Fundamental
Is this a business we want to own?
Assess its business model, competitive position and growth potential.
Business quality
Multi-Strategy
Nova Fund
Nova pursues opportunities across global equities, options, gold and tactical multi-asset strategies. Research informs the investment case; exposure and allocation adjust as conditions change.
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Three questions behind an investment
Business quality, market expectations and the timing of change together shape Nova’s assessment of an opportunity.
Sentiment
Is the market underestimating it?
Compare business evidence with prevailing expectations and alternative data.
Potential mispricing
Event Timeline
What can change the market’s view?
Identify developments that could change expectations and when they may matter.
Catalyst and timing
From a broad universe to an investable setup
Structural edgeBusiness qualityTimingValuation, downside and invalidation
Four ways to pursue an opportunity
Nova selects the method that fits the evidence, price and risk.
Buy & Hedge
Equity ownership, managed exposure
Own researched companies and adjust market exposure with hedges as conditions change.
Key risk. Equities can fall, and hedges may be costly or imperfect.
Yield Enhancement
Premium linked to buying and selling decisions
Collect option premium at prices where Nova is prepared to buy or sell the underlying shares.
Option mechanics and risks
Covered call
- Own shares
- Sell a call
- Receive premium
Use and risk. The strike is an acceptable sale price; assignment limits further upside while share losses remain possible.
Cash-secured put
- Reserve cash
- Sell a put
- Receive premium
Use and risk. Cash is reserved to buy at the strike; assignment may require buying above market value.
Premium is not total investment profit, and Nova may use other option or derivative structures.
Event Trading
A catalyst with a changing investment case
Position around developments that could reprice a company, then reassess exposure as the event changes.
Key risk. The event may be delayed, priced in or produce a different outcome.
Quantitative Trading
Systematic signals, defined risk
Use market-data signals to inform entries, exits and risk within the broader portfolio.
Key risk. Relationships can change, signals can reverse and execution can diverge from the model.
Quantitative research in practice
Reading the gold market
Nova combines positioning, sentiment and statistical evidence to assess gold exposure.
- Option open interest
- Examine positioning and potential daily price levels.
- Gold sentiment
- Assess directional bias alongside the market evidence.
- Statistical analysis
- Examine the distribution of outcomes to inform risk.
Entry, exit and exposure
Together with market-maker grid analysis, these inputs inform decisions; signals can fail.
Portfolio construction
Ranges show where exposure may sit; investment methods can operate across categories.
Ranges, not current portfolio weights.
Allocations move with opportunities and conditions; the bounds are not held simultaneously.
- Global Equities
- 30–60%
- Options
- 10–30%
- Gold
- 5–20%
- Cash & Risk Management
- 10–40%
Flexibility includes reducing exposure. Nova may hold cash, hedge, resize or close positions as evidence and conditions change.
From an idea to a reviewed position
Risk runs through three stages.
Identify
Explore the universe, then screen for structural edge and business quality.
Underwrite
Test the thesis, valuation, downside, timing and invalidation criteria.
Manage
Select the method and size, then review, resize or exit as evidence changes.
Risk remains part of every decision
Position size, cash, hedging and daily review guide exposure. Nova does not offer capital protection.
- Maximum single position
- 20% of Nova Fund NAV
- Portfolio size
- 15–30 securities, approximately
- Market and concentration
- Equities, gold and other instruments can fall together; position limits do not remove correlation, valuation or currency risk.
- Options, derivatives and margin
- Some structures can lose more than the premium, while leverage and margin can amplify losses or require cash.
- Liquidity and execution
- Spreads can widen during stress, making positions harder or more costly to close.
- Signals and changing conditions
- Models, sentiment and catalysts can weaken, reverse or fail.
- Operations and counterparties
- Execution, custody, clearing or counterparty failures can affect the portfolio independently of the thesis.
Review, resize or exit
Nova may reduce exposure when a target or event completes, evidence deteriorates, conditions change or portfolio needs take priority.