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 13.09 M
NAV Frequency: Daily
Registered in: LUX, CH, IT
Management Fee: 2%
Performance Fee: 10% HWM
NAV as at 30.09.2020: EUR 105.85
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 September 2020 the Explorer Fund of Funds was down 0.72% bringing the performance YTD to be slightly negative (- 0.04%). After the financial markets collapse in March, a strong recovery took place in the following months which was sharp in the US, especially for equities that in some cases regained all the losses and generated astonishing performances. The US technology and communication sector were those where equity buyers concentrated most as well as the consumer non-cyclical sector that includes healthcare. The diversification of the fund portfolio remains very high and it covers almost all asset classes.
The high allocation in conservative fixed income funds, alternative funds and gold related products provided a good protection during the down phase 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 a good reaction after March.
In addition to this, considering that we never believed that the recovery could be interpreted as the beginning of a new bullish phase, we decided to keep in place the hedging provided by shorting futures on equity indices for the 20% of the portfolio. For the next months we expect to remain conservative. Although the current rebound, we believe it’s not the time to become optimistic yet and, consequently, the exposure in precious metals and alternative strategies, linked to the credit markets or China, could be raised in the incoming weeks.