The fund aims to provide capital growth by investing in worldwide equities without geographical or sector limits. The fund invests more than 51% of its assets in equities or equity-related securities. The fund seeks to generate a positive return during rising equity markets passing to a defensive approach during extended bearish trends. The fund may use derivatives in order to achieve investment gains, reduce risk or manage the fund more efficiently.
Legal Structure: SICAV Ucits V
Fund Manager: SWM SA
Custodian: State Street, LUX
Reference Currency: EUR
AuM: EUR 16.96 M
NAV Frequency: Daily
Registered in: LUX, CH, IT
Management Fee: 2%
Performance Fee: 20% HWM
NAV as at 30.09.2021: EUR 108.22
ISIN: EUR (A): LU0451080401
Share Type: Accumulation
Targeting investors with a superior risk tolerance who expect capital growth over the business cycle, investing primarily in global equites.
Fund manager insights
During September 2021 the Explorer Equity Fund was down 3.54%, while in the same period the MSCI World Index lost 4.29%. Geographically September was a negative month for all economies which collected at the end of the month disappointing performances between 3.50 and 6.00%. For what concerns the sectors, in the last month investors favored stocks with a “Value” attitude instead of those belonging to the “Growth” sector, as often happens during downside market corrections; in fact the MSCI World Value Index closed the month with -3.23% versus the -5.26% achieved by the MSCI World Growth Index.
For the next weeks we remain quite optimistic with our asset allocation that still has an exposure in areas that this year disappointed our expectations such as Emerging Markets, Airlines companies and Gold miners. From a macroeconomic point of view we continue to see an excess of faith versus Western economies and their capability to keep the recovery stable for the next quarters and versus the fact that inflation could be just a temporary phenomenon. Most investors and analysts seem to believe that the vaccination campaign, despite all the difficulties it is encountering worldwide, will be able to bring these
economies back to normality by the end of 2021. Our point of view is similar but not so confident; for the moment we are indulging the markets, but we are also ready to promptly hedge the risks to avoid losing what has been done so far.