The fund aims to deliver positive performance in the medium term through a diversified multi-asset class portfolio which reflects the invest manager’s view on global markets. The fund invests more than 51% of its assets in third parties funds or ETFs UCITS compliant. The fund may hold no more than 70% of its assets in equities or equity-related securities. 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 13 M
NAV Frequency: Daily
Registered in: LUX, CH, IT
Management Fee: 2%
Performance Fee: 10% HWM
NAV as at 30.11.2020: EUR 107.49
ISIN: EUR (A): LU0988534649
CHF (A) Hedged: LU0988535026
USD (A) Hedged: LU1057883552
Share Type: Accumulation
Targeting investors who expect positive returns in the medium term through active asset allocation
decisions and a complete multi-asset class portfolio solution.
Fund manager insights
During November 2020 the Explorer Fund of Funds was up 1.84% bringing the performance YTD to be positive (+1.51%). The diversification of the fund portfolio remains very high and it covers almost all asset classes, from equities to alternative strategies. The high allocation in conservative fixed income funds, alternative funds and gold related products provided a good protection during the market collapse occurred in the first quarter and generated satisfactory performances in the following months. At the same time the allocation in risky assets taken through equity funds, for the most part US exposed and with a
“Growth” attitude, and fixed income funds somehow related to equities (exposed to convertibles or perpetual bonds) provided very good performances in the rest of the year. In addition to this, considering that we never believed that the recovery could be interpreted as the beginning of a new long-term bullish phase, we are still keeping in place an hedging position on the equity exposure of the fund that we are implementing with short futures on equity indices for about the 15% of the portfolio. For the
next months we expect to remain still conservative although more opportunistic. For example we believe there are still good opportunities in some sub sectors of the technology area and in Asia (China and Japan in primis), even if the biggest opportunity seems to be in Value equities which are really cheap at these prices, especially in Europe. That said we also believe it’s not the time to become too optimistic and, consequently, an increase of the exposure in precious metals and alternative strategies, linked to the credit markets or China, will be probably deeply considered.