1. Purpose of this page
Aspect is required to make certain information available to investors in the Fund before they invest and on an ongoing basis. The following disclosures are being made available by Aspect in connection with its regulatory obligations.
Capitalised terms used but not otherwise defined in this document shall, unless the context otherwise requires, have the meanings ascribed to them in the Offering Memorandum dated 20 July 2023, as amended or supplemented from time to time.
AIFMD Disclosures
2. Professional liability risks
Aspect covers the professional liability risks set out in Article 12 of the AIFMD Level 2 Regulation (Professional liability risks) by maintaining an amount of own funds in line with Article 14 of the AIFMD Level 2 Regulation (Additional own funds).
3. Fair treatment of investors
Aspect’s board of directors is committed to ensuring that its decision-making procedures and its organisational structure enshrines the fair treatment of Fund investors. Aspect’s policy in this regard can be summarised as follows:
- The fair treatment of Fund investors is central to Aspect’s corporate culture;
- The Fund is designed to meet the needs of Professional Investors and is targeted accordingly;
- Fund investors are provided with clear, fair and not misleading information in relation to Aspect and the Fund and are kept appropriately informed before, during and after the point of investment;
- Aspect’s policy is not to provide financial advice to Fund investors so as to avoid providing advice that is not suitable or which does not take account of the Fund investor’s circumstances;
- Fund investors should be provided with an investment product that performs as Aspect has led them to expect; and
- Aspect endeavours to ensure that there are no unreasonable post-investment barriers which prevent Fund investors from changing investment product.
Aspect’s Compliance team is responsible for ensuring that the requirements set out above are adhered to.
| Nature of preferential treatment | Type of investors to whom preferential treatment has been granted | Legal or economic links to the Fund or Aspect (if any) |
|---|---|---|
|
Preferential disclosure/reporting
|
Institutional | None |
|
Preferential liquidity terms
|
None | None |
|
Preferential fee terms
|
Institutional, Professional | No investor who receives preferential fee terms has any legal or economic link to the Fund or Aspect, save for their investments in the Fund and the preferential fee terms associated with that investment. |
|
Preferential treatment other than as specified above
|
Institutional | None |
5. Net Asset Value
The latest NAV per share in relation to each Class, as at the date first set out below, is:
| Nav Date | Nav per Share | MTD (%) | YTD (%) | Fund Assets (m) | Programme Assets (m) | Since Inception (%) | |
|---|---|---|---|---|---|---|---|
| Class A (USD) | Jan. 17, 2025 | 145.38 | -0.66 | -0.66 | 2168.60 | 3976.43 | 45.38 |
| Class C (AUD) | Jan. 17, 2025 | 140.19 | -0.66 | -0.66 | 3486.49 | 6392.98 | 40.19 |
| Class D (GBP) | Jan. 17, 2025 | 136.30 | -0.67 | -0.67 | 1777.54 | 3259.37 | 36.30 |
| Class E (USD) | Jan. 17, 2025 | 144.75 | -0.63 | -0.63 | 2168.60 | 3976.43 | 44.75 |
| Class F (USD) | Jan. 17, 2025 | 144.21 | -0.64 | -0.64 | 2168.60 | 3976.43 | 44.21 |
All performance figures contained in this table refer to the Class A Shares of the Fund. The performance of other Classes of Share will differ to the Class A Shares due to different fees and expenses. See the section entitled “Executive Summary - Shares and Classes” in the Prospectus and the applicable Class Supplement for further details. Past performance is not necessarily indicative of future results. For the full historical performance of the Fund please contact Aspect Capital.
7. Percentage of assets subject to special arrangements
As at 31 December 2024, the percentage of the Fund's assets subject to special arrangements arising from their illiquid nature is 0%.
8. New arrangements for managing liquidity
No new arrangements for managing the liquidity of the Fund have been implemented since the date of the Offering Memorandum which would require disclosure in accordance with Article 23(4)(b) of AIFMD and Article 108(3) of the AIFMD Level 2 Regulation.
