levendi thornbridge defined return fund...jul 11, 2019 · immediately after the march 2012 paper...

A Blueprint for Returns

LEVENDI THORNBRIDGE DEFINED RETURN FUND

FOR PROFESSIONAL INVESTORS AND ADVISERS ONLY. NOT FOR DISTRIBUTION TO RETAIL INVESTORS.

DISCLAIMER

The contents of this document are communicated by, and the property of, Levendi Investment ManagementLimited (LIML). LIML is an appointed representative of Thornbridge Investment Management LLP, which isauthorised and regulated by the Financial Conduct Authority (“FCA”).

The information and opinions contained in this document are subject to updating and verification and may besubject to amendment. No representation, warranty, or undertaking, express or limited, is given as to the accuracyor completeness of the information or opinions contained in this document by Levendi Investment ManagementLtd or its directors. No liability is accepted by such persons for the accuracy or completeness of any information oropinions. As such, no reliance may be placed for any purpose on the information and opinions contained in thisdocument.

The information contained in this document is strictly confidential.

The value of investments and any income generated may go down as well as up and is not guaranteed. Pastperformance is not necessarily a guide to future performance.

SOURCE DATA: all data is sourced from Bloomberg

7/12/2019 2PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment

Management LLP which is authorised and regulated by the Financial Conduct Authority.

LEVENDI-IM



LEVENDI INVESTMENT MANAGEMENT

▪ Specialist investment manager based in London

▪ $1bn in AUA

▪ Flagship UCITS V fund established on January 31st 2018 with £77m in AUM (as of 10th June 2019)

▪ Levendi Team▪ 2 Trading and Risk Management▪ 1 Research▪ 6 Distribution

▪ Expertise▪ Structured products▪ Pricing, and risk management▪ Investment solutions

7/12/2019 4PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

OUR PEOPLE



FRANK COPPLESTONE, MANAGING PARTNERFrank has 25 years experience in structured products and derivatives, having started his career at Credit Suisse Financial Products. He spent a decade working as an equity-derivatives trader at Bankers Trust and Commerzbank before moving to Deutsche Bank to build and manage the Quantitative Products Engineering businesses. In 2008 he joined Morgan Stanley to run Financial Engineering in EMEA and Americas and later became Global Head of the Retail Structured Products platform at Morgan Stanley. Prior to launching Levendi Investment Management, Frank was the Global Head of Equities (Structured Products) at Jefferies. Frank holds a Doctorate from Oxford University.

DAVID STUFF, MANAGING PARTNERDavid has been involved in equity derivatives, equity structuring and the structured product market for over 25 years. Before launching Levendi Investment Management David worked at J.P. Morgan, Barclays and RBS. David has worked with and for retail product providers, discretionary managers and institutional investors.

ART NOBLE, RESEARCH AND ANALYSISArt is responsible for the product analysis. Art started to develop the model that the Fund uses to evaluate risk and return immediately after the March 2012 paper from the FCA. Prior to working on this Art was developing statistical arbitrage strategies and portfolio optimisation tools at Noble and Co. At J.P. Morgan Art was responsible for marketing derivative products and had a particular focus on hedge fund derivative solutions and asset and liability modelling. He was also responsible for building pricing models, risk management tools and value-at-risk techniques that became RiskMetrics.

7/12/2019PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed

representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

6

THE FUND

• UCITS V fund

• Established 31 Jan 2018

• GBP

• Sub-fund of Davy Skyline / Northern Trust

• Daily Traded

• Retail

• Accumulation and Distribution share classes

INVESTMENT OBJECTIVES

• LIBOR +6% return target in the medium term

• Defensive equity exposure

• Positive returns that do not rely on rising markets or falling yields

• Minimise chance and scale of risk

• 5% to 7% volatility

LEVENDI THORNBRIDGE DEFINED RETURN FUND

7/12/2019PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed

representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

7

WHAT DOES THE FUND HOLD

Defensive equity linked defined return investments linked to main equity markets

Capital growth only, payoff accrues over time

Significant capital protection

Gilt backed and notes

Risk management to control volatility and reduce losses

INVESTMENT OPPORTUNITY

Equity linked defined return investments are used to implement a long dated / low strike covered put strategy to earn the Equity Insurance Premium

Multiple studies demonstrate the attractive risk/return profile of covered puts

Long dated / low strike puts capture the normal term structure and skew.

