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:
Long
The month as a whole was defined by very wide dispersion between stocks due to the dislocation precipitated by the launch of various new AI agents and applications and the potential disruption they may cause to established, often high value, business models in the future. Therefore, our main winners were those that were not dragged into that debate and hence were seen as relative safe havens such as the utility SSE or global pharma GlaxoSmithKline. We also benefited from another strong month in the mining sector and the final confirmation of the Beazley bid from Zurich, which drove another move up in their shares to the agreed bid level. UK engineer, Halma, has probably been a winner on the AI trade as their photonics products are likely to see continued high demand in data centre build outs. Our longs which were seen to be on the wrong side of that sentiment included software reseller, Softcat and high margin wealth management business St James’s Place.
Short
UK accounting software business Sage and government digitisation outsourcer and software reseller Kainos were useful AI shorts for us, as was online betting platform Flutter, where predication markets are seen as a major strategic challenge to the sector. Danish wind turbine maker Vestas downgraded their margin guidance on their important servicing revenues and the share buyback disappointed, which resulted in a useful contribution from our short position. Coca Cola European was a beneficiary of a move into defensives and while results were not especially strong, they were not as bad as feared and hence the shares rallied against us as it was a perceived safe haven. Our short in Equinor also priced in some of the speculation over increased tensions in the Middle East.
Conclusion and Outlook
Despite relatively serene index progression, this was a month that tested the portfolio fully given the extreme underlying stock moves across sectors and themes. While some of that narrative was evident in Q4 last year the intensity of speculation on AI impact was much higher in this month. We also feel that it will ultimately take businesses and markets much longer to work out who the real winners and losers are here. Therefore, we are comfortable with the fact that the portfolio remained relatively unscathed overall. We enter this month with a new set of external factors to deal with given war in the Middle East, rising
geopolitical tension and more frequent miliary episodes have become more common and markets are probably more adept at dealing with them now, but nevertheless we are working hard to ensure that portfolio value is protected.
Conclusion and Outlook
After a tougher period for the fund, we ended the quarter with a little more positive momentum which we will seek to take into the year end. The market remains difficult to navigate and share price reactions to news highly volatile. In the UK we feel the mood music around the upcoming budget in November is likely to trend a little more positively than it has done thus far. A recognition of the need for income tax rises and government spending cuts would most likely be a reasonable tailwind for UK equities. We remain mindful that many companies have second half weightings which stretch credibility, and this could also be a source of potential alpha into year end.
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Fund Data
Management Company
Finanziaria Internazionale Investments SGR S.p.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 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 CHF D: IE00BJMDBS46 (closed)
Class EUR I2: IE00BJMDBX98 (closed)
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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| 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 DM2 Shares (EN) |
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| Prospectus (EN) |
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| Existing Sub-funds Supplement (IT) |
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| Memorandum of association (EN) |
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| PRIIP KID - EUR DM2 Shares (EN) |
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| PRIIP KID - EUR I Shares (IT) |
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| PRIIP KID - EUR SUPER I Shares (EN) |
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| Consolidated Prospectus (EN) |
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| Latest annual report (signed) (EN) |
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| Information Pack (EN) |
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| Latest annual report (signed) (EN) |
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Non sono presenti documenti per questa nazione
| 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 DM2 Shares (EN) |
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| PRIIP KID - EUR I Shares (EN) |
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| PRIIP KID - EUR SUPER I Shares (EN) |
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| PRIIP KID - EUR R Shares (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| Country Supplement (EN) |
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| PRIIP KID - EUR M Shares (EN) |
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| PRIIP KID - GBP DM2 Dist Shares (EN) |
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| PRIIP KID - GBP Super-I 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 - EUR I2 Shares (EN) |
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| PRIIP KID - GBP SUPER I 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
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