Introduction to the Pantera Investment Grade Strategies Fund
The Pantera IGS Fund is a cash settlement fund that invests in time deposits at counter-party banks, and uses them as cash collateral to purchase investment-grade Medium Term Notes and Bonds issued directly from European banks for immediate re-sale to financial institutions at a profit. Pantera offers investors the principal protection of bank time deposits with the ability to trade new-issue bank MTNs and Bonds for immediate profits. The frequency and volumes of these trades are dependent on the cash investments Pantera has at counter-party banks in order to purchase and sell tranches of large, wholesale MTN issuances, and the Fund intends to trade with as as much volume as permitted to optimize performance.
Pantera is the first institutional fund to be listed on the Luxembourg Stock Exchange to take part in new-issue MTN programs using a low-risk trading strategy of managed purchase, sale, and immediate settlement of bank MTNs and Bonds. The Pantera IGS Fund buys and sells the MTNs and Bonds simultaneously at a profit, and does not take a long position.
The NAV of Pantera is simply a function of the sum of the cash within the time deposits and the trading account at the custodian bank RBC Dexia Investor Services, inclusive of profits, calculated per month. Therefore, the NAV is expected to have low volatility and upward momentum.