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 in April was +1.68%. Our macro shorts placed on the stronger data releases of inflation worked well across equity indices in USA, Japan and Europe producing gains of 1.35%. Our portfolio of long credit and equity positions suffered marginally with negative marks equal to -0.35%. Macro credit positions gained 0.7%, with gains in Argentina, progressing in its sovereign restructuring in a relatively orderly way, partially offset by small losses in Ukraine bonds. We substantially reduced Ukraine during the month, as the positive catalysts of US aid passed by congress have been fully priced while we fear we might enter an escalation phase on the battlefield, wth stronger offensive actions form both sides before peace negotiations can be seriously instructed, with the serious risk that the status quo will perdure until the results of the us presidential elections. On the bank side, we remain long bonds as we are confident that credit securities, even subordinated, are still relatively cheap compared to the fundamentals and the corresponding equity valuation, which actually seem to be a bit inconsistent with the macro expectations implied by most asset classes. Telecom Italia has remained flat during the month, irrespective of a series of incredibly positive news such as the potential bonus of eur 1bn coming from the litigation against the Italian government on the mobile licences of a few decades ago. Furthermore, Vivnedi has decided to abstain from the voting in the EGM as it desperately wants Telecom Italia to finalise the sale of the Netco and did not want to take any unnecessary risk with a different board. We expect the EU antitrust body to approve the sale of Netco within Phase I although with some remedies attached. Once that is done, we expect Vivendi to come back.
Outlook: We remain cautious overall on risk assets, but we took some profit on our macro shorts and we are being more tactical now on overall book positioning, with increasing levels of cash. With sticky inflation and an overall moderating economic picture, we expect more credit surprises and some liquidity air-pockets in the next few months. We notice that many stories we are monitoring are priced too well and we want to be patient in case more market weakness were to materialize during the summer and offer us better entry points. As of now we see plenty of value in some idiosyncratic plays and several excellent relative value opportunities to express our thematic conditions via long/shorts in credit and equity.
Video
Fund Data
Management Company
Hedge Invest SGRp.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 USD D: IE00BLG31627 (open)
Class CHF D: IE00BLG31510 (open)
Class GBP D: IE00BVFNJZ81 (open)
Class EUR DM2: IE00BLG31064 (open)
Class USD DM2: IE00BLG31288 (open)
Class CHF DM2: IE00BLG31171 (open)
Class GBP DM2: IE00BLG31395 (open)
Class EUR I2: IE00BLG30Y36 (open)
Class USD I2: IE00BV0L8052 (open)
Class GBP I2: IE00BLG30Z43 (open)
Class EUR Super I IE00BKPSSV56 (open)
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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| Existing Sub-funds Supplement (EN) |
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| Supplement (EN) |
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| Memorandum of association (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 - USD D Shares (IT) |
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| PRIIP KID - EUR Super-I 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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| Politica in materia di impegno dei gestori attivi_Hedge Invest SGR (IT) |
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| Existing Sub-funds Supplement (EN) |
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| Supplement (EN) |
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| Memorandum of association (EN) |
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| Latest annual report (signed) (EN) |
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| Past performance Information (EN) |
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| Information Pack (EN) |
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| Remuneration Policy (EN) |
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| Disclosure Sustainability Risks Policy (EN) |
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| Disclosure of Principal Adverse Impacts Policies (EN) |
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| Shareholder Engagement Policy_HI International Funds plc (EN) |
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| Consolidated Prospectus (EN) |
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| Memorandum of association (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP D 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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| Prospectus (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Supplement (EN) |
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| Country Supplement (EN) |
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| Memorandum of association (EN) |
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| Latest annual report (signed) (EN) |
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| KIID - GBP D 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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| Consolidated Prospectus (EN) |
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| Memorandum of association (EN) |
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| Latest annual report (signed) (EN) |
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| Past performance Information (EN) |
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Non sono presenti documenti per questa nazione
| Prospectus (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Supplement (EN) |
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| Memorandum of association (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 - EUR I2 Shares (ES) |
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| PRIIP KID - EUR D Shares (ES) |
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| PRIIP KID - USD D Shares (ES) |
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| PRIIP KID - EUR Super-I 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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| Existing Sub-funds Supplement (EN) |
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| Supplement (EN) |
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| Country Supplement (EN) |
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| Memorandum of association (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 - EUR M Shares (EN) |
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| PRIIP KID - GBP M Shares (EN) |
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| PRIIP KID - EUR I2 Shares (EN) |
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| PRIIP KID - USD I2 Shares (EN) |
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| PRIIP KID - GBP I2 Shares (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - CHF DM2 Shares (EN) |
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| PRIIP KID - USD DM2 Shares (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| PRIIP KID - EUR D Shares (EN) |
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| PRIIP KID - CHF D Shares (EN) |
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| PRIIP KID - USD D Shares (EN) |
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| PRIIP KID - GBP D 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