Notice to Shareholders - Liquidation US Survey Market Neutral
Alandsbanken US Survey Market Neutral is an actively managed long/short equity fund that invests in the American stock market. The Fund's objective is to achieve returns above traditional equity investments through active stock selection and controlled market exposure. The stock selection is based on the results of a recurring survey of customer satisfaction in the United States (American Customer Satisfaction IndexTM). The starting point in the management is that satisfied customers have a positive impact on a company's long-term results. That in turn affects the company's future revenues and cash flows relative to its competitors and thus the development of the share price. Lower customer satisfaction companies' shares are also included as short positions in the portfolio. There are few market participants who actively investigate and follow these basic connections, an omission that creates unique investment opportunities for the fund.
The managers analyse and compare companies based on how customers perceive their product or service, and how that view changes over time. Since the importance of customer satisfaction varies between different industries and sectors, the companies are analysed relative their own peer group. The fund aims to have a net exposure of zero percent and will use financial derivative instruments to reduce risk but also to increase returns.