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 was +2.8% in November 2024. Argentina’s bonds saw a positive return of 1.4% this month. This performance was primarily due to the continuing inflow of USD reserves, fiscal consolidation efforts, and economic activity, accompanied by a renewed improvement in Milei’s image in polls and international standing. A new position on US Russel calls and Fannie Mae subordinated liabilities contributed +0.75% and +0.9%. Our analysis of US elections polls and performance of the respective campaigns made us bullish on the prospect not only of a Trump re-election but a proper Republican sweep, hence we decided to position with an asymmetric payoff profile into the event, which also constituted a hedge toward our European exposures due to prospects of tariffs. We fully took profit on Russel while keeping half of the position on Fannie Mae. While the market might have run a bit ahead of itself on expectations for US equities, we attach a high probability that the Trump’s administration will push to privatize Fannie Mae and Freddie Mac, mainly because it could represent a massive and precious cash inflow. The rest of the book was slightly down as some European assets repriced lower as a reaction to the Trump election.
Outlook: we think the market is pricing too much optimism on US assets while punishing the rest of the world too harshly. We expect strong policy stimulus and strong pushback to Trump’s aggressive stance from the rest of the world. We also believe eventually Trump won’t be as confrontational once in power compared to his electoral rhetoric. Once Trump policies will be clearer, we think China will intensify fiscal and monetary stimulus in response, we will see more details, but only after Trump will show his cards. In Europe we think governments don’t have much of a choice, as the continent is losing every technological race and losing competitive advantages in most of its main industries. The Draghi plan might be too ambitious for complex European politics, but something along the same line will have to materialize at some point, because many electorates are clearly showing they are disappointed by current management, as initially shown in Italy, now Germany and France, and could soon follow in Spain. Difficult to predict the outcome but we think most scenarios will involve more fiscal spending and more government driven investments. Overall, we are not so bearish on the world outside of the US and believe the premium priced into US assets is too extreme, while on the other side rates might be too low in Europe and we might soon be close to a potential entry point to express a bearish duration view. Some pockets of value are starting to emerge in some sectors in credit, auto for examples, where we are monitor few special situations where we might deploy capital at the right entry point.
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.
| 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 M Shares (IT) |
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| PRIIP KID - EUR I2 Shares (IT) |
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| PRIIP KID - GBP I2 Shares (IT) |
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| PRIIP KID - EUR DM2 Shares (IT) |
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| PRIIP KID - CHF DM2 Shares (IT) |
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| PRIIP KID - GBP DM2 Shares (IT) |
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| PRIIP KID - EUR D Shares (IT) |
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| PRIIP KID - CHF D Shares (IT) |
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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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| Elenco Controparti (IT) |
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| Politica in materia di impegno dei gestori attivi_Hedge Invest SGR (IT) |
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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 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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| 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 - 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 - 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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| 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 - EUR R Shares (EN) |
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| KIID - CHF R Shares (EN) |
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| KIID - EUR I Shares (EN) |
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| KIID - EUR I Initial Shares (EN) |
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| KIID - CHF D Shares (EN) |
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| KIID - USD D Shares (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 I2 Shares (DE) |
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| PRIIP KID - GBP I2 Shares (DE) |
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| PRIIP KID - EUR DM2 Shares (DE) |
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| PRIIP KID - EUR D Shares (DE) |
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| PRIIP KID - EUR Super-I 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 - GBP I2 Shares (ES) |
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| PRIIP KID - EUR DM2 Shares (ES) |
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| PRIIP KID - CHF DM2 Shares (ES) |
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| PRIIP KID - USD DM2 Shares (ES) |
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| PRIIP KID - GBP DM2 Shares (ES) |
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| PRIIP KID - EUR D Shares (ES) |
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| PRIIP KID - CHF D 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