HI Numen Credit Fund
HI Numen Credit Fund
OBJECTIVE OF THE FUND
The fund aims to achieve a medium-term annualized return of 4% with an expected annualized volatility of 3.5-4%.
Manager’s view
Monthly Performance: The fund’s return was positive in February, up approximately 90 basis points. Performance was primarily driven by our long/short equity portfolio. We capitalized on strong convictions in the technology and robotics sectors, specifically Hyundai Motor and Samsung, before taking full profits on these names towards month-end as the Korean stock market showed signs of irrational exuberance. Our long credit exposure, particularly in the banking and financial sectors, also contributed positively through strong carry from dominant and well capitalised european players. However, to navigate changing market dynamics, we aggressively reduced our overall risk positions during the final two weeks of the month.
Outlook: We are currently navigating two highly unpredictable macroeconomic drivers: the impact of Artificial Intelligence and escalating geopolitical fractures. In the medium term, we maintain our strong conviction that AI will act as a massive deflationary wave, likely driving up unemployment and severely challenging the competitive moats for many corporations while deteriorating the solvency and liquidity profile of entire sectors. Consequently, we are extremely negative on corporate credit. Downside risks there are substantial and growing and the macro backdrop of government bonds may not be as supportive as before in the short run. Geopolitically, while we anticipated the recent intervention in Iran, we believe the market overestimates the conflict’s duration and the ability and willingness of Iran and its proxies to disrupt oil and gas production and transport. The immense and widening military advantage of the U.S. and Israel should swiftly neutralize Iran’s ability to disrupt oil and gas supplies. Given the combination of these structural technological shifts and short-term idiosyncratic risks like the U.S. elections, we have significantly reduced portfolio risk to remain highly liquid and opportunistic.
Outlook: as anticipated last month, we have been growing incrementally bearish on risky assets, thus we further reduced our long exposure in September, benefitting from the massive squeeze on pretty much all risk premia across markets (apart from fixed income long term premium). Our net long exposure is mainly in strong credits and idiosyncratic plays where we think positioning is light and drivers are probably uncorrelated to the overall market risk. We further increased duration on “risk free” assets. We are noting some fatigue in main momentum trades. AI news flow has been so positive and circular that we might be due for some consolidation in the hyperbolic excitement on the theme. Furthermore, some cracks are starting to show in the US consumer strength. Dollar sell-off, gold and euro rally (both fx and assets), and underweight in long duration, has primarily been driven by fiscal worries, geopolitical developments. Truce in Gaza and our view that positive developments in Ukraine and Lebanon are not too distant, will get lot of steams out of the defence/stimulus/buy euro/buy gold/sell bonds recent trends, leaving European equities, gold et al. very expensive and requiring an even stronger retail participation to sustain the momentum. Conversely, it could bring flows back into govie-bonds, flattening curves. We are not positioning short on those drivers but acknowledge the relatively cheapness of some very long end bonds (some triple-BBBs trading at 5-6% in EUR!) vs. the rest of the asset classes and adding exposure to those. We are also getting more involved, albeit still in small size, in Lebanon bonds, with the gold rally augmenting significantly the value of their gold reserves at ~$37bn, vs a gdp of $25ish bn. There are bigger issues at stake for the country, and that amount is not even half of the hole in their banking system, but this revaluation, we think, has definitely made the restructuring of its central bank and banking system (and eventually government debt), a much more manageable issue, especially in consideration of the financial and geopolitical interest from many rich countries in the middle east. traduci in italiano tenendo conto che è il testo di un fondo liquid alternative long short credit
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Fund Data
Management Company
Finanziaria Internazionale Investments SGR S.p.A.
Fund Manager
Filippo Lanza – Numen Capital LLP (Investment Delegate Fund Manager)
Currency
EUR
Minimum Investment
10,000 in Class D and DM2 100,000 in Class I2
Class DM2 is reserved for institutional investors such as discretionary portfolio managers, insurance companies, and pension funds.
Additional Investments
1,000 in Class D and DM2 50,000 in Class I2
Class DM2 is reserved for institutional investors such as discretionary portfolio managers, insurance companies, and pension funds.
