Bramshott Europe is a long/short equity fund with assets under management of $135M as of February 1, 2014. It is managed by Paul Findley.
The net performance of the fund for its lead share classes since its inception on May 2, 2011 is as follows:
The fund has a fee structure of 1.75%/20%.
January performance
The NAV of the fund was down 0.31% (EUR share class) in a month marked by heavy volatility as the Stoxx 600 had risen 2.5% by mid-January but then fell nearly 6%. The Stoxx 600 ended January with losses of 1.75%, and the fund, therefore, outperformed the benchmark handily.
The hedge fund attributes the market volatility to the Fed taper’s impact on emerging markets, according to a letter to shareholders reviewed by ValueWalk.
“We navigated this volatility well with our exposures remaining broadly constant,” says the fund’s report. “We took profits in financials in the early part of the month, taking advantage of the sharp rally and we increased our industrial shorts, as we took the view that the market was being complacent regarding earnings risks.”
Europe: Country-wise exposure
The Bramshott Europe Fund has the highest gross and net long exposure to the U.K. On the other hand it is net short on Spain, its smallest exposure.
| Country | Long | Short | Gross | Net |
| United Kingdom |
32.40% |
-17.60% |
50.00% |
14.80% |
| Sweden |
12.80% |
-3.50% |
16.30% |
9.30% |
| Netherlands |
11.80% |
-4.10% |
15.90% |
7.60% |
| France |
15.30% |
-8.90% |
24.10% |
6.40% |
| Germany |
16.10% |
-11.20% |
27.30% |
4.90% |
| Denmark |
4.60% |
-1.90% |
6.40% |
2.70% |
| Ireland |
1.70% |
0.00% |
1.80% |
1.70% |
| Switzerland |
4.90% |
-3.50% |
8.40% |
1.40% |
| Belgium |
1.30% |
-0.10% |
1.40% |
1.20% |
| Portugal |
0.00% |
0.00% |
0.00% |
0.00% |
| Austria |
0.90% |
-1.60% |
2.50% |
-0.60% |
| Norway |
0.00% |
-1.10% |
1.10% |
-1.10% |
| Finland |
0.90% |
-2.50% |
3.40% |
-1.60% |
| Luxembourg |
0.00% |
-1.80% |
1.80% |
-1.80% |
| Italy |
1.60% |
-5.70% |
7.30% |
-4.00% |
| Spain |
0.00% |
-5.20% |
5.20% |
-5.20% |
| Total |
104.30% |
-68.70% |
173.00% |
35.70% |
Sector-wise exposure
Sorting the fund’s sector exposure table we find that its largest exposures are net longs in the Communications as well as in the Consumer, Cyclical sector.
The Bramshott Europe Fund is net short in Basic Materials, Utilities and Consumer, Non-cyclical sectors.
| Sector | Long | Short | Gross | Net |
| Communications |
16.90% |
-2.10% |
19.00% |
14.70% |
| Consumer, Cyclical |
17.80% |
-3.30% |
21.10% |
14.50% |
| Industrial |
23.30% |
-13.70% |
37.00% |
9.50% |
| Financial |
22.00% |
-14.70% |
36.70% |
7.30% |
| Technology |
4.90% |
-2.40% |
7.40% |
2.50% |
| Energy |
4.30% |
-4.00% |
8.20% |
0.30% |
| Diversified |
0.00% |
0.00% |
0.00% |
0.00% |
| Basic Materials |
8.80% |
-9.20% |
18.00% |
-0.30% |
| Utilities |
0.00% |
-5.50% |
5.50% |
-5.50% |
| Consumer, Non-Cyclical |
6.40% |
-13.70% |
20.00% |
-7.30% |
| Total |
104.30% |
-68.70% |
173.00% |
35.70% |
Top positions
The following are the fund’s top long positions:
Bramshott Europe fund outlook for 2014
The Bramshott Europe Fund’s stock picking abilities enable it to spot long opportunities in deep value, restructuring as well as high quality defensive growth stocks.
“Given the inauspicious start to earnings season in Europe and increasing risks to emerging markets exposure, we are certainly finding lots of short opportunities as the market rallies in February,” is the fund’s view on the short side.
