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 September was +1.49%. Argentina government bonds gained 1.1%, as bonds recovered from the previous month’s loss, and the theme continues to attract new investors given the restructuring potential and the tailwind coming from commodity and agriculture markets. However, we decided to cash in some profits on this position as surveys on Milei’s popularity and support are starting to weaken and the timid economic recovery in August didn’t continue into September. We think there are still a lot of positive drivers and catalysts ahead, but we fear risk premia from political uncertainty could rise, and options to refinance next year maturities remain challenging. Our bearish macro positioning generated 0.5% but that was mostly offset by losses on our long high yield and subordinated financial portfolio, and some small negative remarks on special situations. Finally, we had 0.4% gain on levered short term government bonds longs, where we took profit on the whole position, as market pricing of central bank easing has gone a bit too far than what the labor and inflation actual combinations can justify at the moment, while US election could bring increased volatility to rates in our view not to mention a likely escalation of the middle east conflict and related inflationary spiral from oil prices.
Outlook: we are now completely out of short term bonds as the market is pricing too aggressively the future path of central bank easing. Inflation is on a downward path and we are sceptical about a boost of economic activity from the China stimulus, and uncertain on the US growth outlook after elections, but bond market stress may be returning soon given the fiscal spending dynamics. Overall, we think the current high level of global fiscal spending, increased mandatory investments for wars and energy transition will keep rates range bound, with a much higher lower bound than before Covid. We prefer to wait for a better entry point that might come around US elections, or an oil price spike due to continuously increasing tensions in the middle-east where we see too many interests supporting an escalation and consequent increase in oil prices. Our portfolio is now mostly allocated to high carry names we like, across a very diversified portfolio of European subordinated financials and corporate high yield that enjoy a combination of defined catalysts and solid credit profiles to harvest carry waiting for macro events to unfold and offer new opportunities for us. Our only overallocated position is Argentina government bonds, where we also partially took profit, but where we still see substantial upside and a relatively asymmetric profile in terms of investment factors as Argentina rich commodity exposure and geographical distance are a plus in the current geopolitical context.
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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| Elenco collocatori fondi Ucits (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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| Past performance Scenarios (EN) |
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| Information Pack (EN) |
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| Costs and charges (EN) |
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| Remuneration Policy (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 annual report (signed) (EN) |
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| Latest semi-annual report (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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| 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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| 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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| Latest semi-annual report (EN) |
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| PRIIP KID - EUR D Shares (DE) |
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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
| 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 - 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