INVESTMENT STRATEGY

LONG TERM RETURNS FROM THE STRATEGY

0

2000

4000

6000

8000

10000

12000

Dec 90 Dec 92 Dec 94 Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12 Dec 14 Dec 16 Dec 18

Ris

k M

anag

emen

t O

verl

ay

Proxy Strategy FTSE 100 Total Return Levendi futures position (rhs)

Proxy strategy uses CBOE PUT and IPR Autocall Index to replicate returns Risk management process used to keep volatility below 10%

Proxy strategy shows that structured products offer equity returns with lower volatility


Lower drawdown

THE EQUITY INSURANCE PREMIUM

▪ The fund invests in a long dated, low strike covered put strategy

▪ Equity Linked Defined Return Investments offer an enhanced return

▪ The payoff and capital value of each investment is subject to the performance of underlying markets

▪ Investors are selling covered puts and so underwriting equity market risk

▪ The “price” of equity put options exceeds the “value”

▪ The fund earns the Equity Insurance Premium through selling covered puts

▪ The Equity Insurance Premium is a persistent source of returns based on three factors

▪ Behavioral Factors; investors loss aversion means that they are prepared to pay to avoid losses

▪ Structural Factors; regulations limit the risks that banks, insurance companies and pension schemes can take, so they are require to insure against losses

▪ Economic Factors; greater reliance on personal savings increases the demand for equity protection

▪ Multiple studies confirm the attractive returns from underwriting equity market risk.


0 5 10 15 20 25 30

S&P 500

FTSE 100

Eurostoxx 50 E

NIKKEI 225

Value Price

• Chart shows the market price and value of 6-year at the money put options

• Price is the risk neutral price calculated using market parameters

• Value is calculated by adjusting the strike by the difference between the risk-neutral forward and the “forecast” value

• Forecast value is the consensus estimate of total returns less implied dividends

• For more information; https://www.levendi-im.com/wp-content/uploads/2018/03/Are-Puts-the-Wrong-Price.pdf

7/12/2019 10

THE “PRICE” AND “VALUE” OF PUT OPTIONS

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

https://www.levendi-im.com/wp-content/uploads/2018/03/Are-Puts-the-Wrong-Price.pdf

7/12/2019 11

THE ACADEMIC EVIDENCE FOR COVERED PUTS


http://www.cboe.com/framed/pdfframed?content=/micro/buywrite/put-oleg.pdf&section=SEC_OPTIONS_PRODUCTS&title=An%20Analysis%20of%20Index%20Option%20Writing%20with%20Monthly%20and%20Weekly%20Rollover

http://www.cboe.com/framed/pdfframed?content=/micro/buywrite/put-oleg.pdf&section=SEC_OPTIONS_PRODUCTS&title=An%20Analysis%20of%20Index%20Option%20Writing%20with%20Monthly%20and%20Weekly%20Rollover

7/12/2019 12

REALISED FUND PERFORMANCE

Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

Source; Levendi, Bloomberg

Jan Feb March April May June July Aug Sept Oct Nov Dec Total

2018 0.54% 0.34% 2.32% (0.07%) (0.44%) 0.77% (0.47%) 0.95% (0.86%) (0.02%) (2.96%) 0.11%

2019 4.15% 0.55% 1.21% 0.41% (0.78%) 1.47% 7.15%

Last 12m 2019 Since inception

Return 5.4% 7.7% 8%

Volatility 5.3% 4.9% 5.1%

Sharpe 0.86 3.08 0.98

Max Drawdown 3.8% 1% 3.8%

Correlation to FTSE TR

87.62% 86.5% 84.1%

0.94

0.96

0.98

1.00

1.02

1.04

1.06

1.08

01

/20

18

02

/20

18

03

/20

18

04

/20

18

05

/20

18

06

/20

18

07

/20

18

08

/20

18

09

/20

18

10

/20

18

11

/20

18

12

/20

18

01

/20

19

02

/20

19

03

/20

19

04

/20

19

05

/20

19

Per

form

ance

Month

7/12/2019 13

CAPITAL PRESERVATION; DEFENSIVE BY DESIGN



Fund aims to minimise chance and scale of losses• Limit exposure to main liquid equity

markets• Value approach to market selection• Predominantly Gilt backed

investments• Longer term investments• Progressive risk• Risk management overlay

• Market is represented by an equally weighted basket of FTSE 100 and EuroStoxx 50 Total Return Indices

