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
CRH surprised on the upside by not waning like many other building materials plays have done lately. This sparked a useful share price rally which was sustained for most of the month. The story at Melrose was similar – numbers did not result in any material changes to market forecasts which was taken well, not least as the shares had drifted somewhat into the statement despite the defence exposure. Lloyds was a beneficiary of the Supreme court ruling on the way commissions on car loans are disclosed – while the outcome was not materially better than expectations the fact that their current provisioning was generous enough was taken well and the potential risk is now in the rear view mirror. The same cannot be said of potential new bank taxation that took away the early month gains for the sector at month end. Serco had another good set of numbers, generating modest upgrades which is a market rarity at the moment. Defence exposure is a bit of double-edged sword here as the shares gave back some of the gains as prospects for a settlement in Ukraine fluctuated during the month. Those longs which stalled this month generally did not provide the same reassurance on earnings. Beazley had soft numbers on the back of higher than expected catastrophe losses that led to some modest downgrades. The impact of AI still haunts the Relx share price and the weaker US dollar is not helpful for earnings momentum. To some extent Sage was caught up in the same negative thinking around software stocks being AI losers as well. Numbers at the latter were also marginally soggy against expectations.
Short
Coca Cola Europacific Partners numbers did not show the defensiveness that some had expected with volumes having been weaker of late and the share saw a useful retrenchment on the moderated growth outlook. While Trustpilot did not warn at its latest statement there remains plenty of debate about whether its rich multiple is justified. The shares had another pleasingly weak month for us with “the AI being bad for software players” theme rumbling in our favour here. Ashtead had a 2nd month of being seen as a US winner notwithstanding the weaker dollar. BP rose on the back of set of numbers which were taken well with better cash flow and debt reduction but also making the right noises about improving shareholder returns in response to recent activism. It also announced a significant new reserve discovery in Brazil.
Conclusion and Outlook
The UK macro picture is not itself any worse than elsewhere globally but the fiscal noise remains unhelpful going into the autumn statement, as evidenced by the weakness in banks at month end around new tax levies and similarity in the housebuilding sector on property taxes earlier in the month. Volatile share price reactions to news suggest a nervy underlying state for most investors despite many major indices, the UK’s FTSE 100 Index included, hitting new highs during the month. M&A has been quieter overall but we would expect this to pick up in Q4, in recent years political or macro upheaval has not really deterred potential bidders for UK companies. It has been a lazy summer for corporate news and hence quite a tricky environment for stock picking, but idea generation remains encouraging, not least with our recent addition of more European names to the book.
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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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| 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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| PRIIP KID - EUR M 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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| PRIIP KID - EUR R Shares (EN) |
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| PRIIP KID - GBP DM2 Shares (EN) |
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| Consolidated Prospectus (EN) |
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| Country Supplement (EN) |
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| PRIIP KID - USD DM2 Shares (EN) |
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| PRIIP KID - CHFDM2 Shares (EN) |
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| PRIIP KID - GBP I2 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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| 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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| Prospectus (EN) |
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| Supplement (EN) |
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| Existing Sub-funds Supplement (EN) |
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| KIID HIUK GBP Super I (EN) |
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| KIID HIUK GBP DM2 Dist (EN) |
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| KIID HIUK GBP DM2 (EN) |
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| Country Supplement (EN) |
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| Latest annual report (signed) (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 R Shares (DE) |
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| Consolidated Prospectus (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 annual report (signed) (EN) |
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| Costs and charges (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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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 SUPER I Shares (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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| 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
Non sono presenti documenti per questa nazione