Team: Sergey Ezimov
History: Go East for Value Fund (“GEV”) was launched in September 2010 based on the research efforts of WAM’s team following the electricity sector in Russia.
Strategy: GEV focuses on longer term, less liquid value investment opportunities with a focus on capital protection over the medium term and owner-managers. The Investment Adviser looks to add value not just by identifying value opportunities, but also by pursuing an activist strategy. Value-add is achieved by proposing improvements in corporate governance, strategy and finance as well as in public, government and international relations. The effect seeks to “extract the diamond from the rough”. Typically, GEV makes minority investments that rely on local partners to lead the business. Still, the inputs by the Investment Adviser are usually taken into consideration by our partners once a case can be made that the proposed changes are in the best interest of all concerned parties. The Fund’s major investment theme is represented by holdings in the Russian electricity sector with a focus on electricity distribution suppliers. The Fund plans to profit from the reform of this sector that is expected to be implemented over the coming years.
Fund Terms:
· End of the month redemptions with 90 days notice.
· Daily liquidity via redeeming share class at redeemer’s cost of $7,500 with up to 180 days to realize.
· Minimum investment size USD100,000.
Performance: