A&Q Masters Fund
Schedule of Portfolio Investments
(Unaudited)
December 31, 2020
| Investment Fund (a) |
Geographic |
Cost | Fair Value | % of Net Assets |
Initial |
Redemption |
Redemption |
First Available Redemption Date |
Dollar Amount of Fair Value for First Available Redemption |
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| Equity Hedged |
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| Alta Park Fund Offshore, Ltd. |
US/Canada | $ | 2,065,922 | $ | 2,663,660 | 4.99 | % | 9/1/2019 | Quarterly | 45 days | 12/31/2020 | (d | ) | $ | 2,234,372 | |||||||||||||||||
| Alvento Long/Short Equity Fund LP |
Europe including UK |
|
1,508,959 |
|
|
1,896,669 |
|
|
3.55 |
|
2/1/2017 |
Monthly |
30 days |
|
12/31/2020 |
|
$ |
1,896,669 |
| |||||||||||||
| Avidity Capital Offshore Fund Ltd. |
US/Canada | 1,700,717 | 1,751,107 | 3.28 | 5/1/2020 | Quarterly | 60 days | 6/30/2021 | (e | ) | $ | 1,751,107 | ||||||||||||||||||||
| Biomedical Offshore Value Fund, Ltd. |
US/Canada | 1,703,982 | 1,706,409 | 3.19 | 1/1/2020 | Quarterly | 120 days | 12/31/2020 | $ | 1,706,409 | ||||||||||||||||||||||
| Brilliant US Feeder 2 Fund Limited |
Greater China | 1,604,445 | 2,593,357 | 4.85 | 8/1/2018 | Monthly | 30 days | 12/31/2020 | $ | 2,593,357 | ||||||||||||||||||||||
| Crake Global Feeder Fund ICAV |
Global Markets | 2,017,034 | 3,076,183 | 5.76 | 11/1/2019 | Monthly | 45 days | 12/31/2020 | $ | 3,076,183 | ||||||||||||||||||||||
| Jericho Capital International, Ltd. |
US/Canada | 2,207,552 | 2,844,961 | 5.33 | 7/1/2020 | Quarterly | 60 days | 6/302021 | (e | ) | $ | 2,844,961 | ||||||||||||||||||||
| MW Eureka Fund |
Europe including UK |
|
3,234,982 |
|
|
4,712,124 |
|
|
8.82 |
|
2/1/2016 |
Monthly |
90 days |
|
12/31/2020 |
|
$ |
4,712,124 |
| |||||||||||||
| Palestra Capital Offshore Fund, Ltd. |
US/Canada | 2,145,169 | 2,313,060 | 4.33 | 9/1/2020 | Quarterly | 60 days | 12/31/2020 | $ | 2,313,060 | ||||||||||||||||||||||
| Perceptive Life Sciences Qualified Fund, L.P. |
US/Canada | 1,060,334 | 2,898,206 | 5.42 | 6/1/2015 | Quarterly | 45 days | 12/31/2020 | $ | 2,898,206 | ||||||||||||||||||||||
| Pleiad Asia Offshore Feeder Fund |
Asia including Japan |
|
2,368,000 |
|
|
3,397,114 |
|
|
6.36 |
|
8/1/2015 |
Quarterly |
60 days |
|
3/31/2021 |
|
|
(f |
) |
$ |
1,132,371 |
| ||||||||||
| Point72 Capital International, Ltd. |
Global | 5,345,245 | 6,928,879 | 12.97 | 5/1/2018 | Quarterly | 45 days | 3/31/2021 | (f | ) | $ | 2,309,626 | ||||||||||||||||||||
| Stamina Fund Ltd. |
US/Canada | 2,511,305 | 2,904,417 | 5.44 | 2/1/2020 | Quarterly | 60 days | 3/31/2021 | (e | ) | $ | 2,904,417 | ||||||||||||||||||||
| Tairen China Fund Ltd. |
Greater China | 1,081,939 | 2,372,405 | 4.44 | 1/1/2018 | Quarterly | 60 days | 12/31/2020 | $ | 2,372,405 | ||||||||||||||||||||||
| TPG Public Equity Partners-B, Ltd. |
Global | 4,236,485 | 6,020,248 | 11.27 | 9/1/2015 | Quarterly | 60 days | 3/31/2021 | (f | ) | $ | 2,006,749 | ||||||||||||||||||||
| Visium Balanced Offshore Fund, Ltd. |
US/Canada | 20,543 | 15,860 | 0.03 | 6/1/2011 | N/A | N/A | N/A | (g | ) | N/A | |||||||||||||||||||||
| Woodline Offshore Fund Ltd. |
Global | 3,375,000 | 3,975,951 | 7.44 | 11/1/2019 | Quarterly | 60 days | 3/31/2021 | (f | ) | $ | 1,325,317 | ||||||||||||||||||||
| York Asian Opportunities Fund, L.P. |
Asia including Japan |
|
1,940,576 |
|
|
2,717,582 |
|
|
5.09 |
|
8/1/2019 |
Quarterly |
60 days |
|
12/31/2020 |
|
$ |
2,717,582 |
| |||||||||||||
|
|
|
|
|
|
|
|
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| Equity Hedged Subtotal |
40,128,189 | 54,788,192 | 102.56 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
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| Total Investment Funds |
$ | 40,128,189 | $ | 54,788,192 | 102.56 | % | ||||||||||||||||||||||||||
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|
|
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| Other securities |
Cost | Fair Value | % of Net Assets |
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| Other securities (h) |
$ | 5,662 | $ | 0 | 0.00 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
