Predictable.
In an Unpredictable World.
An Innovative Low Volatility Investment Strategy with Superior Returns
About the Panax Strategy
01
The Strategy
Panax targets 10–15% annual returns with volatility consistently maintained below one-third of the S&P 500. The strategy invests in a diversified portfolio of custom, bank-issued deposit notes with embedded equity features.
The notes that Panax invests in feature diversified and conservative equity options and other features that have been quantitatively developed by Panax to optimize risk and reward. These notes are not off-the-shelf products—they are individually structured to our specifications, and priced daily through blind auctions across a panel of top global banks. This process delivers institutional pricing and bespoke risk control not available to retail investors.
The result is a strategy that provides investors with consistent returns regardless of the direction that individual shares or overall financial markets take. It balances risk and reward to capture attractive returns from a variety of sources and capitalizes on known imperfections in financial markets.
02
Background
The fund’s unique investment strategy was first developed in the context of a family office that was looking for uncorrelated, attractive and lower risk returns. AUM in the strategy now exceeds US$850 million. The strategy has provided excellent returns at significantly lower risk than most traditional investment strategies since 2022.
Building upon the success of the Panax strategy, the Panax I fund was established in June 2024. The strategy is now being selectively offered to professional investors.
03
Performance
The Panax strategy was developed beginning in 2021 and fully implemented in 2022. A portfolio of ~ US$90 million was segregated in a managed account in June 2022 for performance tracking by UBS. (See links to recent monthly performance reports for the Panax Segregated Portfolio (Managed Account) at the bottom of this page.)
Results of the Panax Managed Account (before fees) as at January 2026 are:
Cumulative 45 month return of 46.58
Volatility of 4.22% (vs. S&P 500 of 15..29% and S&P Low Volatility index of 12.01)
Peak to Trough of – 2.05%
Sharpe ratio of 1.67
Calmar ratio of 3.44
04
About the Manager
The Panax fund is managed by Ginseng Capital Advisors Limited, a Type 9 asset manager licensed by the Securities and Futures Commission of Hong Kong. Ginseng is led by Co-CEOs Robin Hibberd and Fedza Kusturica. Read more about Fedza and Robin below.
Ginseng is a specialist manager focused solely on executing the Panax strategy. Founded by former senior banking executives with deep experience in global markets and risk management, Ginseng offers professional clients a high-integrity, disciplined investment platform tailored for capital preservation and consistent performance.
05
The Fund
The Panax I Fund was established in June 2024 to enable a wider group of investors to participate in the Panax strategy
Detailed documentation on the fund is available to qualified investors upon enquiry.
AUM US$ 51 million at January 30, 2026
Domicile: Cayman Islands
Administrator: Trident Fund Services
Custodians: DBS/UBS
Redemption: Monthly with 90 day notice
Redemption Gate: 25% of Fund NAV
Initial Lockup: 6 months
Management Fee: 1%
Performance Fee: 10% (with minimum 5% return hurdle rate)
Manager: Ginseng Capital Advisors Limited, a Hong Kong SFC Licensed Type 9 Asset Manager
How the Panax Strategy Compares
Compared to Cash Deposits:
Significantly higher returns
Liquidity better than 1 year term deposits
Compared to Equities:
Lower risk and better risk adjusted returns
Lower drawdowns
Returns uncorrelated with markets regardless of direction
Compared to Bonds:
Earns option premiums, not just interest
Credit risk limited to major investment grade banks only
Low duration risk – average duration is under one year
About Us
The Panax Fund is managed by Ginseng Capital Advisors Limited. Ginseng is a Hong Kong SFC licensed Asset Manager led by Fedza Kusturica and Robin Hibberd.
Fedza Kusturica
Fedza is the Co-CEO and Chief Investment Officer of Ginseng. He is the Portfolio Manager of the Panax I Fund and has been managing what is now in excess of US$ 850 million under the Panax strategy since 2022.
Fedza was, until 2021, Managing Director/Vice President of Global Transaction Banking Asia and Europe for Scotiabank. He possesses highly advanced analytical skills and experience in finance, valuation, and risk management.
Fedza is a CFA Charterholder and has a Financial Risk Management (FRM) designation from the Global Association of Risk Professionals. He holds a Certificate In Quantitative Finance (CQF) designation and has an MBA from York University, Toronto and a Post-MBA in Valuations. He has a Bachelor of Commerce in Finance and Statistics from Ryerson University, Toronto.
Robin Hibberd
Robin is the Co-CEO and Chief Operating Officer of Ginseng.
Robin was an Executive Vice-President of Scotiabank until 2015. During his 27 year career at Scotiabank in Asia and Canada, Robin led businesses across commercial and corporate banking, retail banking, payments, data and analytics, foreign exchange, debt markets, trade finance, syndications, funding, and treasury. In 2017, Robin licensed Ginseng with the SFC.
Robin holds HBA and MBA degrees from the Ivey School of Business at Western University, London, Ontario, as well as a Master of Journalism degree from The University of Hong Kong. He obtained Chartered Accountant (CA) and Certified Professional Accountant (CPA) designations in Canada.
Panax. Predictable.
Contact us at:
fedza@ginsengcapital.com
robin@ginsengcapital.com
Recent Investor Insights Reports:
Disclaimer: This website does not constitute an offer to sell nor does it constitute the solicitation of any offer to buy which may only be made at the time a qualified offerer receives a confidential private offering memorandum describing the offering and related subscription agreement. The description of the investment opportunities represents the opinion of the investment manager and there can be no assurance that the fund can achieve its investment objective. Past performance of the fund’s principal personnel should not be construed as an indicator of the fund’s future performance.