YOUR PATH TO LONG TERM ALPHA
YOUR PATH TO LONG TERM ALPHA
YOUR PATH TO LONG TERM ALPHA
Regulatory Status & Structure
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Fraser Kerridge Management Ltd (“FKM”) is a company incorporated in the United Kingdom and operates as an Appointed Representative of CAL Investments Ltd, which is authorised and regulated by the Financial Conduct Authority (“FCA”).
Under this arrangement, CAL Investments Ltd provides regulatory hosting, compliance oversight, and governance supervision in accordance with applicable FCA rules and regulatory requirements.
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Role of Fraser Kerridge Management Ltd
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FKM acts as the Investment Management Company (“IMCO”) in relation to Seven Sisters Capital Ltd (the “Fund”).
In this capacity, FKM is responsible for:
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Portfolio management
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Investment strategy implementation
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Asset allocation and portfolio construction
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Ongoing monitoring and management of the Fund’s investments
FKM performs these functions under the regulatory supervision and compliance framework provided by CAL Investments Ltd.
Role of CAL Investments Ltd
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As the FCA-authorised principal firm, CAL Investments Ltd is responsible for:
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Regulatory oversight and supervision of FKM
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Compliance monitoring and regulatory reporting
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Governance and risk management oversight
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Ensuring adherence to applicable FCA rules and regulatory standards
CAL Investments Ltd does not act as the issuer of the Fund, the investment vehicle, or the counterparty to any investment transaction.
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Fund Structure
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Seven Sisters Capital Ltd is an investment fund incorporated in the British Virgin Islands.
The Fund is responsible for the majority of its operational and administrative functions, including but not limited to:
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Fund formation and corporate governance
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Subscription processing and capital acceptance
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Investor communications
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Regulatory disclosures and reporting obligations
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Fund administration and operational management
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Investor Communications & Investment Decisions
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FKM does not solicit or accept investments from the public, and does not provide investment advice to investors.
No information published by, distributed by, or attributable to FKM should be construed as:
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an offer to sell securities
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a solicitation of an offer to buy securities
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a recommendation to invest in any financial instrument or fund
Any investment decision must be made solely on the basis of the official offering documents issued by Seven Sisters Capital Ltd.
Prospective investors should rely exclusively on authorised communications and disclosures issued by the Fund.
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Limitation of Responsibility
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FKM accepts no responsibility or liability for any investment decision made in reliance on information obtained outside the official materials issued by Seven Sisters Capital Ltd.
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Investment Philosophy
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We pursue a concentrated, high-conviction investment approach grounded in rigorous fundamental research. We believe that a select portfolio of deeply understood opportunities is more likely to generate superior risk-adjusted returns than broad diversification across marginal ideas.
Capital preservation is the foundation of our process. We recognise that avoiding permanent impairment of capital is mathematically more impactful than maximising upside participation. Accordingly, the strategy operates on an unlevered basis at all times.
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Portfolio Construction
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The strategy invests in global listed equities within a predominantly long-only framework, maintaining a concentrated portfolio typically comprising 8–20 positions.
A core–satellite structure underpins portfolio construction. Core positions reflect multi-year structural themes and represent the primary drivers of returns, while satellite positions, with shorter investment horizons (typically 3–12 months), provide tactical flexibility and opportunistic exposure.
Portfolio management responsibility is deliberately decentralised. Two independent portfolio managers each oversee a distinct allocation of capital, with all investment decisions subject to dual approval. This structure is designed to enhance decision quality, enforce discipline, and mitigate key-person risk.
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Global Regime Monitoring Framework
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A central component of the investment process is a proprietary global monitoring framework, designed to systematically assess cross-asset market conditions on a continuous basis.
This framework evaluates a range of factors including market regime classification, cross-asset correlations, volatility dynamics, investor sentiment, sectoral momentum, and regime transition probabilities.
The resulting insights directly inform all stages of the investment lifecycle—from idea generation and position sizing to timing of entry and risk calibration. The objective is to align portfolio exposures with prevailing market conditions while avoiding mis-timed deployment of capital.
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Risk Management & Drawdown Control
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Risk management is embedded at the portfolio construction stage and remains integral throughout the investment lifecycle.
Pre-defined drawdown thresholds are established prior to initiating any position, supported by a structured escalation framework incorporating colour-coded risk triggers (Green / Amber / Red). Each level corresponds to mandatory, pre-determined actions, ensuring a disciplined and systematic response during periods of stress.
The strategy’s zero-leverage policy eliminates the risk of margin calls and forced deleveraging. Position sizing is tightly controlled, and liquidity is continuously monitored to ensure the portfolio can be efficiently adjusted under varying market conditions.
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Alignment & Structure
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The managing directors maintain significant personal capital invested alongside clients, ensuring strong alignment of interests.
The fee structure comprises a management fee and a performance fee subject to both a hurdle rate and a high-water mark, reinforcing a pay-for-performance model.
The fund is established as a regulated BVI Incubator Fund and is available exclusively to professional and sophisticated investors.
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Conclusion
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We do not view idea generation as a binding constraint. Rather, we believe that consistent performance is driven by disciplined capital allocation within the appropriate market regime.
By integrating deep fundamental research with a systematic, cross-asset understanding of global market conditions, we aim to construct a concentrated portfolio capable of delivering resilient, risk-adjusted returns across cycles.