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:
It feels a long time ago since the US election but the implications of Trump’s victory have been the main thematic across assets this month. The Dollar strengthened against most currencies, US yields rose to reflect the view that US growth and inflation were likely to inflect higher and some stocks and sectors have had the possibility of tariffs and deregulation factored into their prospects. Given the market has now already priced in some of the ‘Trump effect’ it will be paramount to understand the extent that this is actually playing out in the real economy from here.
Whilst the fund performed well in the month, particularly around the days over the election, this was not so much due to any major exposure to the election outcome but instead a function of some good single stock outcomes. The fund’s hit rate in the month was marginally below 50% but the strong win/loss ratio of c1.4 shows that we had some outsized winners on both sides of the book.
The largest contributor to performance was our long position in Flutter, the global gambling group, which added 40bps in the month. The second largest contributor in the month was a short position in UK DIY retailer. The group cautioned on the impacts of higher labour costs hurting profits in both 2025 and 2026 which coupled with still soft end markets led to reasonably significant cuts to earnings forecasts. The shares fell 15% on the month and as the largest single stock short position, it added 37bps to performance.
The fund also saw strong contributions from a new position, Sage group, which rose 20% on the month on the back of a reassuring growth outlook. Long positions in Smurfit WestRock and Barclays and a short position in Housebuilder also added strongly to the fund’s performance.
The largest detractor in the month was our long position in Bellway which fell post the UK budget. Initially, the budget was met with some relief, but markets quickly priced in higher inflation and higher interest rate expectations, causing a selloff in the sector. Sentiment was further hurt by significant profit warnings at Vistry group. Swap rates have actually retraced most of the budget move and given BWY got back to trading at a discount to tangible book value, we added to the position as well as adding a new position in another housebuilder Barrat Redrow. Housing sentiment continues to improve with good mortgage demand and with significant long run under supply and improving planning prospects. At current valuations, we see the sector as representing compelling value and have increased our exposure.
In terms of portfolio activity we exited our positions in Easyjet and Ryanair, adding to our Jet2 position after the company reported strong results and a growing cash balance and also introduced a new long position in IAG, the owner of British Airways. The group has recovered well from the pandemic, restoring group margins above 10% and we are growing cautiously optimistic that the £7bn investment program in fleet and its digital infrastructure should yield both cost and revenue benefits. We also added to our Long position in Spirax group as we feel end markets have troughed and consensus is too pessimistic on the pace of recovery in its Watson-Marlow division. One impact of Trump’s victory has been to reignite risk appetite, not really visible in our domestic markets but clearly visible in Cryptocurrencies and some ‘meme’ stocks. This has had the impact to turbo charge the ‘momentum’ factor and we have been carefully monitoring our exposure to both the ‘long’ leg and the ‘short’ leg, particularly at this time of year where profit taking and window dressing for year-end can distort markets. Whilst it is hard to call when these trends will turn, we are mindful that given changes in market structure, a change in a seemingly unrelated part of the market can have wider knock-on effects.
We continue to see good stock picking opportunities given the market and economic backdrop and we thank investors for their support.
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Fund Data
Management Company
Hedge Invest SGRp.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 CHF D: IE00BJMDBS46 (open)
Class EUR I2: IE00BJMDBX98 (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 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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| Existing Sub-funds Supplement (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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| Information Pack (EN) |
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| Consolidated Prospectus (EN) |
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| Memorandum of association (EN) |
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| KIID - EUR SUPER I Shares (EN) |
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| KIID - EUR DM2 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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| 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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| KIID - EUR R 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 SUPER I Shares (EN) |
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| KIID - EUR DM Shares (EN) |
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| KIID - CHF DM Shares (EN) |
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| KIID - EUR FOF 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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| KIID - EUR R Shares (DE) |
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| KIID - EUR I2 Shares (DE) |
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| KIID - EUR DM2 Shares (DE) |
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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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| KIID - EUR R Shares (FR) |
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| KIID - EUR I2 Shares (FR) |
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| KIID - EUR DM2 Shares (FR) |
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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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| Information Pack (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 R Shares (EN) |
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| PRIIP KID - CHF D Shares (EN) |
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| PRIIP KID - EUR I2 Shares (EN) |
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| PRIIP KID - GBP I2 Shares (EN) |
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| PRIIP KID - EUR SUPER I Shares (EN) |
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| PRIIP KID - GBP SUPER I 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 M Shares (EN) |
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| PRIIP KID - GBP M 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