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Super fund tops up Tribeca mandate

Jun Bei Liu's long/short Australian equities fund has won a $300 million top up from a superannuation fund, as it inches back towards its old size.

UniSuper recently added about $300 million to its allocation to Tribeca Alpha Plus Fund and now has a total of roughly $630 million invested via the fund, Financial Standard understands.

Tribeca Alpha Plus has been running since 2006 but had a rough start to last year, as returns stalled and Liu's long-standing co-portfolio manager Sean Fenton left to start a new boutique, called Sage Capital.

Fenton's April 2019 departure cost the fund two team members (Peter Moore and James Delaney, who crossed over to Sage), almost instantaneous rating cuts from Zenith and Morningstar, and a $600 million outflow from a single institutional client.

By August last year, the fund was down to $331 million - a third of its pre-April size.

Liu took over as the sole portfolio manager following Fenton's departure, hired two analysts and the fund has since restored to above-benchmark returns.

The fund delivered 3.37% in the year ending August, 2020 better than its benchmark S&P/ASX 200 Accumulation Index's -5.08%.

Ratings have started to come back as well, with an approved from Zenith and investment grade from Lonsec.

UniSuper stuck with Tribeca through the leadership changes and last year's underperformance, after allocating to the Tribeca strategy since late 2017.

Tribeca Alpha Plus also survived UniSuper's trimming of its external manager lineup in August 2019, where it terminated three of 14 external Australian equities managers.

Meanwhile, Sage Capital has had a good year of performance as well.

Its CC Sage Capital Equity Plus Fund reported 4.41% return since its August 2019 inception to last month's end, better than the benchmark (S&P/ASX200 Accumulation Index)'s -3.79%. Sage's two funds just got rated recommended ratings from Lonsec.

Read more: UniSuperJun Bei LiuTribeca Alpha Plus FundTribeca Investment Pratners
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