80%

85%

90%

95%

100%

Jan 18 Mar 18 May 18 Jul 18 Sep 18 Nov 18 Jan 19 Mar 19

DRAWDOWN FROM MAX NAV

Drawdown Levendi Fund Drawdown Market

•High correlation to equities in the short term

•Low exposure to equity markets

Mixed Assets 20% - 60% shares

•Positive returns if equity markets are lower

•Target LIBOR +6% returns

•Transparent strategy

Absolute Return / Liquid alternatives

•High annual returns

•Low duration

•Low default risk

Bond Substitute

7/12/2019 14

PORTFOLIO APPLICATION


LEVENDI VS THREE LARGEST IA MIXED INVESTMENT 20-60% SHARES FUNDS

7/12/2019 15Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority.

LEVENDI VS THREE LARGEST IA FLEXIBLE INVESTMENT FUNDS


LEVENDI VS THREE LARGEST IA TARGETED ABSOLUTE RETURN FUNDS


LEVENDI VS THREE LARGEST IA STERLING STRATEGIC BOND FUNDS


850

900

950

1000

1050

1100

Jan

18

Feb

18

Mar

18

Ap

r 1

8

May

18

Jun

18

Jul 1

8

Au

g 1

8

Sep

18

Oct

18

No

v 1

8

Dec

18

Jan

19

Feb

19

Mar

19

Ap

r 1

9

LEVENDI VS. UK AUTOCALL INDEX

7/12/2019 19

REPLACEMENT FOR STRUCTURED PRODUCTS


• Better performance / less risk

• Daily liquidity

• Lower fees and charges

• Reduced issuer exposure

• Reduce time and effort identifying the best product

• Reduced advice risk / PI costs and outside FCA 10%/25% exposure guidance

• Available on all wraps

• Eligible for ISA, Pension and Offshore Bonds

• Can be used in advised and managed portfolios

• Consistent returns across all investors

• Gains subject to capital gains tax

• Immediate investment, no need to wait for the end of the offer period.

LIQUIDITY

▪ Liquidity benefits

▪ Issuer provides daily two-way pricing

▪ Issuer can create and redeem assets as required

▪ No need to find a 3rd party buyer

▪ Redemption process;

▪ Levendi calculates fair value based on current asset prices

▪ Agree dealing price based on fair value – no premium / discount

▪ Issuer buys back investment - unwinds hedging positions – and dematerialises position

▪ Settlement within three days

▪ Mitigating risk

▪ Counterparty due-diligence and on-going monitoring

▪ Keep position size small

▪ Independent pricing of each investment

▪ Daily price reconciliation of the price with each issuer


108.7

90

92

94

96

98

100

102

104

106

108

110

Mar

18

Ap

r 1

8

May

18

Jun

18

Jul 1

8

Au

g 1

8

Sep

18

Oct

18

No

v 1

8

Dec

18

Jan

19

Feb

19

Mar

19

Ap

r 1

9

Price Early Maturity Value

EXAMPLE 1; Early maturity

• Investment offers a payoff of 8.7% for each year up to maturity date if FTSE and Eurostoxx are above the initial index level.

• Daily price reflects current market conditions

• Condition for early maturity at 24th April 2019 were satisfied

• Investment price prior to this date reflected the probability of early maturity

• Investment Matures early, maturity value 108.7%

7/12/2019 21

DAILY PRICING: UNDERLYING FUND INVESTMENT - EXAMPLE 1



109.67

116.7

85

90

95

100

105

110

115

120

Feb

18

Mar

18

Ap

r 18

May

18

Jun

18

Jul 1

8

Au

g 1

8

Sep

18

Oct

18

No

v 1

8

Dec

18

Jan

19

Feb

19

Mar

19

Ap

r 1

9

May

19

Price Early Maturity Value

EXAMPLE 2; No early maturity

• Investment offers a payoff of 8.34% for each year up to maturity date if FTSE and Eurostoxx are above the initial index level.

