HI UK Select Fund
HI UK Select Fund
OBJECTIVE OF THE FUND
The fund aims to achieve a medium-term annualized return of 7-8% with an expected annualized volatility of 6%.
Market & Portfolio Commentary:
Long
The well documented copper shortage and view that this could generate a longer term bull market in the commodity has been good for our positions in Glencore and Anglo American. The latter has agreed a merger with Canadian peer Teck which has been taken positively overall. No further warning at Computacenter has also been welcomed by nervous investors with a helpful rally. Italian cables business Prysmian has continued to rally as investors recognise their capabilities in submarine cables and their monitoring as a higher value revenue stream in a less secure world. While we did not endure any major resets on the long book the weakness in LSEG on the back of AI fears continued and Flutter succumbed to some modest profit taking after a good run since the spring. Despite some positive broker commentary this month global packaging business Smurfit Westrock was sluggish alongside the main raw materials they are exposed to.
Short
Ocado delivered again for the short book as their flagship relationship with US grocer, Kroger, is being questioned as the latter undergoes further restructuring. There is also growing concern over whether Ocado will reach targeted positive cashflow in 2027. The main area of pain in the short book was a reversal in European semiconductor supply chain stocks, which had been added to the short book during the summer but saw a sharp rally mid-month on a small improvement in sector sentiment, which translated into a modest short squeeze. The stocks which hurt us here were Siltronic and VAT Group. We also suffered at the hands of Swedish global clothing retailer H&M, that saw a modest beat in expectations which was taken very positively by investors.
Conclusion and Outlook
After a tougher period for the fund, we ended the quarter with a little more positive momentum which we will seek to take into the year end. The market remains difficult to navigate and share price reactions to news highly volatile. In the UK we feel the mood music around the upcoming budget in November is likely to trend a little more positively than it has done thus far. A recognition of the need for income tax rises and government spending cuts would most likely be a reasonable tailwind for UK equities. We remain mindful that many companies have second half weightings which stretch credibility, and this could also be a source of potential alpha into year end.
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Fund Data
Management Company
Finanziaria Internazionale Investments SGR S.p.A.
Fund Manager
Paul Marriage and John Warren – Premier Miton Group (sub delegated manager)
Currency
EUR
Minimum Investment
10.000 classes R / DM / DM2
100.000 class I / I2
3.000.000 class Super I
Class DM2 is reserved for institutional investors such as discretionary portfolio managers, insurance companies, and pension funds.
Additional Investments
10.000 class R / DM
1.000 class D / DM2/ Super I
50.000 class I EUR/ I2
Class DM2 is reserved for institutional investors such as discretionary portfolio managers, insurance companies, and pension funds.
Fund Start Date
January 2020
Subscription
Daily
Redemption
Daily
Notice Period
1 days – by 2:00 PM Irish time
Management Fee
2.00% cl. R;
1.50% cl. I / I2 ;
1% cl. DM / DM2;
1.70% cl. D;
0.75% cl. Super I
Incentive Fee
20% with Absolute High Water Mark; 15% class Super I (with HWM)
Tax Treatment
26% (withholding tax)
SGR Authorization
Banca d’Italia, 27 April 2001
Fund Authorization
October 2012
Depositary
JP Morgan Bank (Ireland) plc
SGR Authorization
JP Morgan Bank (Ireland) plc
Auditor
KPMG (Ireland)
ISIN
Class EUR R: IE00B87XFT16 (open)
Class GBP I2: IE00BJMDBZ13 (open)
Class EUR Super I: IE000N0S9H74 (open)
Class GBP Super I: IE000GIGT8P4 (open)
Class EUR DM2: IE00BJMDBT52 (open)
Class USD DM2: IE00BJMDBV74 (open)
Class CHF DM2: IE00BJMDBW81 (open)
Class GBP DM2: IE00BJMDBQ22 (open)
Class GBP DM2 Dist: IE000HB7GTS2 (open)
Class CHF D: IE00BJMDBS46 (closed)
Class EUR I2: IE00BJMDBX98 (closed)
Class USD R: IE00B8G27P95 (closed)
Class CHF R: IE00B8KYYZ07 (closed)
Class EUR I: IE00B8L13G46 (closed)
Class EUR DM: IE00B83N7116 (closed)
Class USD DM: IE00BNCBCX87 (closed)
Class CHF DM: IE00BNCBCW70 (closed)
Bloomberg
Class EUR R: HIPFEUR ID
Class USD R: HIPFUSR ID
Class CHF R: HIPCHFR ID
Class EUR I: HIPFEUI ID
Class EUR Super I: UKSEURS ID
Class GBP Super I: UKSGBPS ID
Class CHF DM: HIPFCDM ID
Class EUR DM: HIPFEDM ID
Class USD DM: HIPFUDM ID
Class CHF D: HIEMNCD ID
Class EUR DM2: HIEFCDM ID
Class USD DM2: EMUSDM2 ID
Class CHF DM2: EMNCDM2 ID
Class GBP DM2: EGBPDM2 ID
Class GBP DM2 Dist: EGBDM2D ID
Class EUR I2: HIEMNED ID
Class GBP I2: EMGBPI2 ID
Before subscribing, please read the Prospectus, Supplement, KID in the “Legal Documents” section.
