Tiburon Partners LLP will be launching a UCITS III compliant pan Asia ex Japan long/short fund – Tiburon Taurus – in the first week of May. The Fund will be managed on the same basis as Tiburon’s existing Asian hedge fund, Tiburon Tiger.
Demand for Tiburon Taurus reflects the wider industry trend to allocate to structures with a greater degree of regulation and liquidity in the aftermath of the Global Financial Crisis . Tiburon Taurus will be listed on the Irish Stock Exchange and will be available in dollar, euro, and sterling (hedged and unhedged) share classes. The Fund will be daily liquid.
The same team that has run Tiger for the last 6 years will manage Tiburon Taurus with Mark Fleming in the lead role. With 50 years combined of Asian investment experience the team will invest across the market capitalisation range in liquid securities with a bottom-up stock picking process set in a global macro context. “While we still have some major concerns about the condition of many western economies, that stock markets appear to be discounting at the moment, Asia has a far healthier macro profile. Asian stock markets will obviously display some correlation in the event of weak equity markets in the developed world but overall the region looks in so much better shape and deserves a significant overweighting by asset allocators” said Fleming.
The portfolios of Tiburon Taurus and Tiburon Tiger will be substantially the same at least until the point when both funds are substantially larger whereupon Tiburon Tiger’s monthly liquidity will allow it to continue investing in some less liquid positions which will become off-limits to the daily liquid new fund. The mandates will also differ in that, under UCITS rules, Tiburon Taurus will not be allowed to run a net exposure of more than 100%.
The minimum investment is US$15,000 or equivalent with a management fee of 2% and a performance fee of 20%. Tiburon Taurus is to be launched as a sub-fund of Tiburon Funds PLC, the existing Irish UCITS umbrella and is administered by Northern Trust.