• Daily price reflects current market conditions

• Condition for early maturity at 15th March 2019 were just missed

• Investment price prior to this date reflected the probability of early maturity

• Product now offers 116.7% on 20th March 2020

• Price has continued to rise.

7/12/2019 22

DAILY PRICING: UNDERLYING FUND INVESTMENT - EXAMPLE 2



THE INVESTMENT STRATEGY



WHAT DOES THE FUND HOLD?

MARKET EXPOSURE ISSUER EXPOSURE PRODUCT EXPOSURE

UK Equity

EuropeanEquity

DefensiveAutocall

Cash

A+

A

A-

BBB+

Gilts

▪ All investments are bespoke

▪ Major equity market exposure only

▪ Value approach to market selection

▪ Deep, liquid derivative markets

▪ Gilt backed investments reduce issuer exposure

▪ Notes where there is attractive implied issuer funding

▪ Maximum 10% exposure to any investment grade issuer

▪ Simple defensive Autocalls

▪ Longer term

▪ Liquid, intraday pricing

The graphs below show current levels and updated at the release of each monthly factsheet.


7/12/2019 25

EXAMPLE PRODUCT


UNDERLYING Worst of FTSE 100 and Eurostoxx 50 Index Value approach to selection of underlying markets

MAXIMUM TERM 8 years Additional term gives investors more chances

PRODUCT SHAPE Autocall. Best shape for lower risk investors

AUTOCALL LEVELS Years 1 to 7; 100%Year 8; 60%

Low final trigger maximises chance of a positive return

PAYOFF 8% each year if both underlying assets are above the Autocall Levels Return target in excess of fund return target

CAPITAL If the product has not matured early and neither indices is less than 50% of the initial Index level, then 100% capital is repaid plus the defined payoff. If the maturity value of the worst performing asset is below 50%, the maturity value will be reduced by 4x the fall below 50%

Progressive risk minimises chance and scale of losses

7/12/2019 26

EXAMPLE PRODUCT


100 100 100 100 100 100 100

60

108

116

124

132

140

148

156

164

50

0

20

40

60

80

100

120

140

160

180

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

AU

TOC

ALL

LEV

ELS

/ P

AYO

FF

Autocall Levels

Payoff

Capital

From year 1 to year 7 the Trigger Level is 100% of the initial level of the Underlying Indices

In year 8 the final Trigger Level is 60% of the initial level of the Underlying Indices

8% each year if both underlying assets are at or above the Trigger Levels plus initial capital

If the product has not matured early and neither indices is less than 50% of the initial Index level, then 100% capital is repaid plus the defined payoff.

If the maturity value of the worst index is below 50%, the maturity value will be reduced by 4 times the fall below 50%; the Capital Threshold Level

0

20

40

60

80

100

120

140

160

180

0 10 20 30 40 50 60 70 80 90 100 110

Pay

off

of

Pro

du

ct a

t m

atu

rity

(%

)

Final Level of Worst Performing Index (% of Initial Level)

7/12/2019 27

PROGRESSIVE RISK AT MATURITY VS TRADITIONAL APPROACHES


FINAL VALUE AT MATURITY (%)

Final Index Level (%)

Levendi Fund Autocall

Traditional Autocalls (%)

90 164 164

80 164 164

70 164 164

60 164 164

50 100 100

49 96 49

48 92 48

45 80 45

40 60 40

35 40 35

30 20 30

25 0 25

Traditional autcalls have a large discontinuity if the Capital at Risk Barrier is breached at maturity. In the example here, if the index closes below the Barrier level, initial capital will be reduced at a rate of 1% for every 1% the closing level of the index is BELOW ITS INITIAL START LEVEL.

The Levendi progressive risk at maturity offers a smooth erosion of capital in the event that an index closes below the Capital Threshold Level. The table and chart below compares the Levendi approach to final capital redemption to traditional autocalls.

