Narrapuno SPC Vitruvian Fund

Narrapuno SPC Vitruvian Fund

The fund purchases seasoned, deeply undervalued real-estate mortgage-backed bonds during severe market drawdowns. Because they are seasoned, the bonds are cash-flow-rich with extremely low Loan-To-Value (LTV) levels of 40% to 50%.This means that, even if house prices fall by 50%, like in the great depression of 1933, the value of the bond will still be fully covered by the residual value of the house if sold at depression level prices. To achieve this extraordinary level of collateralization, the bonds are purchased during severe stages of a market correction. During this times, original bonds holders hurt by plummeting prices are forced to de-lever and sell on the auction block large baskets of distressed assets at only a fraction of the market price. The manager can safely buy those bonds as prices fall, because he is protected by the insurance against the real -estate market correction. Hedging insurance is the essential, non-replicable part of the strategy. The investment team has documented expertise implementing this strategy for 25 years, particularly through the 2008 great financial crisis, with audited tracked and equity market beating performance.

Fund Details

Subscription: Monthly with 3 business days notice
Redemption: Quarterly with 95 days notice
Reporting: Monthly NAV
Fund Administrator: Credit Suisse, Luxembourg
Fund Custodian: Credit Suisse, Luxembourg
Fund Auditor: Ernst & Young, Luxembourg
Fund Manager: Ayaltis AG, Zurich

Fund Objectives

Main Strategy: Real Estate Bonds.

Taxation Information

Information on Italy tax reporting upon request to Investor Relations at ir@ayaltis.com
Information on UK tax reporting can be downloaded here.
For information on tax reporting in other countries, please contact Investor Relations at ir@ayaltis.com.

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