The Science of Making Money
Performance and Risk Management
Since its launch in 2017, the Enora Global Fund has outperformed 99% of global indices and the vast
majority of other hedge funds. Between 1 January 2017 and 1 May 2021, the fund delivered an annualised net return of 20.21%.
We believe that consistency is key. Enora’s returns have been positive in every year of its operation. The fund has also delivered positive returns in 72% of calendar months since launch.
The management of risk is even more important to us than 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.
| Annualized Return | Max Drawdown (D) | R/D Ratio | |
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| Nikkei (TR) |
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| HFRI Composite |
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| HFRI Equity Hedge |
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Real Time Risk Assessment & Mitigation
01
MODEL
RISK
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
MARKET
RISK
- Realtime assessment of any residual market risk
- Scenario analysis to dynamically adjust hedges intraday
03
LIQUIDITY
RISK
LIQUIDITY
RISK
- Focus only on trading instruments with low impact cost
- Trading position limited ensuring minimal market impact
04
OPERATIONAl
RISK
OPERATIONAl
RISK
- Systems-enabled decisions regarding:
- Volume and number of instruments to be executed from each trading terminal
- Proprietary trading platform performs real time checks for placement price of all orders
05
STRICT STOP
LOSSES
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.
Thanks to our rigorous management of risk, the Enora Global Fund’s largest drawdown since launch has been just 6.35%, and every drawdown has been fully recovered within three months.
Our performance has been recognised with a succession of awards. Between the launch of the Enora Fund in 2017 and 2020, we have been ranked number one by Eurekahedge in the following categories: