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Equisculpt Novem Fund
Portfolio Construction

Built by policy, not by appetite

The portfolio is assembled inside FSC-authorised allocation ranges, sized by rule, diversified by catalyst, and carried with a standing liquidity buffer. This page sets out the construction policy; position-level detail is available to qualified investors in due diligence.

Strategic Allocation

The authorised ranges

Solid bar — minimum allocation; extended bar — indicative range maximum. Actual allocations within the ranges are at the investment manager’s discretion; the ranges themselves follow the FSC-filed investment policy.

QIB & Anchor InvestmentsCore — listed liquidity, defined windows
30–40%
Small & Micro-Cap ListedPrimary — listed but illiquid, re-rating driven
20–30%
Pre-IPO & Unlisted SecondaryHigh-alpha — illiquid by design, capped by policy
15–25%
Mid-Cap Listed EquityBalancing — deeper liquidity, steadier compounding
10–20%
Special SituationsOpportunistic — event-driven, uncorrelated catalysts
5–10%
Cash & Liquidity BufferStanding — redemption capacity and dry powder
5–10%

Read as an exposure spectrum: roughly 65–90% of the portfolio is listed at any time, with the unlisted sleeve capped at 15–25% — high-alpha exposure without an illiquid majority.

Position Sizing

Sized by conviction, capped by rule.

Sizing reflects the risk-adjusted return model the Investment Committee approves — but every size lives inside hard limits.

  • Position limits — per-position and per-promoter-group caps enforced at IC level; specific limits are stated in the offering documents.
  • Liquidity-scaled sizing — a position’s size is bounded by its realistic exit capacity (stage 9), not only by conviction.
  • Entry discipline — positions are built at or below the modelled entry price; chasing is not sizing.
  • No leverage — sizing is never amplified by borrowing.
Diversification

Diversified by what unlocks value.

Sector spread alone is false comfort in a specialist mandate. The book diversifies across dimensions that actually decorrelate outcomes:

  • Catalyst — listings, re-ratings, institutional-adoption events, corporate actions and dislocations mature on independent clocks.
  • Liquidity profile — anchor windows (~4 months in the group record), SMID re-ratings (quarters), pre-IPO (6–24 months).
  • Listing status — listed core with a capped unlisted sleeve.
  • Sector — monitored as a constraint, not relied on as the strategy.
Liquidity Management

Liabilities matched to assets

The fund’s investor terms and its asset book are designed as one system — so redemptions are met from structure, never from forced selling.

Investor terms
12-month lock-in, quarterly redemption windows thereafterGives every position at least one full catalyst cycle before capital can leave
First line
Cash & liquidity buffer, 5–10% standingSized to expected redemption activity in a normal quarter
Second line
The listed core (65–90% of the book)Mid-caps and anchor positions realisable within a quarter’s window
Ring-fenced
The unlisted sleeve is never the redemption sourceCapped at 15–25% precisely so it never has to be sold to fund an exit
Exit pipeline
Every position carries a pre-identified exit and expected window (stage 10)The portfolio’s aggregate exit pipeline is reviewed quarterly by the IC
Public view. This page states construction policy. Position-level holdings, current allocations within ranges, and the live exit pipeline are provided to qualified investors through due diligence and quarterly reporting — not published here.
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