Blackhorse BEST Fund Gallops Out Of The Gate

Aug 15 2007 | 12:05pm ET

Singapore-based Blackhorse Asset Management’s latest offering is up and running at full stride. The firm’s $34 million Blackhorse Early-Stage Technology Fund’s Class A and B shares returned 6.77% and 6.84% respectively in its first month of trading.

The fund’s return compares favorably to its benchmark, the MXAS0IT index, which gained of 1.67%.

BEST, which launched on July 1, generated alpha from both its long and short positions, according to Richard Duncan, principal.

“The highlight of the month was gains from a large short position in a financially-troubled telecommunications equipment manufacturer (market cap ~US$200 million) which plummeted by nearly 40% in the month, ranking as the second largest contributor to gains in the month,” penned Duncan in his monthly investor letter.

“The largest gainer in the month was a Taiwanese fabless IC company carrying on exciting initiatives in the haptics and GPS areas. On a 12-month view we feel that the stock has the ability to triple from current levels. Amidst challenging market conditions in August, the fund is cashed-up and well-hedged, with roughly neutral net exposure.”

BEST invests in a portfolio of Asian listed and unlisted technology companies in Japan,
Korea, Taiwan, Singapore, Hong Kong, China, Malaysia, Thailand and India. It charges fees of 1.75% for management and 20% for performance, with a $100,000 minimum investment requirement.

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