TT Mid-Cap Europe Long/Short Fund B USD - Markets Data

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Funds TT Mid-Cap Europe Long/Short Fund B USD

• 
• 

0P0000SKSPTT Mid-Cap Europe Long/Short Fund B USDActions

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• Price (USD)530.46
• Today's Change-6.16 / -1.15%
• 1 Year change+4.62%

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Profile and investment

Fund type	Unstructured Hedge Fund
Income treatment	--
Morningstar category	--
IMA sector	--
Launch date	30 Mar 2005
Price currency	GBP
Domicile	Cayman Islands
ISIN	--
Manager & start date	John Hobson12 Jul 2004David Grimbley12 Jul 2004

Pricing frequency	Monthly
Fund size	66.13m GBPAs of Jan 31 2026
Share class size	269.07m GBPAs of Nov 30 2011
Ongoing charge	--
Initial charge	--
Max annual charge	--
Exit charge	0.00%
Min. initial investment	371,900.00 GBP
Min. additional investment	--
Min. regular investment	--
UK ISA	--

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Objective

The Fund will invest primarily in mid-cap European equities long and short. It will consist primarily of publicly traded equity securities and related derivatives of companies with a market capitalisation below €4 billion at cost and established or operating in Europe. The Fund may, incidentally, invest in securities issued by companies with larger capitalization, or in other developed or less developed equity markets. The approach is opportunistic and stock specific. It is based on fundamental, bottom-up research, though top-down views may suggest themes from time to time. Ideas are generated through first-hand analysis, which is valuation based using the appropriate metrics. Preferred measures are simple: eg: PER; EV/Sales; P/NAV; FCF yield. The primary source of alpha is intensive company visiting, preferably on the companies’ home territory, and carried out by the managers themselves. Informed discussion at a senior level is key to understanding a company’s prospects. As mid and small cap is an inefficient space in terms of newsflow, and the quality of sell-side coverage is variable, it is possible to gain an information advantage relative to the market. A lateral read is gained from suppliers, competitors and customers, which may add to confidence in the investment case, or suggest other ideas in their own right. Equally important for the verification of ideas and for timely information is the personal contact maintained with a network of local brokers. Additional cross-referencing is gained from the big-cap sectoral knowledge and research resources of TT. Big-cap themes often lead mid-cap, so this may also be a source of ideas. We aim to make money out of our ideas by identifying the key drivers of the share price. When we see a divergence between what we expect a company's prospects to be, based on our research, and what is discounted in the market, we will invest, provided that there is a catalyst to trigger the closing of the discrepancy. Typically this would be earnings delivery versus consensus. The portfolio will consist of a diversified combination of four investment themes, or modes of implementation: structural, relative value, cyclical and special situations. It will typically contain 60-90 stocks, long and short, with individual positions typically 2-5% of NAV. Gross exposure will generally be between 150 and 200%, and net exposure generally between –25 and +50%, though on an unadjusted basis the numbers may be substantially different from time to time. The investment style is flexible and pragmatic with a median time horizon of one month. Structural longs or shorts may have 3-6 month time horizons, with even longer underlying views, but the managers will trade around those positions. Relative value positions might be 1-3 months. Cyclical plays might be 3-9 months. Special situations however may be turned around in a day.    More ▼

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The performance data shown in tables and graphs on this page is calculated in GBX of the fund/index/average (as applicable), on a Bid To Bid / Nav to Nav basis, with gross dividends re-invested on ex-dividend date. Past performance is not necessarily a guide to future performance; unit prices may fall as well as rise.The videos and white papers displayed on this page have not been devised by The Financial Times Limited ("FT"). FT has not selected, modified or otherwise exercised control over the content of the videos or white papers prior to their transmission, or their receipt by you. The videos, white papers and other documents displayed on this page are paid promotional materials provided by the fund company. Any prospectus you view on this page has not been approved by FT and FT is not responsible for the content of the prospectus.The information made available to you does not constitute the giving of investment advice or an offer to sell or the solicitation of an offer to buy any security of any enterprise in any jurisdiction. The securities listed above are not registered and will not be registered for sale in the United Sates and cannot be purchased by U.S. investors as the securities can only be purchased in jurisdictions where they have been registered for sale or where an exemption from registration applies. The offer, sale or delivery of the securities within the United States or to, or for the account or benefit of, U.S. Persons is not permitted except pursuant to an exemption from registration under U.S. securities laws, which may not be available; and the availability of the information through the website does not alter or change the persons eligible to purchase the security.All managed funds data located on FT.com is subject to the FT Terms & ConditionsAll content on FT.com is for your general information and use only and is not intended to address your particular requirements. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by FT and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.All data shown on this page, unless noted otherwise is Data Source and Copyright: Morningstar, Inc. 2026 All Rights reservedwww.morningstar.com© 2026 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.Pricing for ETFs is the latest price and not "real time". Share price information may be rounded up/down and therefore not entirely accurate. FT is not responsible for any use of content by you outside its scope as stated in the FT Terms & Conditions.