Data as of 14/02/2019

Risk level

Low

High

Recommended investment horizon : > 6 years

Average annual performance since launch

-0,88 %


Performance as at 14/02/2019

FUNDS
2016 ---
2017 1,43 %
2018 -3,59 %
Since 01/01/2019 ---
Over the last 12 months -2,77 %
Over 3 years ---
Since launch -1,89 %
Asset breakdown
Absolute Return 84,49 %
Equities 8,55 %
Bonds 3,81 %
Cash 3,16 %
Breakdown by currency
EUR 95,50 %
USD 4,50 %
Main positions
IPM UCITS Umbrella ICAV IPM Systematic Macro - Accum I Hedged EUR CAP 7,79 %
BG UCITS Boussard + Gavaudan Absolute Return - Z EUR CAP 6,50 %
Lazard Global Investment European Alternative - AP Dist EUR DIS 5,95 %
Cigogne UCITS M+A Arbitrage - C2 CAP 5,88 %
JL Equity Market Neutral - A CAP 5,29 %

Investment objective and policy

The objective of this fund is long-term capital appreciation through a diversified portfolio, while maintaining lower volatility than the equity markets. Over the medium term, it also aims to offer decorrelation from mainstream financial assets. This flexible subfund is chiefly invested in regulated UCITS deploying alternative strategies. These UCITS may be invested in any asset class in any geographic region. The proportion invested in the different strategies and asset classes will vary according to market circumstances.

Management report - 4th Quarter 2018

The allocation between the different types of alternative strategies is expected to be relatively stable over time. Long/short equity funds (essentially neutral to the market trend) are likely to be in the majority (approximately 35-40%) as this tends to be the strategy with the most stable returns. Trend following funds account for 20-30% and should enable the fund to benefit from established trends to accrue gains, especially in downturns, and thus protect the portfolio. Global macro funds allocate their capital according to their managers' macroeconomic forecasts. Performances can be volatile in both directions, which justifies limiting their weighting to around 15-20%. The remaining 10-20% will be allocated to other types of strategies to achieve diversification. In 2018, the fund posted a negative 3.59%. In the fourth quarter of 2018, the fund was down 2.69%. A number of strategies suffered during this quarter and very few funds could make any headway. Nevertheless, we can take some satisfaction from the fact that the October/November correction served as a warning signal for several of the funds in the portfolio which then set about partially or totally overhauling their positioning to protect themselves against a further correction or even profit from one. Consequently, the fund did not lose any money in December even though it was a particularly harsh month for equity markets. In a challenging context for alternative strategies, the portfolio proved its robustness and the damage was limited compared to the average for its peers (Lipper Global Absolute Return EUR Medium) which was down 5.6% over the year. To some extent, 2018 was a necessary evil for alternative management to purge the previous cycle and make a fresh start. From now on, the portfolio's diversity should give it all the weapons it needs to be truly decorrelated, and market volatility should provide some necessary opportunities for risk-taking to create added value.

General information

Net Asset Value 
Calculated Every business day
NAV class B capitalisation shares (14/02/2019) 98,13 EUR
CODES Internal capitalisation code : 40506205
ISIN capitalisation code : LU1526088379
WKN capitalisation code : A2AN1P
Net assets (million) 264,07 EUR
Launch date 12/12/2016