Fund Start Date
October 2012
Subscription
Weekly (every Friday)
Redemption
Weekly (every Friday)
Notice Period
2 days – by 2:00 PM Irish time
Management Fee
1.75% for Class D – R;
1.50% for Class I2 – I;
1.30% for Class DM2;
1.00% for Class DM;
For Class D only: 0.20% service fee
Incentive Fee
20% with Absolute High Water Mark (HWM) for Class D – DM2 – I2;
15% with Absolute HWM and above Hurdle Rate (Weekly Euribor +1%) for Class R – I – DM;
Tax Treatment
26% (withholding tax)
SGR Authorization
Banca d’Italia, 27 April 2001
Fund Authorization
5 October 2012
Depositary
JP Morgan Bank (Ireland) plc
Auditor
KPMG (Ireland)
ISIN
Class EUR D: IE00BLG31403 (open)
Class GBP D: IE00BVFNJZ81 (open)
Class EUR DM2: IE00BLG31064 (open)
Class CHF DM2: IE00BLG31171 (open)
Class GBP DM2: IE00BLG31395 (open)
Class EUR I2: IE00BLG30Y36 (open)
Class GBP I2: IE00BLG30Z43 (open)
Class EUR Super I IE00BKPSSV56 (open)
Class USD D: IE00BLG31627 (closed)
Class CHF D: IE00BLG31510 (closed)
Class USD DM2: IE00BLG31288 (closed)
Class USD I2: IE00BV0L8052 (closed)
Class EUR R: IE00B59FC488 (closed)
Class EUR I: IE00B4ZWPV43 (closed)
Class EUR DM: IE00B7C3TR53 (closed)
Bloomberg
Class EUR D: HINCFEF ID
Class USD D: HINCFUD ID
Class CHF D: HINCFCD ID
Class GBP D: HINGBPD ID
Class EUR I2: HINCEI2 ID
Class USD I2: HINUSI2 ID
Class GBP I2: HINCGI2 ID
Class EUR DM2: HINEDM2 ID
Class USD DM2: HINUDM2 ID
Class CHF DM2: HINCDM2 ID
Class GBP DM2: HINGDM2 ID
Class EUR Super I: HINCESI ID
Class EUR R: HINUMCR ID
Class EUR I: NUMCAEI ID
Class EUR DM: HINCEDM ID
Before subscribing, please read the Prospectus, Supplement, KID in the “Legal Documents” section.
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| Supplement (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR D Shares (IT) |
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| PRIIP KID - EUR Super- I Shares (IT) |
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| PRIIP KID - CHF DM2 Shares (IT) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP DM2 Shares (IT) |
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| Past performance Information (EN) |
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| Fascicolo informativo (IT) |
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| Informativa sui costi ed oneri (IT) |
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| Elenco collocatori fondi Ucits (IT) |
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| Elenco Controparti (IT) |
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| Politica in materia di impegno dei gestori attivi_Hedge Invest SGR (IT) |
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| Prospectus (EN) |
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| Supplement (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (EN) |
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| PRIIP KID - EUR D Shares (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - EUR Super- I Shares (EN) |
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| PRIIP KID - CHF DM2 Shares (EN) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| Past performance Information (EN) |
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| Past performance Scenarios (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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| Remuneration Policy (EN) |
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| Shareholder Engagement Policy_HI International Funds plc (EN) |
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| Prospectus (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (EN) |
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| PRIIP KID - EUR D Shares (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - EUR Super- I Shares (EN) |
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| PRIIP KID - CHF DM2 Shares (EN) |
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| Consolidated Prospectus (EN) |
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| Country Supplement (EN) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| Past performance Information (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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| Prospectus (EN) |
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| Supplement (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Memorandum of association (EN) |
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| Country Supplement (EN) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| KIID - EUR DM2 Shares (EN) |
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| KIID - GBP DM2 Shares (EN) |
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| KIID - EUR Super-I Shares (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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| Prospectus (EN) |
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| Additional information for investors (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (DE) |
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| PRIIP KID - EUR D Shares (DE) |
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| PRIIP KID - EUR DM2 Shares (DE) |
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| PRIIP KID - EUR Super- I Shares (DE) |
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| Consolidated Prospectus (EN) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| Past performance Information (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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Non sono presenti documenti per questa nazione
| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (ES) |
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| PRIIP KID - EUR D Shares (ES) |
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| PRIIP KID - EUR DM2 Shares (ES) |
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| PRIIP KID - EUR Super- I Shares (ES) |
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| PRIIP KID - CHF DM2 Shares (ES) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP DM2 Shares (ES) |
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| Past performance Information (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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Non sono presenti documenti per questa nazione
Non sono presenti documenti per questa nazione
| Prospectus (EN) |
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| Supplement (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (EN) |
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| PRIIP KID - EUR D Shares (EN) |
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| PRIIP KID - EUR Super- I Shares (EN) |
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| PRIIP KID - CHF DM2 Shares (EN) |
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| Country Supplement (EN) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| PRIIP KID - EUR Super-I Shares (EN) |
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| Past performance Information (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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Non sono presenti documenti per questa nazione
Non sono presenti documenti per questa nazione
Non sono presenti documenti per questa nazione
Non sono presenti documenti per questa nazione
Non sono presenti documenti per questa nazione