Limit
1 Month Return 0.55% Asset Class Equity Hedge 31% 80% 38%
3 Month Return 3.10% Manager Polygon Global Partners 10% 30% 32% YTD Return 3.91% Fund Polar Capital Japan Alpha Fund 8% 20% 38% Last 12 Months Return 3.91%
NAV Total Return Since Inception 21.15% INDEX ANALYSIS
Annualised Return Since Inception 9.26%
Annualised Volatility Since Inception 5.31% Monthly comparative MSCI World FT All-Share HFRIFOFS Sharpe Ratio 1.6 (TR, $) (TR, £) Index Best Month 4.12% Alpha 5% 6% 3% Worst Month -1.64% Beta 0.25 0.33 0.86
% Positive Months 65% Correlation 0.41 0.63 0.61
Largest Drawdown -2.34% Outperformance in Down Markets* 100% 90% 50%
*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 AND WOMEN FOR WOMEN INTERATIONALThe world today looks considerably different to that in previous years. From the deadly outbreak of Ebola in West Africa, to terrorist group Boko Haram's abduction of 300 schoolgirls in Nigeria, to the rise of fundamentalist groups such as ISIS in Iraq and Syria - the women served by WOMEN FOR WOMEN INTERNATIONAL (WfWI) live in some of the world's most dangerous places. Where extremism and conflict take root, the livelihoods, freedoms, and security of individuals suffer - and women and children bear the brunt.
WfWI is helping to change this situation. By teaching the most vulnerable women about their rights, how to earn and save money, health and wellbeing, and vital skills for income generation, WfWI empowers women with the skills to access livelihoods, break free of poverty, and protect their rights. And by telling the world about women's realities and their achievements with access to skills, knowledge and resources, we keep these issues at the top of the news and development agenda.For over 20 years, we have supported women survivors of war in Afghanistan, Bosnia-Herzegovina, Democratic Republic of Congo, Iraq, Kosovo, Nigeria, Rwanda, and South Sudan, and we will not stop now. In this rapidly-changing world, where conflict and violence continue to threaten the lives of women, children and communities, we need to support as many women as possible to transform their and their families' lives.
"It has probably become more dangerous to be a woman than a soldier in armed conflict"
Major-General Cammaert, former Commander of UN Peacekeeping Forces in DRC
"In 1993 all my dreams vanished in the blink of an eye. My village was attacked and 116 women, children, men and old people were killed. It was slaughter! A few of us were fated to escape. We ran across the hills in a race for our lives. When I finally returned to my village it was eerie. There was sadness in every foot of the land. With the support of WfWI, we established a women's association "Ahmicanke", our prime mission being mutual emotional and economic support. Life returned to our village. The emotional support was our key goal, but we also participated in a project to learn medicinal plant production. We have learned how to: prepare soil for cultivation, produce seedlings, tend to our crops, and pick and dry the herbs. I realise that our business is still at the very beginning. But
when we are together, only sky is the limit."
WHAT YOUR SUPPORT MEANS TO WFWI
The BACIT Foundation is supporting WfWI's longest running country
programme, Bosnia-Herzegovina. Over 40,000 women were forced into rape camps during the 1992-95 conflict in Bosnia-Herzegovina, and although major gains have been made in the twenty years since the war, women still make up only 35% of employed Bosnians, and often lack access to land, skills training, finances and decision making that would allow them to fully engage in society.
But your support means that women are learning new skills to earn an income for themselves and their families, such as how to produce medicinal and aromatic plants, handicrafts and fashion accessories. Alongside this, they are learning how to turn their products into successful businesses through marketing, accessing credit, and strong budgeting, sales and pricing. Some of these products, such as organic tea leaves, have even been picked up by bigger brands such as Stand7 and Neal's Yard, to be sold internationally!
INVESTING IN WOMEN INVESTS IN COMMUNITIES
Two years after enrolling in our programme, women show real changes and are sharing their new skills with others, as illustrated below. We truly believe that investing in women yields powerful results and with your help, many more are being given a new start.
Our sincerest thanks to the BACIT Foundation for your vital contribution to this work!Women for Women International - UK, 32-36 Loman Street, London, SE1 0EH
www.womenforwomen.org.uk
Charity Registration No: 1115109 Company Registration No: 05650155
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