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| Total other securities |
$ | 5,662 | $ | 0 | 0.00 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
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| (a) | Each Investment Fund noted within the Schedule of Portfolio Investments is non-income producing. |
| (b) | Available frequency of redemptions after the initial lock-up period, if any. Different tranches may have varying liquidity terms. |
| (c) | Unless otherwise noted, the redemption notice periods are shown in calendar days. |
| (d) | A portion of this holding ($429,288) is under lock-up and is not redeemable. |
| (e) | This holding is under lock-up and is not redeemable without paying a fee. |
| (f) | The Investment Fund is subject to an investor level gate of 25%. |
| (g) | All of the Fund’s interests in the Investment Fund are held in side pockets or are in liquidation and have restricted liquidity. In addition to any redemption proceeds that may have already been received, the Fund will continue to receive proceeds periodically as the Investment Fund liquidates its underlying investments. |
| (h) | The Fund has valued this security received from in-kind distributions from an Investment Fund at $0 and considers it to be a Level 3 investment. |
Complete information about the Investment Funds’ underlying investments is not readily available.
A&Q Masters Fund
Schedule of Portfolio Investments (continued)
(Unaudited)
December 31, 2020
The Fund’s valuation procedures require evaluation of all relevant factors available at the time the Fund values its portfolio. These relevant factors include the individual Investment Funds’ compliance with fair value measurements, price transparency and valuation procedures in place, and subscription and redemption activity.
Portfolio Valuation
Net asset value of the Fund is determined by the Fund’s administrator, under the oversight of the Adviser, as of the close of business at the end of any fiscal period in accordance with the valuation principles or as may be determined from time to time pursuant to policies established by the Board of Trustees.
The investments within the scope of ASC 820, for which fair value is measured using NAV as a practical expedient, should not be categorized within the fair value hierarchy. The total fair value of the investments in Investment Funds valued using NAV as a practical expedient is $54,788,192. Additional disclosures, including liquidity terms and conditions of the underlying investments, are included in the Schedule of Portfolio Investments.
The Investment Funds in the equity hedged strategy (total fair value of $54,788,192) generally utilize fundamental analysis to invest in publicly traded equities investing in both long and short positions seeking to capture perceived security mispricing. Portfolio construction is driven primarily by bottom-up fundamental research; top-down analysis may also be applied. As of December 31, 2020, the Investment Funds in the equity hedged strategy had $28,251,965, representing 52% of the value of the investments in this category, subject to investor level gates and/or lock-ups. Included in this amount is $7,929,773, representing 14% of the value of the investments in this category, that cannot be redeemed in full because the investments include restrictions that do not allow for redemptions in the first 12 months after acquisition. The remaining restriction period for these investments ranges from 1-6 months at December 31, 2020. An investment representing less than 1% of the value of investments in this category is held in side pockets; therefore, the redemption notice period is no longer effective for this investment and the liquidation of assets is uncertain.
Investment Funds with no current redemption restrictions may be subject to future gates, lock-up provisions or other restrictions, in accordance with their offering documents. The Fund had no unfunded capital commitments as of December 31, 2020.
Please refer to the September 30, 2020 financial statements for full disclosure on the Fund’s portfolio valuation methodology.