9. Risk profile and risk management systems
This section describes the main features of the risk management systems employed by Aspect to manage the risks to which the Fund may be exposed. In addition, this section outlines the measures Aspect has adopted to assess the sensitivity of the Fund's portfolio to the most relevant risks to which the Fund is or could be exposed, namely: market risk, liquidity risk, counterparty risk and operational risk.
Market or portfolio risk
Aspect uses a range of proprietary risk measurement systems to monitor market and portfolio risks. These risk tools seek to identify and report all risk limit breaches which are systematically controlled by Aspect’s systems. Risk reports are reviewed and approved by Aspect’s Risk Team.
Market risk is primarily monitored through the use of VaR. Aspect calculates VaR as a one day measure at the 95th percentile confidence level.
Liquidity risk
The Programme operates exclusively in highly liquid instruments. Nevertheless, the risk allocations to individual market sectors and to individual contracts are subject to continuing liquidity-based review. Aspect’s Execution team makes extensive use of electronic execution platforms across many asset classes in order that liquidity conditions can be anonymously assessed on an ongoing basis.
Aspect's board has determined a percentage of the Fund's assets that should be capable of being liquidated within the applicable settlement period for investor redemptions from the Fund.
Counterparty risk
Aspect executes transactions exclusively via highly creditworthy counterparties, clearing agents and exchanges in the execution and management of its positions. Furthermore, Aspect has in place back-up relationships with additional clearers.
Counterparty risks are assessed quantitatively through monitoring of credit ratings and credit default swap prices and qualitatively through assessments of the counterparties engaged by the Fund. The exposure to all relevant counterparties is also monitored on an ongoing basis.
Operational risk
Aspect’s Operational Risk Committee (ORC) is chaired by the Operational Risk Officer. The ORC has a wide remit from Aspect's Executive Board to monitor, investigate and remediate risk across Aspect.
Aspect has adopted a rigorous methodology for scoring its operational risks against a matrix of both qualitative and quantitative criteria.
There have been no material changes to the aforementioned risk management systems since the date of the Offering Memorandum.
Since the date of the Offering Memorandum, no risk limits set by Aspect in respect of the Fund have been exceeded. Aspect does not presently consider that any such limits are likely to be exceeded.
10. Leverage
There has been no change to the maximum level of leverage which Aspect may employ on behalf of the Fund since the date of the Offering Memorandum. The average amount of leverage employed by the Fund during the 12 months ending on 31 December 2024 is 1308% using the gross method and 1228% using the commitment method.
TER Disclosures
11. TER Disclosure
As at 1 January 2024, the annual operating expenses of the Fund over a year is projected to be 0.13% of the Fund's Net Asset Value. This is based on the expenses for the year ending 31st December 2023. This figure may vary from year to year and excludes portfolio transactions costs and performance fees, if any.
Additional SFTR Disclosures
12. Purpose of this section
Pursuant to SFTR, Aspect is required to make certain information available to investors in the Fund before they invest and on an ongoing basis. The following disclosures have been prepared to comply with Article 14 of SFTR by informing you of the general risks and consequences that may be involved with Aspect’s use of FICC sponsored overnight repurchase transactions.
13. Maximum and expected proportion of assets which can be subject to Securities Financing Transactions (“SFT”) and Total Return Swaps (“TRS”)
The maximum proportion of the Fund’s assets which can be subject to each type of SFT or TRS (calculated in accordance with the margin methodology used by the Fund’s Equities Broker) expressed as a percentage of the Net Asset Value of the Fund is as follows:
It is, however, typically expected that the Fund’s exposure through SFTs and TRSs will be the following percentages (calculated in accordance with the margin methodology used by the Fund’s Equities Broker) of the Net Asset Value of the Fund:
14. Counterparty Selection
Aspect is required to exercise due skill, care and diligence in the selection, appointment and ongoing monitoring of counterparties and follows a rigorous internal procedure when selecting, appointing and monitoring its brokers. Aspect has delegated authority to appoint and remove counterparties to the Counterparty and Valuation Committee, who will take into consideration some or all of the following factors:
15. Collateral
Cash is posted as collateral by the Fund and in return the Fund receives US Treasury Bills from the counterparty. As the Fund is utilising cash as collateral, it does not need to consider the issuer, maturity, liquidity as well as collateral diversification and correlation policies. The collateral valuation methodology used for the cash is that it is valued at face value. The cash and the US Treasury Bills are safe kept with the counterparty in a segregated custody account. As the only collateral is cash, there are no restrictions on the reuse.
