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| Fund Overview | Life Settlements are resold life insurance policies and can be thought of as a form of finance extended to an individual backed by the person's life insurance policy. This financing is repaid upon maturity by collecting the death benefit from the insurance company. Risk mitigation measures implemented by Laureola include science-driven due diligence of policies, active monitoring of insured through a vertically integrated operation, and investor aligned fund design. |
| Manager Comments | The Laureola Investment Master Fund rose +0.43% in February, taking 12-month performance to +8.85% with a volatility of 2.08%. Since inception in May 2013, the Fund has risen +16.05% p.a. with an annualised volatility of 5.57%. By contrast, the S&P500 Total Return Index has returned +14.02% p.a. with an annualised volatility of 13.64% over the same period. The Fund has achieved a down-capture ratio since inception of -37.45%, indicating that, on average, it has risen during the market's negative months and highlighting the Fund's non-correlated nature. Hedged into AUD, the Laureola Australian Feeder Fund rose +0.3% in February (see the latest report for the AUD feeder fund's historical monthly returns). The Master Fund's performance in February was driven by the maturity of two smaller policies and the purchase of policies at below market prices. Realised gains made up 70% of total gains last month for the Fund. Laureola believe the key to the Fund's long-term returns has been consistency; 77.7% of the fund's historical monthly returns have been between 0% and 3%, while only 2.2% have been below 0%. They noted that to achieve this consistency, they Fund must be genuinely non-correlated and be able to perform when traditional markets decline - this is demonstrated by its down-capture ratio (since inception) of -37.45% as mentioned above. |
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