Final Trigger Level – 60%

Levendi Capital Threshold Level – 50%, from which capital is eroded

And 50% Capital at Risk Barrier used by traditional Autocall/Kickout products

7/12/2019 28

PROGRESSIVE RISK BEFORE AND AT MATURITY


0%

20%

40%

60%

80%

100%

120%

0% 20% 40% 60% 80% 100%

Mat

uri

ty V

alu

e

Final Index Level

Barrier

Progressive

Progressive risk maturity value is better than Barrier Risk if final index level is greater than 33% of the initial level

Prior to maturity, progressive risk has less downside exposure

Significant falls in the levels of most equity market indices are very rare

Value at maturity

EVENTHISTORIC

OCCURANCESTRESS TEST PROBABILITY

ANNUALISED RETURN

YEAR 1; 100% 64% 50% 8.0%

YEAR 2; 100% 8% 15% 7.7%

YEAR 3; 100% 3% 8% 7.4%

YEAR 4; 100% 6% 5% 7.2%

YEAR 5; 100% 2% 3% 7%

YEAR 6; 100% 2% 3% 6.8%

YEAR 7; 100% 1% 2% 6.6%

YEAR 8; 60% 11% 9% 6.4%

MATURITY AT 100% 1% 3% 0.0%

CAPITAL LOSS; 50% 2% 2%Hist: -1.6%

Stress: -6.5%

RETURN HISTORIC STRESS TEST

BEST RETURN 8% 8%

CHANCE OF GAIN 97% 95%

CONDITIONAL GAIN 7.6% 7.5%

AVERAGE RETURN 6.9% 5.9%

EXPECTED TERM 2.5y 2.9y

7/12/2019 29

PRODUCT ANALYSIS

RISKS HISTORIC STRESS TEST

VOLATILITY OF RETURNS 2.5% 6.9%

CHANCE OF LOSS 2% 2%

CONDITIONAL LOSS -1.6% -6.5%

AVERAGE WORST 5% LOSSES +1% -28%


BENEFITS OF PRODUCT DESIGN

▪ Major equity market exposure▪ Liquidity▪ Multiple Providers

▪ 50% capital protection▪ Reduces the chance of loss

▪ Low final trigger▪ Increases chance of a positive return

▪ Progressive Risk▪ Reduces mark to market volatility▪ Reduced downside exposure▪ Reduces scale of losses

▪ Additional term▪ More opportunities for products to meet conditions for positive return▪ Reduced chance of loss


PORTFOLIO METRICS


0%

5%

10%

15%

20%

25%

EXPOSURE

FTSE EUROSTOXX

-60%

-50%

-40%

-30%

-20%

-10%

0%

Positive Return Capital Loss

DOWNSIDE PROTECTION

Minimum Average Maximum

BEST RETURN

8.5%

CHANCE OF POSITIVE RETURN

93.5%

AVERAGE RETURN WHEN THERE IS A GAIN

6.7% PER ANNUM

CHANCE OF LOSS

6.4%

AVERAGE RETURN WHEN THERE IS A LOSS

-5.8% PER ANNUM

VOLATILITY

5.4%

AVERAGE CHANCE OF MATURITY AT LESS THAN 100%

4.8%

STRESS TEST RESULTS


7/12/2019 32

BARRIER VERSUS HISTORIC INDEX LEVELS


Indices have been rebased so that last value is 100%

A 50% fall from current levels would mean that both FTSE and Eurostoxx would fall below the lows of the Dot-Com crash and the Global Financial Crisis

20%

40%

60%

80%

100%

120%

140%

160%

180%

Ind

ex L

evel

Year

UKX (Rebased to Current Level) SX5E (Rebased to Current Level)

S&P500 Rebased to current Level Capital Barrier

Financial CrisisDot Com Crash

50%

PORTFOLIO AND RISK MANAGEMENT



7/12/2019

OBJECTIVESKeep volatility below 10%

Maintain appropriate exposure

Lock-in gains

Minimise turnover and costs

SOURCES OF RISKFall in equity markets

Interest rates increase

Increased Volatility

Default risk

PROCESSCap volatility

Use futures to maintain appropriate market exposure

RISK MANAGEMENT

PROFESSIONAL INVESTORS ONLY. Levendi Investment Management Limited is an appointed representative of Thornbridge Investment Management LLP which is authorised and regulated by the Financial Conduct Authority. 34

30/01/2019 35

RISK MANAGEMENT OVERLAY CAPS FUND VOLATILITY


Fund volatility can be approximated as Market Volatility x Exposure

In normal market conditions exposure is expected to be between 4% and 6%

When markets fall, volatility tends to increase and exposure will rise so the volatility of the fund will rise to be too high

