Generating value Across generations
ASA 140Summer Strategy
Investment objective
Deliver significant returns by taking long exposure to equity and credit, primarily in the US and Europe, with hedges. The fund pursues this objective by investing in a special situations hedge fund called 140 Summer Partners.
Key Information
- Fiduciary Structure: Cayman Islands Segregated Portfolio Company
- Investment Manager: ASA Asset (Bahamas) Ltd.
- Benchmark: None
- Base Currency: USD
- NAV Calculation Frequency: Monthly
- Liquidity Terms:
- Subscription: Monthly
- Redemption: Quarterly
- Notice: 5 days for subscription and 65 days for redemption requests
- Fund Level Gate: 25%
- Lock Up: 12 months
Investment Strategy
An opportunistic long/short strategy investing across the capital structure — including both debt and equity — with a focus on company-specific and complex situations that tend to have lower correlation to broader markets.
The flexible mandate allows exposures to adjust dynamically and employ hedges, seeking to capture opportunities and maximize returns in more volatile market environments.
Portfolio Role
140 Summer Partners launched in 2020 and manages approximately $2.6 billion in assets under management. Since inception, the strategy has generated excess returns of 8.9%, with annualized volatility of 9.4% and a Sharpe ratio of 0.94, delivering total nominal returns of 12.1% per year. Led by an experienced investment team of seven professionals, the fund invests primarily in the United States, applying a fundamentally driven and highly opportunistic approach across market cycles. Investing in 140 Summer Partners provides exposure to differentiated special situations opportunities across both credit and equity markets. The long-biased portfolio invests flexibly in stressed and distressed credit, performing credit, event-driven situations, and fundamentally driven long and short equities, as well as non-corporate credit instruments. The strategy may also utilize derivatives, swaps, loans, trade claims, and receivables allowing exposures to shift dynamically to capture dislocations and maximize returns in complex and volatile environments.