16. Policy on sharing of return generated by SFTs and TRSs
All of the revenue generated by the SFTs and TRSs will be returned to the Fund net of fees and / or taxes (if any) and none of the costs and fees will be assigned to the manager or third parties other than the counterparty.
Disclaimer
This material has been prepared by Aspect Capital Limited which is authorised and regulated for investment management by the Financial Conduct Authority ("FCA") in the United Kingdom.
This information has been prepared for circulation to investment professionals who are or would be classified as Professional Clients or Eligible Counterparties under the UK FCA rules and who, if they are US residents or citizens, are or would be qualified as “Qualified Purchasers” under the US Investment Company Act 1940 and “Qualified Eligible Persons” under the US Commodity Futures Trading Commission regulations and who if they are resident in Canada are “permitted clients" within the meaning of Canadian securities legislation, and is specifically not intended for any other persons including persons who are or would be classified as Retail Clients under the UK FCA rules. It is a confidential communication to, and solely for the use of such persons who, as set out above, are permitted to receive it. The information may be subject to verification or amendment and has been supplied for information purposes only. No representation or warranty is made, whether expressly or implied, by Aspect Capital Limited, its Directors or employees, as to the accuracy or completeness of the information provided. An Aspect investment programme investor may lose all or substantially all of its investment.
This information is neither an offer to sell an interest or otherwise invest in any fund or other investment vehicle including a managed account, sponsored or managed by Aspect Capital Limited whether as investment manager, commodity trading advisor or otherwise (each, an “Aspect Product”). Any such offer, if made, would be made only by way of the final offering documents, disclosure document and/or investment management agreement (together "offering documents") of such Aspect Product and only in jurisdictions where, and to such persons to whom, such an offer would be lawful. Any decision to invest in an Aspect Product should be made only on the basis of consideration of all of the final offering documents in respect of such Aspect Product. Such final offering documents contain important information concerning risk factors and other material aspects of such Aspect Product and must be read carefully before a decision to invest is made. This information must be accompanied or preceded by the final offering documents of the relevant Aspect Product. In accepting receipt of the information contained herein all recipients will be taken to have agreed with Aspect Capital Limited not to distribute such information to any other person save (i) in accordance with the above restrictions, and applicable law and regulation and (ii) without making any changes which would make that information inaccurate or misleading.
Aspect Capital Limited is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth). Aspect Capital Limited is authorised and regulated under the laws of the United Kingdom which differ from Australian laws. Aspect Capital Limited is not registered with any securities regulatory authority in Canada.
Certain Aspect Products are distributed in Switzerland. The distribution of shares in certain Aspect Products in Switzerland must exclusively be made to qualified investors. In respect of such products, Banque Heritage SA with registered office at 61 route de Chêne, 1208 Geneva (www.heritage.ch), is the representative (the "Representative") and the paying agent in Switzerland. The place of performance and jurisdiction for shares in those Aspect Products distributed in Switzerland are at the registered office of the Representative.
Some Aspect Products are made available in Switzerland solely to qualified investors, at the exclusion of qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Act on Financial Services ("FinSA"). In respect of these products, no representative or paying agent has been appointed in Switzerland.
Aspect Capital Limited is a company registered in England and Wales under registered no. 3491169. Its registered office is at 10 Portman Square, London W1H 6AZ. ASPECT, ASPECT CAPITAL, the ASPECT CAPITAL device and ASPECT CAPITAL: THE SCIENCE OF INVESTMENT are registered trademarks of Aspect Capital Limited. © Aspect Capital Limited 2025. All rights reserved.
