Cadence Opportunities LIC (IPO)
Cadence Capital are currently raising capital for their new LIC, the Cadence Opportunities Fund (ASX: CDO). The fund has received the highest available recommendation “Recommended” by Independent Investment Research.
Cadence are an independent boutique asset manager, with a strong track record of delivering above average returns over a 13-year period. Their investment strategy combines both fundamental and technical research, with the ability to trade both long and short domestically and internationally.
Karl Seigling and the Cadence team have a substantial portion of their own wealth in the existing fund and will also be investing personally in the new fund.
Cadence Opportunities Investment Methodology
Cadence Opportunities will employ a similar methodology to their flagship fund, Cadence Capital (ASX: CDM), however with an active tilt towards investing over shorter time frames.
Cadence believes the LIC can deliver above average risk adjusted returns by exploiting the short to medium term volatility with price trends ranging from 6 to 18 months.
Just one example, the banking index has essentially traded sideways for 5 years while the range is approximately 2000 points or 28% presenting opportunities to trade the volatility.
Cadence has also historically delivered alpha through Placements, Share Purchase Plans, Takeover Arbitrage, Dividend Arbitrage and more.
The existing fund generally aims to hold longer term trades over a one to 6-year horizon.
With uncertainty in Global Markets, Cadence are humbly only raising $100 million with overs taking the total raise to $200 million.
Cadence may have come to the market at a difficult time to raise capital, however once funded believe they will be well positioned to take advantage of the current volatility.
Their existing fund generally trades close to the NTA, partly due to their ability to deliver consistent long term above average returns and also Cadence’s commitment to engage with shareholders via regular updates, podcasts and webinars.
Cadence Asset Management are paying all fees and expenses related to the offer resulting in an NTA equal to the listing price on day one.
Cadence Capital LIC Returns
Cadence Capital Limited (CDM) has returned 13.2% over 13 years after fees. Since inception the gross total return is 453% versus the 124% for the All Ordinaries Accumulation Index.
Cadence and the team are the largest investors in the CDM strategy, aligning interests with shareholders.
Download the Cadence Opportunities LIC Prospectus and IRR Report
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