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Tata Absolute Return Fund
- Category III AIF
PRODUCT DYNAMICS – TATA ABSOLUTE RETURN FUND
Debt+ positioning
Fixed income allocations + Derivatives Long-Short strategy overlay
Negligible correlation with bond returns
Negligible equity market sensitivity: negligible net equity exposure (i.e., all longs – all shorts)
Focus on alpha extraction with minimal risk: equity long-short portfolio diversified across many stocks
Risk, returns and tax optimization focus
PORTFOLIO COMPOSITION
| Fixed Income/Cash Equivalents | 80% |
|---|---|
| GOI | 46% |
| Corp bonds | 20% |
| Liquids / Cash | 15% |
| Cash Equity | 8% |
| InvIT / REIT | 4% |
| Commodity | 7% |
| Net Equity Exposure | ~4% |
A) Core Portfolio = Primarily fixed income portfolio
- Dynamic approach; active duration management
- Preferred FI allocations: GOI bonds, PSU tax free bonds, Liquid MFs
- Selection criterion: credit risk, tax efficiency, liquidity, yields & collateral acceptability
B) Derivatives Portfolio = Long / short positions in futures & options
- Generate regular income
- Diversified and neutralish long-short portfolio
- Takes fundamental and tactical ideas to capture short to medium term opportunities
FUND MANAGER
Kalpesh Jain
With over 17 years of industry experience, as an investment manager, Mr. Kalpesh Jain leverages his expertise in fixed income trading, derivatives research and hedge fund management to deliver consistent risk-adjusted returns. He is actively managing fixed income portfolios, technical analysis, futures & options trading, commodities trading and navigating complex market conditions, and generating returns with low volatility.
Before Tata Asset Management, Mr. Kalpesh worked with Julius Baer India Ltd., Ambit Capital and Edelweiss Financial Services and built an in-depth understanding of Alternative Investment strategies.
Mr. Kalpesh holds a Bachelor of Management Studies from Mulund College of Commerce and a postgraduate degree in Business Administration (Finance) from Mumbai Educational Trust, Bandra.
For the full strategy presentation, please contact us.