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 return of the fund was +0.51% in September 2025. We continue to deploy capital on our fundamental calls around the AI revolution which is still in its infancy and we see going through successive stages of development and adoption. Increased inference needs will drive the next wave, and in particular inference on edge devices (AI phones and PCs), requiring additional memory, and emphasizing the focus on US local capacity and foundry diversification (Intel). Intel, SK Hynix and Micron generated c1.5% at fund level while Nebius, our best pick in the AI space, continued to benefit from the increasingly obvious infrastructural bottlenecks the hyperscalers are constrained by. Subordinated fin portfolio continued to perform well generating around 0.5%. Hedging detracted close to 1%, as we added to our bearish short stance given the frothy valuations. A legacy position on BES retransferred bonds from 2015 suffered a negative remark in excess of 0.5%. We like the position currently marked around 50% below the bare minimum we are entitled legally to receive from the authorities in Portugal, the so called NCWO – No Creditor Worse OFF – an amount that just at the beginning of October a Portuguese liquidation court, in a final and no more appealable, ruled to be valid and payable. While the ruling doesn’t per se force the Portuguese resolution fund to pay the NCWO, we think it’s just a matter of months before it will do, as there is legal proof that the amount is now due. We monitor as a potential catalyst the timing of the close of the sale of Novo Banco to BCP, expected by early 2026 as it will bring around eur 2bn to the fund that could allow the settlement of this legal liability.
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
Video
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.
| Prospectus (EN) |
|
| Supplement (EN) |
|
| Existing Sub-funds Supplement (EN) |
|
| Memorandum of association (EN) |
|
| PRIIP KID - EUR I2 Shares (IT) |
|
| PRIIP KID - EUR D Shares (IT) |
|
| PRIIP KID - EUR DM2 Shares (IT) |
|
| PRIIP KID - EUR Super- I Shares (IT) |
|
| PRIIP KID - CHF DM2 Shares (IT) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| PRIIP KID - GBP DM2 Shares (IT) |
|
| Past performance Information (EN) |
|
| Fascicolo informativo (IT) |
|
| Informativa sui costi ed oneri (IT) |
|
| Elenco collocatori fondi Ucits (IT) |
|
| Elenco Controparti (IT) |
|
| Politica in materia di impegno dei gestori attivi_Hedge Invest SGR (IT) |
|
| Prospectus (EN) |
|
| Supplement (EN) |
|
| Existing Sub-funds Supplement (EN) |
|
| Memorandum of association (EN) |
|
| PRIIP KID - EUR I2 Shares (EN) |
|
| PRIIP KID - EUR D Shares (EN) |
|
| PRIIP KID - EUR DM2 Shares (EN) |
|
| PRIIP KID - EUR Super- I Shares (EN) |
|
| PRIIP KID - CHF DM2 Shares (EN) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| PRIIP KID - GBP DM2 Shares (EN) |
|
| Past performance Information (EN) |
|
| Past performance Scenarios (EN) |
|
| Information Pack (EN) |
|
| Costs and charges (EN) |
|
| Remuneration Policy (EN) |
|
| Shareholder Engagement Policy_HI International Funds plc (EN) |
|
| Prospectus (EN) |
|
| Memorandum of association (EN) |
|
| PRIIP KID - EUR I2 Shares (EN) |
|
| PRIIP KID - EUR D Shares (EN) |
|
| PRIIP KID - EUR DM2 Shares (EN) |
|
| PRIIP KID - EUR Super- I Shares (EN) |
|
| PRIIP KID - CHF DM2 Shares (EN) |
|
| Consolidated Prospectus (EN) |
|
| Country Supplement (EN) |
|
| PRIIP KID - GBP M Shares (EN) |
|
| PRIIP KID - GBP D Shares (EN) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| PRIIP KID - GBP DM2 Shares (EN) |
|
| Past performance Information (EN) |
|
| Information Pack (EN) |
|
| Costs and charges (EN) |
|
| Prospectus (EN) |
|
| Supplement (EN) |
|
| Existing Sub-funds Supplement (EN) |
|
| Memorandum of association (EN) |
|
| Country Supplement (EN) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| KIID - EUR DM2 Shares (EN) |
|
| KIID - GBP DM2 Shares (EN) |
|
| KIID - EUR Super-I Shares (EN) |
|
| Information Pack (EN) |
|
| Costs and charges (EN) |
|
| Prospectus (EN) |
|
| Additional information for investors (EN) |
|
| Memorandum of association (EN) |
|
| PRIIP KID - EUR I2 Shares (DE) |
|
| PRIIP KID - EUR D Shares (DE) |
|
| PRIIP KID - EUR DM2 Shares (DE) |
|
| PRIIP KID - EUR Super- I Shares (DE) |
|
| Consolidated Prospectus (EN) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| Past performance Information (EN) |
|
| Information Pack (EN) |
|
| Costs and charges (EN) |
|
Non sono presenti documenti per questa nazione
| Memorandum of association (EN) |
|
| PRIIP KID - EUR I2 Shares (ES) |
|
| PRIIP KID - EUR D Shares (ES) |
|
| PRIIP KID - EUR DM2 Shares (ES) |
|
| PRIIP KID - EUR Super- I Shares (ES) |
|
| PRIIP KID - CHF DM2 Shares (ES) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| PRIIP KID - GBP DM2 Shares (ES) |
|
| Past performance Information (EN) |
|
| Information Pack (EN) |
|
| Costs and charges (EN) |
|
Non sono presenti documenti per questa nazione
Non sono presenti documenti per questa nazione
| Prospectus (EN) |
|
| Supplement (EN) |
|
| Existing Sub-funds Supplement (EN) |
|
| Memorandum of association (EN) |
|
| Country Supplement (EN) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| PRIIP KID - EUR Super-I Shares (EN) |
|
| Past performance Information (EN) |
|
| Information Pack (EN) |
|
| Costs and charges (EN) |
|
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