Semi-annual report 2013-06-30

Origin Market Neutral U.S. Equity
Semi-annual report 2013-06-30
MANAGER´S COMMENT
David R. Webb
Origin Investments AB received Finansinspektionen approval Over this period the Fund was substantial y ful y hedged at al to operate the Origin Market Neutral U.S. Equity fund times, employing 200% leverage (100% long/100% short), (the “Fund”) on February 19, 2013. The Fund commenced with 100 long and 100 short positions, and with approximately operation on February 28, 2013 with SEK 7 000 000 in 1% of capital per position. Positions were reselected and assets, and closed the second quarter at June 28, 2013 with rebalanced on the first of each month. This strategy wil be From February 28, 2013 through June 28, 2013, the Fund While the performance history of the Fund is limited, over gained 1.66%, net of fees, versus a 6.77% advance in the these first four months of operation, the Fund exhibited S&P 500 index, including dividends. Stocks were driven desirable characteristics, with a high alpha, negative beta, and broadly by continued massive Federal Reserve intervention.
OBJECTIVE AND INVESTMENT POLICY

The Fund is a non-UCITS fund with a focus on investments in
The total exposure to equity markets of the Fund may be a equities traded on the U.S. markets. The Fund has more maximum of 250%, whereof the total value of long positions liberal investment rules than traditional equity funds. Short may not exceed 125%, and the total value of short positions sel ing is an integral part of the strategy of the Fund, with the may not exceed 125%, of the total value of the Fund. aim of al owing the Fund, over time, to show greater market neutrality than a traditional equity fund. The Management The Fund may not be suitable for investors that intend to Company pursues an investment strategy which, through wel balanced risk-taking, aims to achieve an absolute return independent of overal market direction. The Fund focuses therefore on absolute return, unlike traditional equity funds, which focus on return relative to an index. The Fund may not invest in derivative instruments.
RISK AND REWARD PROFILE
Lower risk
This is because the indicator is based on historical data, which is not a guarantee of future risk and reward.
Typical y lower rewards
The indicator mainly reflects the distribution of returns, but does not reflect the risk of extreme market conditions which could limit the ability of Unit Holders to make subscriptions The risk and reward indicator shows the relationship The Fund mainly invests in companies listed on equity between risk and possible reward of an investment in the markets in the U.S. These markets are general y Fund. The indicator is normal y based on returns of a fund characterized by high volatility. An investment in the Fund over the past five years. However the Fund started on March also entails currency risks. The Fund wil normal y have 1, 2013, and thus has limited performance history. It is the offsetting long and short USD equity positions resulting in judgment of the Management Company that the performance approximately net neutral USD positioning. Proceeds from of the Fund may place it in category 5, which implies a short sales wil normal y be invested in Swedish treasuries, medium risk of both rises and fal s in the unit value. resulting in a net SEK exposure. The Fund does not invest The Fund may, over time, move both to the left and right of Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Risk and return*
Annualized standard deviation (StdDev(x)) *Based on monthly performance since inception. Financial statement as of June 30, 2013
Note 2
Accrued interest income
Total prepaid expenses and
accrued interest income
Total assets
45,487,877
Note 3
Fund cash claim
Liabilities
Total incoming payments
Note 4
Fixed management fee
Total liabilities
-20,245,216
Total deferred income and
accrued expenses
Fund assets
Fund assets
25,242,661
Note 5
Fund cash debt
Sheet items
Total incoming payments
Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Fees and remuneration of the
Management Company
Costs relating to the purchase and sale of
Subscription fee
transferable securities, money market instruments No subscription fee is charged when purchasing and fund units are charged to the Fund. These costs may include commission fees, registration fees and transaction costs. A fee is paid from the Fund to the Redemption fee
Company for management of the Fund, and for the No redemption fee is charged when sel ing the costs of supervision, custody and auditors. Remuneration to the Company includes a fixed fee Maximum fees
The highest possible fees, which the Management Fixed fee
A fee shal be applied to the value of the Fund at an redemption, and for managing of the units annual rate of 1.0%. The fee shal be calculated on according to the Fund Regulations, are stated a monthly basis, and be due for payment on the last below (including the costs for depository, Performance-based fee
The Management Company charges a performance Fixed fee (including depository, supervision and fee of 20% of that part of the overal return for an individual Unit Holder that exceeds the hurdle, which Performance-based fee – 20% of gains above the is defined as the average annual yield on 90-day Swedish treasury bil s on the first banking day of each new quarter of the calendar year. The performance fee is paid monthly on the last bank day of each month. The performance-based fee is calculated after the fixed fee has been subtracted. Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Financial instruments with a positive market value - Equities
Share
Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Financial instruments with a negative market value - Equities
Share
Fidelity National Information Services Inc. International Flavors & Fragrances Inc. Origin Market Neutral U.S. Equity Semi-annual report 2013-06-30
Financial instruments with a positive market value - Instrument
Accrued expenses
Instrument
Accrued interest income segregated client account

Source: http://origininvestments.se/reports/Semi-annual_report_2013-06-30.pdf

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