e-fundresearch.com: How many positions does the portfolio usually contain and what is the average holding period of an investment?
Enrico Camera: We usually have between 70 to 80 positions. We don‘t have a pre-determined period for holding a position. For the longs it can be up to 2 years if the company keeps meeting expectations. For the shorts it usually less, around 6 months.
e-fundresearch.com: To which extent does fund size impact the efficiency and effectiveness of your investment strategy?
Enrico Camera: We have a strict discipline in term of liquidity. We do not take positions where we have more than 3 days of volumes relative to the average of the past six months. We are controlling the size of our AUM in order to give priority to performance.
e-fundresearch.com: In which market environment does your investment strategy deliver the best (relative) results?
Enrico Camera: A stable macro environment, bad or good, is the best time for our strategy. Investors usually pay more attention to earnings and fundamentals in this environment.
e-fundresearch.com: Which benchmark is most relevant and how should investors compare the fund vs. benchmarks or peer groups?
Enrico Camera: We don‘t have a benchmark as our fund is an absolute return one. Investors should compare the fund to other absolute return funds and check that our Sharpe ratio remains above 1.
