Chanos & Co Equity L/S Fund





Chanos & Co Equity Long / Short Fund

The Chanos & Co Equity Long/Short Fund targets short based alpha with a variable, but average 20% net long to broad equity markets

Chanos & Co Strategy

  • The Chanos & Co Equity Long / Short fund is a daily liquidity UCITS fund managed by Green Ash but sub-advised by Chanos & Co
  • It is a unique long / short strategy with a variable net (+/-40%) exposure. Alpha is generated on the short side and risk-managed with passive long positions
  • The strategy aims to create short alpha from Jim Chanos’ +37 year track record in fundamental research
  • It is designed for all market environments but thrives in challenging times when investors need it the most
  • The strategy aims to add value in a portfolio context due to its low correlation with equity markets and lower beta vs. most L/S funds

Jim Chanos and Chanos & Co

  • Chanos & Co is a global investment firm founded in 1985 by Jim Chanos
  • Jim Chanos, a Wall Street legend, is a world renowned short seller best known for predicting Enron’s demise. He is famed for methodically identifying fraud and other systemic inefficiencies and expressing short positions on those companies
  • “We read footnotes for a living and try to find value wherever the market excesses are” Jim Chanos

Investment Parameters

Strategy Characteristics

  • Equity Long / Short strategy with variable exposure (+/-40% net)

  • Fundamental research process identifies short company ideas

  • Short ideas are mostly implemented via a dynamic basket of options

  • Long book implemented via passive index longs to risk manage shorts

  • Net Length expected to be +20% average over time

Fund Characteristics

  • Daily liquidity
  • Luxembourg UCITS IV regulated fund structure
  • Hedged Share classes in EUR, USD, CHF
  • Founder and Institutional
Fee Structure
Founder Share Class 0.9% Mgmt  / 20% Perf Fee
Institutional Share Class 1.20% Mgmt / 20% Perf Fee
Category Fund Exposure
Net Range +/- 40%
Max Gross 200%
Max Position 10%
Expected Volatility 10% – 18%
Correlation to S&P 500 0.05

Portfolio Characteristics

The tables below show positioning as of February 28th 2023
Exposure (% of Equity) Month End YTD Average
Long 81.82 90.82
Short (65.77) (71.00)
Gross 147.59 161.82
Net 16.06 22.05

 

Short Portfolio (% of Equity) Net Exposure
Consumer Discretionary -15.74%
Real Estate -13.67%
Financials -11.74%
Industrials -6.70%
Consumer Staples -5.94%
Information Technology -5.48%
Healthcare -3.11%
Utilities -1.51%
Energy -1.44%
Total -65.23%

 

Performance History

Historical fund returns for the Chanos & Co Equity Long / Short Fund
 Historical Years 2022
Chanos & Co Equity Long / Short (USD F) 5.20%
YTD 2023 Jan Feb YTD
Chanos & Co Equity Long / Short (USD F) -5.87% -4.19% -9.21%

Document Downloads

Monthly Factsheets
  • February 2023
  • January 2023
  • December 2022
  • November 2022
Media Coverage
  • Jim Chanos Introductory Video (6 mins)
Archive factsheets
Other documents
  • Prospectus
  • USD F KIID
  • USD I KIID
  • EUR F H KIID
  • EUR I H KIID
  • CHF F H KIID
  • CHF I H KIID