The NDC Umbrella Fund is an exempted unit trust established in Bermuda pursuant to a trust deed dated 21 December, 1999.
The investment objective of the NDC Unicorn Fund is to invest its assets primarily in the Derivative Arbitrage Fund L.P., a Bermuda exempted Limited Partnership formed pursuant to a Limited Partnership Agreement dated 4, June 1997.
The management style of the Derivative Arbitrage Fund L.P. can be summarized as being more regional than global, more quantitative than qualitative, more focused on absolute return rather than relative return and its approach as more short-term rather than long-term. Furthermore, its investment objective is based more on multi-strategy as opposed to single strategy and makes use of more arbitrage rather than outright investment. The Fund uses both top-down and bottom-up strategies in equal proportion.
As of 30, September 1999, the asset allocation of the Derivative Arbitrage Fund was split between low liquidity products (representing 32.7%) and high liquidity products (representing 67.3%). Listed stocks represented 37.7% of the portfolio, convertible bonds 28.4%, listed derivative products 27.6% and cash 0.0%.
The Manager of the NDC Unicorn Fund is the N.D.C. Investment Private Limited, Singapore (formerly Nippon Derivative Consultants Private Limited). The Trustee is the Bermuda Trust Company Limited, Bermuda).
The listing of the NDC Unicorn Fund is sponsored by Reid Services Limited. The security is being listed under the BSX Listing Regulations for Collective Investment Schemes and the provisions for Restricted Marketing.
Issuer's Quote
"The BSX is pleased to welcome NDC Unicorn Fund to listing", said Mr. James S. McKirdy, Listing Manager of the BSX. "This adds to the number of funds organized under an umbrella structure that are listed on the Exchange."