European Financial Opportunities Class A


Date

NAV

Benchmark
10/04/20199.41195.192
11/04/20199.54495.690
12/04/20199.67496.442
15/04/20199.73996.681
16/04/20199.80597.121
14/04/20199.83997.483
18/04/20199.85697.530
23/04/20199.82297.087
24/04/20199.78096.631
25/04/20199.79996.415
26/04/20199.83896.564
29/04/20199.90796.953
30/04/20199.90296.710
02/05/20199.92196.615
03/05/20199.89896.736
06/05/20199.77396.144
07/05/20199.72295.074
08/05/20199.69594.927
09/05/20199.69593.870
10/05/20199.64194.017

Monthly reports

 2019

JANUARY     FEBRUARY     MARCH     APRIL

Monthly reports

 2018

JANUARY     FEBRUARY     MARCH     APRIL     MAY     JUNE      JULY      AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2017

MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Periodic Information

2018

2017

Fund Overview

The fund will invest in all Banks capital structure with the managers total flexibility and discretion on asset allocation. The fund will rotate asset class within the capital structure depending on cycle view. Focus: Primarily invested European banks and insurance companies. Instruments: Equity, AT1 and subordinated debt mainly. Limit AT1s at 20% of Funds AUM. Intentions: Seek anti-consensus equity ideas, capture attractive opportunities in sub-debt -mainly in the mid cap space- and gain a sensible exposure to AT1s (thorough analysis of prospectus and issuers).

Why Invest

The Fund seeks to invest in the European financial sector, in order to obtain positive performance throughout the economic cycle. The objective is to give the investor the possibility to invest in all of the banks capital structure and give exposure to the investor in the complex insurance companies; all this with the aim to provide all asset classes and  benefit from them- equity, fixed-income or both – depending on the business  cycle and trying to anticipate changes in the cycle to obtain better performance.

The portfolio will be invested in a concentrated number of banks and insurance companies, selected by the Manager with a very comprehensive analysis of all its capital structure. The objective is to generate long term alpha, and maintain and preserve the capital by making use of the flexibility of the Fund with the investment of debt senior if the sector encounters serious trouble or the manager considers excessive risk. Take short positions only when there is a high conviction that the contribution of these to be positive in the short term.

 

Managers

Luis Peña Morientes

Characteristics

Minimum Investment: 1.000 Euros
Management Fees: 1.75% annual
Performance Fees: 7% annual over HWM
Custodian & Administrator: Edmond de Rothschild Group
Prime Broker: Morgan Stanley & Banco Santander
ISIN: European Financial Opportunities Class A LU1555973301


Date

NAV

Benchmark
10/04/20199.41195.192
11/04/20199.54495.690
12/04/20199.67496.442
15/04/20199.73996.681
16/04/20199.80597.121
14/04/20199.83997.483
18/04/20199.85697.530
23/04/20199.82297.087
24/04/20199.78096.631
25/04/20199.79996.415
26/04/20199.83896.564
29/04/20199.90796.953
30/04/20199.90296.710
02/05/20199.92196.615
03/05/20199.89896.736
06/05/20199.77396.144
07/05/20199.72295.074
08/05/20199.69594.927
09/05/20199.69593.870
10/05/20199.64194.017

Monthly reports

 2018

JANUARY     FEBRUARY     MARCH     APRIL     MAY

Monthly reports

 2017

MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2016

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2015

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2014

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Monthly reports

 2013

JANUARY     FEBRUARY    MARCH    APRIL     MAY     JUNE     JULY     AUGUST     SEPTEMBER     OCTOBER     NOVEMBER     DECEMBER

Periodic Information

2017

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