Kinsale Navigator Fund
Kinsale Capital Management launched Kinsale Navigator Fund on 1st April 2014
Kinsale Navigator Fund is a Global Value Equity Fund and aims to provide above average capital appreciation over the long-term while attempting to minimise the risk of capital loss.
Kinsale Navigator Fund is up 32.89% after all fees since inception in April 2014.* This return has been achieved with an average cash holding of 33%.
Pierre Py of First Pacific Advisors (FPA) is the portfolio manager of Kinsale Navigator Fund. Pierre Py is an experienced value investor. Prior to joining FPA, Pierre worked with renowned value investment firm Harris Associates and also with Goldman Sachs.
Kinsale Navigator Fund employs the same investment process as Pierre’s International Value Fund Strategy which he has managed since inception in December 2011.
The International Value Fund has achieved performance of 90.66% since inception in December 2011*. The MSCI World ex US returned 48.96% over the same period.
This return has been achieved with an average cash holding of over 30% since inception. The high cash holding demonstrates the conservative nature in which these high quality risk-adjusted returns have been achieved.
Absolute Value: Fund seeks genuine bargains rather than relatively attractive ones. This may lead to the Fund holding large amounts of cash if genuine bargains are in short supply. The Fund is benchmark agnostic.
Long-term: The Fund has a long-term contrarian approach. In principle, the Fund invests as a business owner with an infinite time horizon. In practice, stocks are expected to be held for an average of 5 years.
Bottom-up: Stocks are selected and valued based on underlying business fundamentals. The Fund invests exclusively in well-managed, high quality businesses with the financial strength to withstand and benefit from market dislocations.
Concentrated: The Fund focuses on best ideas with no more than 25 to 35 companies held at any time. The most attractive names are given the biggest weightings in the portfolio.
Research-Driven: There is an extensive research and valuation process undertaken prior to making an investment. Research is fundamental, bottom-up and time intensive.
Downside Protection: The Fund invests in companies with strong balance sheets, avoiding highly leveraged businesses, poor business models and value destructive management teams. The Fund will only invest in a stock when it trades at a significant discount to the estimate of intrinsic value.
Kinsale Navigator Fund does not use leverage, derivatives**, nor employ naked shorting.
Kinsale Navigator Fund is structured as an Irish domiciled QIAIF (Qualifying Investor Alternative Investment Fund), it is not available to U.S. investors.
Kinsale Navigator Fund is suitable for long-term investors only. It has a lock-up period of 1-year.
*to the end of June 2020 (June 2020 for the International Value Fund), further performance related information is available on request.
**exclusive of currency hedging.