Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30 MANAGER´S COMMENT David R. Webb
Origin Investments AB received Finansinspektionen approval
Over this period the Fund was substantial y ful y hedged at al
to operate the Origin Market Neutral U.S. Equity fund
times, employing 200% leverage (100% long/100% short),
(the “Fund”) on February 19, 2013. The Fund commenced
with 100 long and 100 short positions, and with approximately
operation on February 28, 2013 with SEK 7 000 000 in
1% of capital per position. Positions were reselected and
assets, and closed the second quarter at June 28, 2013 with
rebalanced on the first of each month. This strategy wil be
From February 28, 2013 through June 28, 2013, the Fund
While the performance history of the Fund is limited, over
gained 1.66%, net of fees, versus a 6.77% advance in the
these first four months of operation, the Fund exhibited
S&P 500 index, including dividends. Stocks were driven
desirable characteristics, with a high alpha, negative beta, and
broadly by continued massive Federal Reserve intervention.
OBJECTIVE AND INVESTMENT POLICY
The Fund is a non-UCITS fund with a focus on investments in
The total exposure to equity markets of the Fund may be a
equities traded on the U.S. markets. The Fund has more
maximum of 250%, whereof the total value of long positions
liberal investment rules than traditional equity funds. Short
may not exceed 125%, and the total value of short positions
sel ing is an integral part of the strategy of the Fund, with the
may not exceed 125%, of the total value of the Fund.
aim of al owing the Fund, over time, to show greater market
neutrality than a traditional equity fund. The Management
The Fund may not be suitable for investors that intend to
Company pursues an investment strategy which, through wel
balanced risk-taking, aims to achieve an absolute return
independent of overal market direction. The Fund focuses
therefore on absolute return, unlike traditional equity funds,
which focus on return relative to an index.
The Fund may not invest in derivative instruments.
RISK AND REWARD PROFILE Lower risk
This is because the indicator is based on historical data,
which is not a guarantee of future risk and reward.
Typical y lower rewards
The indicator mainly reflects the distribution of returns, but
does not reflect the risk of extreme market conditions which
could limit the ability of Unit Holders to make subscriptions
The risk and reward indicator shows the relationship
The Fund mainly invests in companies listed on equity
between risk and possible reward of an investment in the
markets in the U.S. These markets are general y
Fund. The indicator is normal y based on returns of a fund
characterized by high volatility. An investment in the Fund
over the past five years. However the Fund started on March
also entails currency risks. The Fund wil normal y have
1, 2013, and thus has limited performance history. It is the
offsetting long and short USD equity positions resulting in
judgment of the Management Company that the performance
approximately net neutral USD positioning. Proceeds from
of the Fund may place it in category 5, which implies a
short sales wil normal y be invested in Swedish treasuries,
medium risk of both rises and fal s in the unit value.
resulting in a net SEK exposure. The Fund does not invest
The Fund may, over time, move both to the left and right of
Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30 Risk and return*
Annualized standard deviation (StdDev(x))
*Based on monthly performance since inception.
Financial statement as of June 30, 2013 Note 2 Accrued interest income Total prepaid expenses and accrued interest income Total assets 45,487,877 Note 3 Fund cash claim Liabilities Total incoming payments Note 4 Fixed management fee Total liabilities -20,245,216 Total deferred income and accrued expenses Fund assets Fund assets 25,242,661 Note 5 Fund cash debt Sheet items Total incoming payments Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30 Fees and remuneration of the Management Company Costs relating to the purchase and sale of Subscription fee
transferable securities, money market instruments
No subscription fee is charged when purchasing
and fund units are charged to the Fund. These costs
may include commission fees, registration fees and
transaction costs. A fee is paid from the Fund to the
Redemption fee
Company for management of the Fund, and for the
No redemption fee is charged when sel ing the
costs of supervision, custody and auditors.
Remuneration to the Company includes a fixed fee
Maximum fees
The highest possible fees, which the Management
Fixed fee
A fee shal be applied to the value of the Fund at an
redemption, and for managing of the units
annual rate of 1.0%. The fee shal be calculated on
according to the Fund Regulations, are stated
a monthly basis, and be due for payment on the last
below (including the costs for depository,
Performance-based fee
The Management Company charges a performance
Fixed fee (including depository, supervision and
fee of 20% of that part of the overal return for an
individual Unit Holder that exceeds the hurdle, which
Performance-based fee – 20% of gains above the
is defined as the average annual yield on 90-day
Swedish treasury bil s on the first banking day of each new quarter of the calendar year. The performance fee is paid monthly on the last bank day of each month. The performance-based fee is calculated after the fixed fee has been subtracted.
Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Financial instruments with a positive market value -
Equities Share Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Financial instruments with a negative market value -
Equities Share
Fidelity National Information Services Inc.
International Flavors & Fragrances Inc.
Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Financial instruments with a positive market value -
Instrument
Accrued expenses Instrument
Accrued interest income segregated client account
BIOGRAPHICAL SKETCH eRA COMMONS USER NAME (credential, e.g., agency login) jstaniswalis EDUCATION/TRAINING (Begin with baccalaureate or other initial professional education, such as nursing, and include postdoctoral training.) California State University, Fullerton, CA Research Experience/Employment 1985-1987 Assistant Professor, Collateral Faculty, Dept. of Biostatistics, Medical
Clinical Profile of defined by recent American Academy of Neurology–American Epilepsy Society guidelines, a newer antiepilep-tic drug is one approved by the U.S. Food and Drug Oxcarbazepine- Administration since 1990.) The oral suspension formula-tion was approved on May 25, 2001. Tablet and suspen- Related Angioneurotic sion formulations were approved on August 7, 2003, foruse as mon
Origin Market Neutral U.S. Equity 
Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30