"Since inception in January 2021 to 31 December 2022, the EPAM Fund has generated a net return of +1.26% per annum compared to a 11.46% fall in the MSCI AC Asia Pacific Index". Long short Asian equities strategy.
Quite interesting asset class and good results so far. Next question is about the price they pay for this company. If it is just to issue 788,195 RPL shares (cf their press release, before deferred consideration), it corresponds to a rather low price (2.9 m AUD, based on today's share price) for a business managing 100 m USD (around 144 m AUD), as it corresponds to 2 x management fees (if they are at 1 % per year) and even closer to 1 year management fee (if their management fees are closer to 2 %, like often for alternative investments). A bit surprising that they are able to buy this company at such a early stage and at this price.
It is also a good fit for their Regal's Asian strategy, which has been struggling with VGI.
RPL Price at posting:
$3.70 Sentiment: Buy Disclosure: Not Held
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