OPERA Za 3 Grosze CEIF (Closed-Ended Investment Fund) is in fact the strategy of the time-tested fund OPERA CEIF available to a broad group of investors as a WSE-listed fund. In other words, it is a combination of a strategy available only from a closed-ended fund (short positions, private equity, futures contracts, arbitrage, options, commodities, commercial papers) with day-by-day liquidity typical of open-ended funds with a daily exchange pricing.

The long-standing cooperation with our clients has helped us construct a fund responding to frequently voiced expectations and preferences. They all share a common concept: that of managing clients’ assets like our own. OPERA managers select markets, sectors, and asset categories (equities, bonds, commodities, real property, currencies, etc.) to invest Fund assets. Pursuant to our investment policy, managers may both buy instruments and sell them short. As a result, we see strong market volatility as an opportunity rather than a threat. You can earn not only on bull markets; in fact, anyone can do that. OPERA ZA 3 Grosze CEIF is a fund with the broadest possible asset base. Sector funds may be convenient to the  management company but not necessarily profitable for clients forced to make main investment decisions including the allocation and reinvestment of assets among funds.

The Fund mainly targets investors with higher risk appetites seeking above-average returns irrespective of the local equities market cycles.

These assumptions underlie the following solutions used in the Fund:

In pursuing its investment objectives, OPERA Za 3 Grosze CEIF is not restricted to securities within a pre-defined asset category, which is the case for the vast majority of mainstream funds (shares in equity funds, bonds in debt funds, etc.). Instead, we manage something much more important: a selection of markets and asset categories (Polish listed and private equity, real property, foreign equity, commodities, foreign currencies, etc.). Research shows that such decisions are infinitely more essential than the selection of individual stocks or other securities of a particular class. Standard funds force the Investor to make such strategic choices, i.e., the initial allocation and reinvestments amongst various types of funds (equity, bonds, private equity, real property, balanced, etc.).

The broad range of available asset categories ensures another critical advantage: real diversification. It is often argued that adequate diversification necessitates investment with several Polish funds (even if they use a similar strategy) operated by different managers. In fact, this only inflates the investor’s cost and does not mitigate the risk sufficiently as funds usually invest in the same instruments in the same market (trading in the same instruments will inflate the transaction cost eventually borne by the investor). Our Fund offers broadest possible diversification both by category of assets and by geographical market (global investments in Poland, Japan, Brazil, the USA, Central and Eastern Europe). The probability of the same trends affecting all those markets and categories of assets is much lower, which suggests that in the long term fund assets should be subject to less volatility (and risks) than the funds tied to a single market or assets category.

The flexibility provided by active management enables the Fund Managers to take advantage of a broader array of investment opportunities. Depending on forecasts, they can:
- buy financial instruments on the target markets;
- sell short, i.e. benefit from market drops.
In extremely adverse circumstances Fund Managers can:
- exit the markets and take no position until an opportunity arises for a profitable entry.

The Fund Managers apply all possible investment techniques, ranging from the straightforward purchase of a single instrument to complex strategies based on derivative instruments (options, futures) as well as arbitrage. Their decisions are geared at absolute return rates. We are not trying to outperform imaginary benchmarks; it is our mission to deliver real returns.

- OPERA TFI charges no front-end load (brokerage houses may charge up to 2% of subscription fees).
- A significant part of our fees are performance based; we strongly believe that our gains ought to be a function of returns earned by our clients.
 

OPERA Za 3 Grosze CEIF draws upon the best methodology used by hedge funds adapted to the unique expectations of affluent Polish clients.
 
For that reason, unlike a classical hedge fund, OPERA Za 3 Grosze CEIF:
- is domiciled in Poland (not in an off-shore jurisdiction) while the Fund’s operations come under the close scrutiny of the Financial Supervision Commission (KNF);
- uses limited gearing (chiefly driven by arbitrage);
- holds its assets with an on-shore custodian bank (Polish regulations in this regard are among the strictest world-wide);
- not only targets risk-free exposure and arbitrage (alfa), but also maximises investment profits, i.e. manages market risk (beta).
 
In sum: OPERA Za 3 Grosze CEIF applies investment policy solutions used successfully by OPERA CEIF and is not a benchmark vehicle; it is an opportunistic fund geared at absolute return rates.

Find out how to invest in OPERA Za 3 Grosze CEIF.