HI European Market Neutral Fund
HI European Market Neutral 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 –
The Fund’s performance in the month was somewhat curiously almost entirely driven by the short book, which was surprising in the context of the market rising strongly; it is perhaps more explainable by the market’s performance being driven by traditional large-cap sectors such as Energy, Pharma, Banks and Miners, where the Fund was largely positively exposed. Both the Fund’s hit rate and win/loss ratio were positive in the month.
The main contributions to performance came from our positions in Banks, with the three stocks adding more than 80bps in the month. Both NatWest and Barclays reported in the month, issuing robust Q1 statements and rising 10-15% as a result. The deposit headwinds that plagued the sector through 2023 have largely ended, allowing investors to focus on rising interest margins, TNAV growth and very high shareholder distributions. The other major long book contributor was AstraZeneca, which rose 12% on the back of a strong Q1 statement, adding 30bps to performance. The group delivered 18% revenue growth in the quarter, setting it firmly on track to deliver its FY guidance of low double-digit revenue growth. We still feel that both consensus expectations and the valuation do not sufficiently capture the strong pipeline the group has out to 2030 and we expect the capital markets day later in May to give further colour around the medium-term growth potential.
The short book contribution was broad, with a hit rate of over 70%. The main positive contribution was from Spirax-Sarco which added 22bps to performance, in part due to higher bond yields impacting expensive assets but also as a result of some peer reporting that cautioned about the pace of recovery in the biopharma sector this year, an important end market for Spirax’s Watson-Marlow division. The other major contributor was Rentokil which fell 10% on the back of another disappointing update for its troubled US pest business.
The main detractor to the Fund in April came from our long position in Wise which fell 15% on the back of its Q4 trading statement, losing 35bps. Customer number and volume growth continue to be strong and on 22-23x PE we feel the long-term growth potential is attractively priced.
There were no major new positions in the Fund but we exited our long position in BP to reflect a strong move up in the shares and some risk that the geopolitical risk premia in oil may fade. We added to some of our more interest rate sensitive and cyclical areas such as Grafton, Marshalls, Elementis and RS1 as we come closer to a likely BoE interest cut and as EU PMI momentum looks to be improving.
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Fund Data
Management Company
Hedge Invest SGRp.A.
Fund Manager
Paul Marriage and John Warren – Tellworth Investments (sub delegated manager)
Currency
EUR
Minimum Investment
10.000 classes R / DM / DM2
100.000 class I / I2
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
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
Incentive Fee
20% with Absolute High Water Mark
Tax Treatment
26% (withholding tax)
SGR Authorization
Banca d’Italia, 27 April 2001
Fund Authorization
Ottobre 2012
Depositary
JP Morgan Bank (Ireland) plc
SGR Authorization
JP Morgan Bank (Ireland) plc
Auditor
KPMG (Ireland)
ISIN
Class EUR R: IE00B87XFT16 (open)
Class USD D: IE00BJMDBR39 (open)
Class CHF D: IE00BJMDBS46 (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 EUR I2: IE00BJMDBX98 (open)
Class USD I2: IE00BJMDBY06 (open)
Class GBP I2: IE00BJMDBZ13 (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 CHF DM: HIPFCDM ID
Class EUR DM: HIPFEDM ID
Class USD DM: HIPFUDM ID
Class USD D: HIEMNUD 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 USD I2: EMUSDI2 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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| Past performance Information (EN) |
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| Informativa sui costi ed oneri (IT) |
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| Politica in materia di impegno dei gestori attivi (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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| Information Pack (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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| PRIIP KID - EUR I2 Shares (EN) |
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| PRIIP KID - USD I2 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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| Memorandum of association (EN) |
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| KIID - EUR I2 Shares (EN) |
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| KIID - USD I2 Shares (EN) |
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| KIID - GBP I2 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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| PRIIP KID - EUR DM2 Shares (DE) |
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| PRIIP KID - EUR I2 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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| Prospectus (FR) |
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| Existing Sub-funds Supplement (FR) |
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| Supplement (FR) |
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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 Share (FR) |
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| PRIIP KID - EUR DM2 Shares (FR) |
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| PRIIP KID - EUR I2 Shares (FR) |
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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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| 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 Share (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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| 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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| 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 R Share (EN) |
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| PRIIP KID - EUR M (EN) |
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| PRIIP KID - GBP M Shares (EN) |
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| PRIIP KID - USD D Shares (EN) |
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| PRIIP KID - CHF D Shares (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - USD 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 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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| 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