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 +1.08% in August 2025. Around half of the performance was driven by a few special situation equity in the tech/AI sector, among which a new position on Intel, which we view as an option value play on potential turnaround launched by the new CEO, with serious catalysts on the next few quarters around news and rumours on client discussions for the foundry business. Credit positions in the subordinated financials and non-financial sector contributed to the rest of the positive performance, mostly driven by a relentless tightening in credit driven by inflows and summer illiquidity.
Outlook: we are becoming increasingly bearish on risky assets in the medium term, while we are maintaining a net long position in the fund, the net long exposure is mainly in strong credits and idiosyncratic plays where we think positioning is light and drivers are probably uncorrelated to the overall market risk. Inflation is remaining stubborn and the FED risks cutting in an inflation rebound which we think could be bearish. In Europe, Japan, and the UK we see similar trends of core inflation remaining solid, not providing any clear catalyst for the central bank to timely support the bonds market in case of emergency, which appear increasingly vulnerable driven by high deficits among main major economies. Inflation and fiscal spending are bullish for equities, but given stretched valuations, we are concerned we might be vulnerable to a correction across all asset classes and prefer to remain positioned conservatively. We keep adding to stories we like during periods of expected market weakness. Longer term we are bullish fixed income, we are increasingly convinced AI will provide shocks to the labour market, especially in higher paying jobs unleashing a substantial deflationary wave in 2026 and onwards.
Video
Fund Data
Management Company
Finanziaria Internazionale Investments SGR S.p.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 GBP D: IE00BVFNJZ81 (open)
Class EUR DM2: IE00BLG31064 (open)
Class CHF DM2: IE00BLG31171 (open)
Class GBP DM2: IE00BLG31395 (open)
Class EUR I2: IE00BLG30Y36 (open)
Class GBP I2: IE00BLG30Z43 (open)
Class EUR Super I IE00BKPSSV56 (open)
Class USD D: IE00BLG31627 (closed)
Class CHF D: IE00BLG31510 (closed)
Class USD DM2: IE00BLG31288 (closed)
Class USD I2: IE00BV0L8052 (closed)
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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| Supplement (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (IT) |
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| PRIIP KID - EUR D Shares (IT) |
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| PRIIP KID - EUR DM2 Shares (IT) |
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| PRIIP KID - EUR Super- I Shares (IT) |
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| PRIIP KID - CHF DM2 Shares (IT) |
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| PRIIP KID - GBP I2 Shares (IT) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP DM2 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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| Supplement (EN) |
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| Existing Sub-funds Supplement (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 - EUR D Shares (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - EUR Super- I Shares (EN) |
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| PRIIP KID - CHF DM2 Shares (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 - GBP DM2 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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| 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 - EUR D Shares (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - EUR Super- I Shares (EN) |
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| PRIIP KID - CHF DM2 Shares (EN) |
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| Consolidated Prospectus (EN) |
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| Country Supplement (EN) |
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| PRIIP KID - GBP I2 Shares (EN) |
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| PRIIP KID - GBP M Shares (EN) |
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| PRIIP KID - GBP D Shares (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 - GBP DM2 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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| Supplement (EN) |
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| Existing Sub-funds Supplement (EN) |
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| Memorandum of association (EN) |
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| Country Supplement (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 - EUR I Shares (EN) |
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| KIID - EUR I Initial Shares (EN) |
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| KIID - EUR DM Shares (EN) |
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| KIID - EUR FOF Shares (EN) |
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| KIID - GBP M 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 DM2 Shares (EN) |
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| KIID - CHF DM2 Shares (EN) |
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| KIID - GBP DM2 Shares (EN) |
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| KIID - EUR 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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| Prospectus (EN) |
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| Additional information for investors (EN) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (DE) |
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| PRIIP KID - EUR D Shares (DE) |
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| PRIIP KID - EUR DM2 Shares (DE) |
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| PRIIP KID - EUR Super- I Shares (DE) |
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| Consolidated Prospectus (EN) |
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| PRIIP KID - GBP I2 Shares (DE) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (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
| Memorandum of association (EN) |
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| PRIIP KID - EUR I2 Shares (ES) |
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| PRIIP KID - EUR D Shares (ES) |
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| PRIIP KID - EUR DM2 Shares (ES) |
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| PRIIP KID - EUR Super- I Shares (ES) |
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| PRIIP KID - CHF DM2 Shares (ES) |
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| PRIIP KID - GBP I2 Shares (ES) |
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| Latest annual report (signed) (EN) |
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| Latest semi-annual report (EN) |
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| PRIIP KID - GBP DM2 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) |
|
| Supplement (EN) |
|
| Existing Sub-funds Supplement (EN) |
|
| Memorandum of association (EN) |
|
| Country Supplement (EN) |
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| Latest annual report (signed) (EN) |
|
| Latest semi-annual report (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