Gross Exposure 11/04/2024 135,40%
Before subscribing, please read the prospectus.
Past performance is not indicative of future results and should not be the sole criterion for investment decisions. Under current regulations, the data provided above does not constitute an investment solicitation and cannot be reproduced, distributed to third parties, or disclosed. Hedge Invest SGR will not be held liable for any direct or indirect damage or costs resulting from non-compliance with this prohibition.
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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 DM2 Shares (IT) |
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| PRIIP KID - EUR I Shares (IT) |
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| PRIIP KID - EUR SUPER I Shares (IT) |
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| PRIIP KID - EUR R Shares (IT) |
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| PRIIP KID - GBP DM2 Shares (IT) |
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| PRIIP KID - USD DM2 Shares (IT) |
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| PRIIP KID - CHFDM2 Shares (IT) |
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| PRIIP KID - GBP I2 Shares (IT) |
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| PRIIP KID - EUR M Shares (IT) |
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| PRIIP KID - GBP M Shares (IT) |
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| Latest annual report (signed) (EN) |
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| Fascicolo informativo (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 (IT) |
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| Informativa sui costi ed oneri (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 DM2 Shares (EN) |
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| PRIIP KID - EUR I Shares (EN) |
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| PRIIP KID - EUR SUPER I Shares (EN) |
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| PRIIP KID - EUR R Shares (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| PRIIP KID - EUR M Shares (EN) |
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| PRIIP KID - GBP DM2 Dist Shares (EN) |
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| PRIIP KID - GBP Super-I Shares (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 Scenarios (EN) |
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| Remuneration Policy (EN) |
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| Shareholder Engagement Policy_HI International Funds plc (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 (IT) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - EUR I Shares (IT) |
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| PRIIP KID - EUR SUPER I Shares (EN) |
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| PRIIP KID - EUR R Shares (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| Consolidated Prospectus (EN) |
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| Country Supplement (EN) |
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| PRIIP KID - USD DM2 Shares (EN) |
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| PRIIP KID - CHFDM2 Shares (EN) |
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| PRIIP KID - GBP I2 Shares (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 - GBP DM2 Dist Shares (EN) |
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| PRIIP KID - GBP Super-I Shares (EN) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (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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| KIID HIUK GBP Super I (EN) |
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| KIID HIUK EUR DM2 (EN) |
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| KIID HIUK GBP DM2 Dist (EN) |
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| KIID HIUK GBP DM2 (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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| 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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| Memorandum of association (EN) |
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| PRIIP KID - EUR DM2 Shares (DE) |
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| PRIIP KID - EUR R 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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| Information Pack (EN) |
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| Costs and charges (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR DM2 Shares (FR) |
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| PRIIP KID - EUR R Shares (FR) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR DM2 Shares (ES) |
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| PRIIP KID - EUR R Shares (ES) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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| Latest semi-annual report (IT) |
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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 SUPER I 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 - EUR I2 Shares (EN) |
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| PRIIP KID - GBP SUPER I Shares (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