Samurai Fund

Investment

Samurai Fund will invest in the LIM Japan Event Master Fund (LJEF)

Objective 

To deliver positive absolute returns over the longer term and to outperform the relevant benchmark of the underlying investment. Returns are not guaranteed

Trustee 

Eleuthera Investments

Custodian 

Perpetual Corporate Trust

Administrator 

William Buck Funds Administration (SA)

Auditor

Australian Audit

Currency 

Applications and redemptions: Australian dollars 

Base currency of Fund Portfolio: Japanese Yen

Currency hedging 

Unhedged

Inception date 

1 November 2025

Suggested investment timeframe 

At least five years

Minimum investment

$AUD 500,000 (or lower amount at the discretion of the Trustee) (Wholesale investors only)

Application frequency 

Monthly, with 5 business days written notice

Redemption frequency 

Monthly (when available, subject to cash flow matching), with 14 days written notice. Quarterly, with 90 days written notice

Distribution frequency 

Annually

The underlying Fund Portfolio, the LIM Japan Event Fund ("LJEF"), is a long-term Japan engagement investor.  The LJEF seeks to invest in companies that are trading substantially below their intrinsic value, are cash rich and have undervalued assets, and works, when necessary, through engagement to increase the companies' intrinsic and market value.

1. Start with a value lens. We believe in generating attractive returns by investing in cheap companies undertaking positive corporate change

2. Identify Mispriced companies. Identify companies voluntarily undergoing change, or that present compelling opportunities for re-rating, subject to undertaking corporate change

3. Take Proactive Approach to Unlocking Value. Proactively identify and create or accelerate catalysts for unlocking value

Case by case

The LJEF seeks to enhance returns by engaging with companies to help unlock their full potential. LIM's approach varies for each investment

Mainly Privately Negotiated Proposals

While flexible across all styles of engagement, the majority of LIM's investments cluster in the ‘hard’ activist, privately negotiated style

Focus on Governance Reform

Improving corporate governance enhances operational efficiency, which can in turn lead to stronger financial performance and increased shareholder returns

Target holding period

2 - 3 years for core positions

Positions

8 - 10 core positions

15 - 20 closely monitoring or scaling up/down

Many 'one unit' positions (typically 100 shares)

Positions sizing

Target greater than 3% of voting shares for core positions (and typically less and 5% of voting shares)

5% to 10% of portfolio net asset value for top positions

Hedging and leverage

Single name and portfolio hedges for risk management. Low leverage

Risk monitoring

Daily monitoring, Monthly Risk and Portfolio Reviews 

• The Fund offers the potential for capital growth over the medium to long term

• The Fund is focused and provides unique access to invest in small and medium sized listed Japanese companies

• The LIM Japan Event Master Fund is managed by an experienced, and uniquely positioned team

• The Trustee has extensive experience researching and monitoring investment managers

The Samurai Fund’s investment in the LIM Japan Event Master Fund is subject to the Private Placement Memorandum of the LIM Japan Event Master Fund (as amended from time to time). Investors are encouraged to contact Eleuthera Investments to request a copy of this document. 

Any investment involves investors assuming a degree of risk. This risk may involve losing money on a particular investment opportunity, or the opportunity not providing the returns anticipated by the investor.

There can be no guarantees that an investment in the Samurai Fund will meet an investor’s expectations.

In considering an investment in the Samurai Fund, each potential investor should consider their own risk appetite and whether the risk profile of the Samurai Fund is consistent with their investment objectives.

Listed below are a number of risk categories that potential investors should consider in deciding whether to invest in the Samurai Fund. This list is not intended to be exhaustive, and potential investors should consider other risk factors which may apply.

• Manager performance risk

• Fund strategy risk

• Market/macroeconomic risk

• Liquidity risk

• Counterparty risk

• Industry risk

• Concentration risk

• Political and legislative risk, and

• Foreign exchange risk

For further information about the key risks associated with Samurai Fund, please read the Information Memorandum.