Loftus Peak has announced it has “joined forces” with Orca Funds Management to further its disruption funds footprint.
It has taken over as investment manager of the Orca Global Disruption Fund as of 1 March 2024, driving its funds under management (FUM) to over $700 million.
“Loftus Peak and Orca have both been managing a disruption strategy for some years; Loftus Peak from 2014 and Orca since 2016. The management teams have watched and respected one another from a distance as competitors, while both appreciating the importance of the disruption thematic,” the firm stated.
It said bringing the portfolios together would deliver a “stronger, more sustainable and scaleable global disruption capability” with a combined investment team of eight, including Orca’s Raymond Tong who moves over as head of research.
According to a significant event notice issued last week, the fund’s existing investment committee was disbanded upon novation of the investment management agreement, although there would be no change in the fund’s investment strategy.
A revised product disclosure statement and target market determination is expected later this month.
“There are no increases to the fees and expenses applying to the fund or the investment strategy or objectives associated with the change of investment manager,” Loftus Peak added.
As at 31 January 2024, the Orca Global Disruption Fund returned 8.7 per cent compared to the broader MSCI AC World Index of 4.2 per cent. Since inception, it has delivered 13.7 per cent per annum compared to the market 11.8 per cent per annum.
It holds anywhere between 10 to 30 stocks, which included Nvidia, Microsoft, TSMC, Spotify, and Mastercard among its top 10 holdings.
Meanwhile, the Loftus Peak Global Disruption Fund gained 7.5 per cent net of fees over January, outperforming its benchmark MSCI AC World Index. Since inception, it has returned 20.26 per cent per annum.
