PFA Investment Fund - Midgard fixed income fund

The Fund primarily invests and trades both long and short in Government bonds, Mortgage bonds, Index-Linked Bonds, Swaps and Derivatives issued from countries in the European Union, Switzerland, and Norway with a bias towards the Nordic Fixed income markets.

The Fund does not invest in Corporate Bonds. The Fund has maximum flexibility to invest in a wide range of instruments including listed bonds, options, futures, swaps, and other derivative instruments.

The Fund’s investment policy is based on a top-down approach and follows a disciplined investment process divided into three phases; Micro Analysis, Construction and Evaluation/Monitoring. The strategies are divided into three sub-strategies; Yield Curve, Volatility and Relative Value. 

The relative value sub-strategies primarily focuses on the analysis of the investment opportunities in the Danish and Swedish mortgage markets. The Investment Manager believes in a high degree of risk control and in maintaining a diversified and largely uncorrelated portfolio.

To monitor the risk profile of the Fund the Investment Manager receives reports and analysis from both external and internal sources on a daily basis.

Risk numbers

Maximum VaR 95% 1d at 2% of Asset Under Management (AUM)
Maximum DV01 risk of 0.10% of AUM
Maximum leverage of 10 ( except for maturities under 2 years. Defined as notional longs divided by NAV)
Non-hedged currency-exposure limited to 1 times AUM

Objective

The objective is to receive a consistent long-term return at 3 mth Euribor +500 bps.

PFA Investment Fund - Midgard Fixed Income Fund

The Midgard Fund was launched 1 September 2009. As per 1 July 2016 the fund changed name to PFA Investment Fund - Midgard Fixed Income Fund and was re-domiciled from Cayman Islands to Luxembourg as a sub-fund of PFA Investment Fund.

The board members of PFA Investment Fund - Midgard Fixed Income Fund are:

Mr. Pierre Montezin : Chairman
Mr. Peter Fehrn-Christensen
Mr. Emmanuel Bégat

Fund structure

The fund is an Open Ended Luxembourg based Investment Company. Its share class is denominated in Euros and listed on the Irish Stock Exchange. Inception date was 1. September 2009.

For further information and subscriptions to PFA Investment Fund - Midgard Fixed Income Fund, please contact the Administrator GlobeOp: Kasia Brakoniecka : Tel.: + 1 914-670-3836.

This is neither an offer to sell nor a solicitation of any offer to buy shares in any fund managed by PFA Asset Management. Any offering is made only pursuant to the relevant information memorandum, together with the current financial statements of the relevant fund, if available, and the relevant subscription application, all of which must be read in its entirety. No offer to purchase shares will be made or accepted prior to receipt by the offeree of these documents and the completion of all appropriate documentation.