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: If August was characterised by working through the fall out from the Japan carry trade unwind, September was characterized by China and its surprise policy intervention to stimulate a weak economy and stabilize weak consumer confidence. The policy measures led to an unprecedented 30% increase in the Hang Seng Index and investors scrambled to cover China related underweights and reappraise portfolios in light of what the policy might mean for the China economy. Whilst the fund has insignificant exposure to China directly, the events led to significant rotation within equity markets. Closer to home, the UK backdrop is almost entirely dominated by the Labour budget at the end of October, with very conflicting and vague tax proposals driving significant uncertainty at the index and company level; the FTSE 250 Index underperformed the FTSE 100 Index by 1.5% over the month to show this point.
The macro backdrop was unhelpful for the fund. The China driven rotation caused a significant short squeeze and momentum unwind across equity markets, demonstrated by the 5.5% fall in the 12m Momentum index we track, over just a few days. Within this context, the fund’s hit rate was low at c44% and the win loss ratio was also below one. With UK markets modestly up in the month, the long book struggled to keep pace with the market but most of the negative alpha came from the short book, losing 1% in the month.
On a single stock basis the fund did have some good wins with our long standing Rentokil short benefitting from a further profit warning from the company, sending the shares down c25% in the month. We have since closed the position, viewing the valuation and estimates as much more reflective of the Terminix integration risks. Similarly, a short in a digital services business delivered a further 15bps after it profit warned. We also had good long contributions from Marks and Spencer and Flutter, with the latter issuing a very bullish Capital Markets day outlook.
The detractors were widespread across the short book. The main long book detractors were AstraZeneca which fell on some weaker pipeline data and Babcock where concerns about UK defence spending review in the budget fed into the stock.
In terms of portfolio activity, we covered 2 short positions, sold 3 long positions and initiated 3 new positions. The main new long position in the fund was a revisiting of a position in Trainline. We have owned the shares before and know the company well, but the shares have de-rated considerably over the last 12m, with continued strong growth in the UK Consumer business not being rewarded by the market. Our data insights continue to evidence that mobile ticket adoption continues unabated and with significant growth run way in the UK and strong positions in Italy and Spain.
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Fund Data
Management Company
Hedge Invest SGRp.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 CHF D: IE00BJMDBS46 (open)
Class EUR I2: IE00BJMDBX98 (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 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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| 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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| Information Pack (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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| KIID - EUR SUPER I Shares (EN) |
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| KIID - EUR DM2 Shares (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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| 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 - EUR R Shares (EN) |
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| KIID - CHF D Shares (EN) |
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| KIID - EUR I2 Shares (EN) |
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| KIID - GBP I2 Shares (EN) |
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| KIID - EUR SUPER I Shares (EN) |
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| KIID - EUR DM2 Shares (EN) |
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| KIID - EUR DM Shares (EN) |
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| KIID - CHF DM Shares (EN) |
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| KIID - EUR FOF 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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| KIID - EUR R Shares (DE) |
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| KIID - EUR I2 Shares (DE) |
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| KIID - EUR DM2 Shares (DE) |
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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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| 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 - EUR R Shares (FR) |
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| KIID - EUR I2 Shares (FR) |
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| KIID - EUR DM2 Shares (FR) |
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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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| 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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| 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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| 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 R Shares (EN) |
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| PRIIP KID - CHF D Shares (EN) |
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| PRIIP KID - EUR I2 Shares (EN) |
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| PRIIP KID - GBP I2 Shares (EN) |
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| PRIIP KID - EUR SUPER I Shares (EN) |
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| PRIIP KID - GBP SUPER I 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 - GBP DM2 Shares (EN) |
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| PRIIP KID - GBP DM2 DIST 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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| 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