The Science of Making Money
Fund Overview
How does it work?
Risk & Return
Structure
Governance
Investment Terms
Fund Overview
Fund Design – Approach & Concept
Enora Global Fund is designed to deliver absolute returns uncorrelated to major asset classes with an intense focus on risk mitigation. This is precisely the role that hedge funds were originally intended to play – before they became increasingly constrained by style, geography and asset class.
Enora Global Fund’s approach is based on systematic trading with a laser focus on risk. Although our investment team’s experience and expertise play an important role in identifying opportunities and designing strategies, we use automated systems to ensure that emotions and biases play no part in the trading process.
Enora Global Fund – Talking Numbers
From the date of Fund launch (1st January 2017) to 31st December 2021 (the last completed trading year) we have delivered an average annualized US$ return of 18.6% net of fees – outperforming 99% of global indices and the bulk of the hedge fund universe.
Our track-record is the result of a seamless meld of advanced systems and analytics with a rigorous and disciplines approach to hedging Risk.
How does it work?
Intelligence (Natural + Artificial) = The Enora Global Approach to Trading
We take a systematic, pattern-recognition based approach to trading that combines the experience of our market professionals with cutting-edge technologies.
These patterns tend to be short term in nature – typically occurring over only a few days or even within a single day. Our proprietary algorithms provide a framework enabling our analysts to generate trading strategies that recognize profitable patterns in the instruments we trade.
We then aggregate successful trading strategies in sub-portfolios, each of which can contain hundreds of strategies. All of these strategies must be viable regardless of market direction, and they are only added to our ‘live’ sub-portfolios if they significantly improve the overall risk/return profile.
The sub-portfolios are combined to create the Enora Global Fund’s overall portfolio. We deploy the component strategies with strict buy and sell triggers, and with hard stop-loss limits – a crucial element in our management of risk. If any strategy hits its stop-loss limit, we remove it from the portfolio – no ifs, no buts and no room for emotion or bias.
Risk & Return
Performance and Risk Management
Performance consistency is our mantra. That is how and why our annual returns have been positive since Fund inception and in the 60 months of trading operations spanning 1st January 2017 to 21st December 2021, the Fund has delivered positive returns in over 70% of the months
Risk-Return Performance Benchmark
| Annualized Return | Max Drawdown (D) | R/D Ratio | |
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| S&P 500 (TR) |
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| Dow 30 (TR) |
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| Nifty (TR) (USD) |
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| Nikkei (TR) |
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| HFRI Composite |
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| HFRI Equity Hedge |
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Risk Management
The management of risk is as important to us as the pursuit of returns. In fact, we see risk management as our main business in the long term; it's our focus on risk that delivers our returns. We don't want to produce eye-catching performance during certain periods only to see those returns eroded by volatility. That's why we continuously monitor all the risks to which our portfolio is exposed - including market, model and liquidity risk.
Real Time Risk Assessment & Mitigation
01
Model risk
- Multi-layer security mechanism monitors risk at the single algorithm level
- Real -time risk assessment of strategy impact on fund
02
Market risk
- Realtime assessment of any residual market risk
- Scenario analyses to dynamically adjust hedges intraday
03
LIQUIDITY risk
- Focus only on trading instruments with low impact cost
- Trading position limited ensuring minimal market impact
04
OPERATIONAl risk
- Volume and number of instruments to be executed from each trading terminal monitored
- Proprietary trading platform performs real time checks for placement price of all orders
05
STRICT STOP LOSSES
- Trade linked to a predefined stop loss point
- Pre-defined trade entry/exit
- Auto-execution of overall portfolio stop loss
Our risk management is always a work in progress, but we have clear rules to ensure that our responses are timely, appropriate and decisive. We apply stringent stop-loss limits to all our trading strategies. Any strategies that breach those limits are automatically removed from the portfolio.
Structure
Fund Structure
Enora Global Fund is a multi-class fund, incorporated under the laws of Mauritius as a public company limited by shares. It is regulated and licensed by the Financial Services Commission (FSC) as a Category 1 Global Business Licence Company under the Financial Services Act 2007 of Mauritius.
The fund is authorised by the FSC as an Expert Fund under the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008 and the Securities Act 2005 of Mauritius.
Fund & Investment Manager
Autus Capital Mauritius Ltd. Category 1 Global Business License FSC Mauritius Authorized CIS Manager
- Design & development of AI based Logic Engines & Algorithms
- Pioneering developer & provider of AI enabled Algorithmic Trading Solutions
- 18 year consistently successful track record of systematic trading, strategy/algorithm development & risk management
- 20 years experience in systematic trading and global capital markets
- Expertise in trading algorithm development, risk management and market making
Fund Structure
| Investment Manager | Autus Capital Mauritius Ltd |
| Prime Broker & Custodian | ICICI Bank, Mumbai (India) |
| Fund Administrator | Vistra Mauritius Ltd, (Mauritius) |
| Auditor & Tax Advisor | Deloitte, Mauritius |
| Structure | Multi-class Fund |
| Domicile | Mauritius |
| Currency | USD |
Governance
Governance
Our strategy and the direction of our business operations are overseen by our leadership group and are under continuous review.
We draw upon leading external service providers to ensure highest standards of compliance and integrity. These include Vistra, ICICI Bank and Deloitte. Our monthly performance is certified by both Vistra and Deloitte.
Administrator
Custodian
Auditor
Investment Terms
Investment Terms
| Minimum Subscription | USD 100,000 |
| Subscription | Monthly |
| Redemptions | Monthly |
| Lock-in | 3% Penalty (withdrawal within 1 year) |
| Management Fee | 2% p.a. |
| Performance Fee | 20% |
Key Portfolio Parameters
| Geographic Mandate | Global* |
| Borrowing | Margin based exposure |
| Liquidity | Max 5 days for full exit |
| Target Return | ~20% USD Net Return with low drawdown |
| ISIN | MU0514S00002 |
| Bloomberg | ENORGLA MP |
| Eurekahedge | EH53158 |
| LEI | 5493000JQ6UZHJIF4676 |
Investor Confidence & Protection Measures
If at any point in time the Fund’s drawdown reaches 15% from the current year high, the following measures will be activated:
- Immediate intimation will be sent to all investors
- Investors will have the right to full/partial redemption
- Any applicable redemption fee or lock-in will be waived