HI Numen Credit Fund
HI Numen Credit Fund
OBJECTIVE OF THE FUND
HI Numen Credit Fund has an active strategy that is not managed against a benchmark. The objective of the Fund is to generate an absolute annual return uncorrelated with market performance, through the selective purchase of government and corporate bonds, opportunistic trading, and arbitrage in the context of special situations (restructurings, buybacks, mergers, etc.). The Fund utilizes leverage for this purpose which might amplify gains and losses. Fund may have high volatility due to its investment policies. Past performance does not predict future returns
Manager’s view
Monthly Performance: The fund returned -1.47% in March while YTD is now around +3.5%. Towards the end of February, preoccupied with rising geopolitical tensions, we aggressively reduced credit risk and equity-linked exposure and redeployed capital into high-quality, super-liquid investment-grade duration. We gradually invested under the expectation that U.S. Military superiority would lead to a quick de-escalation after the first two weeks of conflict; however, this timing proved optimistic especially since removing the entire leadership in Iran did not result in a stable regime. We maintained our long duration exposure and hedged it by concentrating our shorts in a remarkably and surprisingly stable cash high-yield sector. Our fund is very liquid and ready to capture different opportunities depending on the various scenarios unfolding. From a macro and credit point of view, we now favor this divergence trade as it provides both flattening and short risk exposure, which we believe will perform well in a stagflationary scenario. Additionally, we opportunistically bought volatility spreads during counter-rallies. We view the flatness of the VIX futures curve as a cost-effective hedge against sudden escalations, especially as the market continues to price in a sanguine, quick resolution.
Outlook: While the conflict’s evolution remains difficult to predict, disruptions in the supply of oil, gas, helium and fertilizers have significantly increased the probability of a recession in the coming quarters. Historically, oil price increases of nearly 100% have consistently led to market declines of 20% or more and a subsequent collapse in interest rates. Accordingly, we are positioned long on the very long end of the investment grade curve, where exceptionally solid A to AAA offer 4% to 5% yields in EUR, while remaining short on non-investment grade shorter duration risk. We view Iran’s ability to maintain control over Hormuz as unsustainable, militarily or economically, for more than a few months, if not weeks. We also maintain a long position in Argentina’s sovereign and corporate debt, as its trade balance and economy stand to benefit from energy and agriculture shortages exacerbated by the ongoing closure of the Strait of Hormuz, while still trading at a significant premium to global 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) |
|
| 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) |
|
| PRIIP KID - EUR I2 Shares (EN) |
|
| PRIIP KID - EUR D Shares (EN) |
|
| PRIIP KID - EUR Super- I Shares (EN) |
|
| PRIIP KID - CHF DM2 Shares (EN) |
|
| Country Supplement (EN) |
|
| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (EN) |
|
| PRIIP KID - GBP DM2 Shares (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