30% 50% 30% 6.00%

The risk management overlay reduces market exposure and so caps the volatility of the fund

Market Volatility

Core Exposure

Risk Management

Net Exposure

Market Volatility

Fund Exposure

Risk Management

Overlay Exposure

Fund Volatility

30% 50% 0% 15.0%

15% 35% 0% 5.25%

TECHNICAL INFORMATION



SHARE CLASSES

7/12/2019 37

A INCOME CLASS

• 5% income each year which can be paid from capital

• Quarterly payment of 1.25% of the value of the Fund

• Available to Retail investors

APPLICATIONS

• Retirement Income

• Alternative to equity income funds

• Alternative to corporate bond funds

• Alternative to income generating structured products

• Trusts and charities that require regular income


W CLASS

• Specifically designed to work within a reversionary trust

• Possibility of capital growth

• Avoids costs of collecting and distributing income

• Avoids income tax liability for Trustee

APPLICATIONS

• For Trustees of flexible reversionary trusts and discretionary trusts

• Nil distributable yield

• Trust can lend money to beneficiaries if the need to access assets

• Growth within trust can be sheltered using CGT allowance

A & B ACCUMULATION CLASS

• All returns in the Fund are capital growth

• Fund does not pay any distributions/dividends

• Share class available for Institutional & Retail investors

APPLICATIONS

• Lump sum or regular savings

• Alternative to mixed asset funds

• Alternative to absolute return funds

• Alternative to direct holding of structured products

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Q 0

Q 4

Q 8

Q 1

2

Q 1

6

Q 2

0

Q 2

4

Q 2

8

Q 3

2

Q 3

6

Q 4

0

Q 4

4

Q 4

8

Q 5

2

Q 5

6

Q 6

0

Q 6

4

Q 6

8

Q 7

2

Q 7

6

Q 8

0

Q 8

4

Q 8

8

Q 9

2

Q 9

6

Q 1

00

Q 1

04

Q 1

08

Q 1

12

Q 1

16

Q 1

20

Qu

arte

rly

Inco

me

Un

its

left

/ P

ort

folio

Val

ue

Income Units left Portfolio Value

7/12/2019 38

DRAWDOWN


7/12/2019 39

UK IFA PLATFORMS


Brewin HSBC Life Charles Stanley

TERMSINVESTMENT ADVISER LEVENDI INVESTMENT MANAGEMENT LIMITED

INVESTMENT MANAGER THORNBRIDGE INVESTMENT MANAGEMENT LLP

INITIAL CHARGE NONE

AMC/ TER / OCF B CLASS: 0.60% / 0.76%, A CLASS: 0.75% / 0.91%W CLASS: 0.75% / 0.91%

SHARE CLASSES B CLASS: INSTITUTIONAL ACCUM, A CLASS: RETAIL ACCUM & DISTRIBW CLASS: RETAIL

DEALING/DEALING FEES DAILY / NONE

LIQUIDITY DAILY

STRUCTURE UCITS V

REGULATION CENTRAL BANK OF IRELAND

FUND PLATFORM DAVY SKYLINE UMBRELLA FUND ICAV

AVAILABLE VIA ISA? YES

AVAILABLE VIA SIPP? YES

PLATFORM AVAILABILITY THE FUND IS AVAILABLE THROUGH ALL MAIN INVESTMENT PLATFORMS

AVAILABLE VIA OFFSHORE BOND YES

REGISTRAR & TRANSFER AGENT NORTHERN TRUST INTERNATIONAL FUND ADMINISTRATOR

CUSTODIAN NORTHERN TRUST FIDUCIARY SERVICES (IRELAND) LIMITED

AUDITOR DELOITTE CHARTERED ACCOUNTANTS


CONTACT

For further information about Levendi Investment Management Limited or the Levendi Defined Return Fund, please contact us:

Levendi Investment Management Limited Cunard House 15 Regent Street St James London SW1Y 4LR

T: 0203 150 2847E: [email protected]: www.levendi-im.com


levendi thornbridge defined return fund...jul 11, 2019 · immediately after the march 2012 paper...

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