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Gross performance*

Reported data relates to the past. The performances shown give no indication of future results. The value of units can vary. The performances shown do not take into account charges or subscription and redemption fees. Subscription fees will reduce the return on investment.

* The management fee, custodian bank fee and all other additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Distributions are reinvested. Performance is calculated using the BVI method, which means that the calculations do not include an issuing charge, transaction costs (such as order fees and brokerage fees), custodian bank fees or other management fees. Including the issuing surcharge would reduce performance.

Source: ETHENEA | All data as of: Friday, 3 May 2024

Master data

ISIN LU2275633894
Dividend policy Accumulation⁵ (T)
Share class GLOBAL SOLUTIONS T-12 EUR
Bloomberg HEHGSTE LX
Investment company ETHENEA Independent Investors S.A. (Société Anonyme)
Investment category Global Macro fund
Total net asset value 56,91 m EUR
Share classe volume 4,53 m EUR
Offering price 103,05 EUR
Nav Price 100,05 EUR
Share class currency EUR
Minimum investment amount none
Term unlimited

⁵ Accumulation funds do not pay dividends. Returns are reinvested in the fund, so in theory the capital continues to grow. You only access the returns when you sell your fund units. Accumulation funds reinvest all interest and dividends generated on their stock market portfolio.

Version date: Friday, 3 May 2024

The item "Cash" includes term deposits, call money and current/other accounts. Product types representing 3% or less of the net asset value are included under "Other". The item “Equities net” includes direct investments and exposure arising from equity derivatives | Source: ETHENEA | All data as of: Tuesday, 30 April 2024

Source: ETHENEA | Version date: Tuesday, 30 April 2024

Tuesday, 30 April 2024

  Yields in %⁷

Year to date 2024 (01.01.2024 - 03.05.2024) 1,87
Since issuance, annualized yield 0,02
5 years, annualized yield
3 years, annualized yield -0,23
03.05.2023 - 03.05.2024 0,86
03.05.2022 - 03.05.2023 -8,25
03.05.2021 - 03.05.2022 7,33
03.05.2020 - 03.05.2021 0,74

⁷ Figures on returns relate to the past, give no indication of future results, and do not take into account any reorganisation. An overview of the risks associated with an investment in this fund is included in the prospectus. The portfolio’s net asset value depends entirely on market trends. The management fee, custodian bank fee and all other additional costs are taken into account in the calculation of the unit price as stated in the provisions of the contract. Distributions are reinvested. Performance is calculated using the BVI method, which means that the calculations do not include an issuing charge, transaction costs (such as order fees and brokerage fees), custodian bank fees or other management fees. Including the issuing surcharge would reduce performance.

All data as of: Friday, 3 May 2024

  Fees

Subscription fee up to 3,00 %
Management fee 1,20% p.a.
Administration fee 0,10% p.a.
Redemption Fee 0,00% p.a.
Custodian fee 0,05% p.a.
Performance fee 10,00% of the outperformance exceeding 1,00% per annum, provided that previous write-downs have been offset.
Ongoing charges

- Of which management fees

1,81%

1,20%

The tax rate applicable to Belgian investors (" capital gains tax") is 30% and, where applicable, the withholding tax rate is 30%. The tax on stock market transactions associated with exiting the sub-fund is 1.32% (max. EUR 4,000).

  Key figures

Annualised volatility⁹ 6,13%
Sharpe ratio¹⁰ -0,48
Average rating¹¹ Between AA- and AA
Modified duration¹² -0,89 (1,39)
Average current yield¹³ p.a. 3,83%
Average YTM¹³ p.a. 4,87%

⁹ Volatility is a risk indicator showing the degree of fluctuation in a fund’s price over a given period. Volatility is calculated as a standard deviation based on daily returns over 250 days.

¹⁰ The Sharpe ratio is the quotient of the excess return (= return on the fund minus return on a risk-free asset) and the established volatility. When calculating the excess return, we use the EONIA Total Return index to determine the return on a risk-free asset.

¹¹ Note: You will find more information along with definitions of individual ratings (e.g. AAA, BB) in the form of a glossary here.

¹² Effective duration

¹³ Figures on returns relate to the past. Past performance is no indication of future results.

Version date: Friday, 3 May 2024

  Risk Indicator

Lower risk
Higher risk
1
2
3
4
5
6
7

The risk indicator is based on the assumption that you will hold the product 5 years. If you cash in the investment early, the actual risk may be significantly different and you may get back less.
The overall risk indicator helps you assess the risk associated with this product compared to other products. It shows how likely you are to lose money on this product because the markets develop in a certain way or because we are unable to pay you out.

We have classified this product as 5 out of 7, which is a medium-high risk class. This rates the potential losses from future performance at a high level, and poor market conditions will likely impact our capacity to pay you. Be aware of currency risk. You will receive payments in a different currency, so the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above.

Other risks not included in the risk indicator may be materially relevant:
• Liquidity risk
• Operational risks

For more information, please refer to the prospectus. This product does not include protection against future market developments, so you could lose all or part of the invested capital.

Opportunities

• A professional Portfolio Management team with many years’ experience of the capital markets.

• Enabling long-term capital appreciation through investment in liquid instruments on equity, bond, derivative, currency and – to a limited extent – commodity markets.

• Active risk management and hedging transactions in order to minimize losses (emphasis on capital preservation).

• Active portfolio management with the aim of delivering positive returns, even in weak market phases.

• Provides an opportunity to benefit from an active multi-asset strategy.

• Participation in positive performance on equity and bond markets.

Risks

• Market, sector and company-related price losses in the fund’s equity and bond investments; also as a result of a general rise in yields and/or increase in yield premiums for specific bond issuers.

• General, geographical and geopolitical country risks: these include the risk that an issuer of a bond, despite being solvent, cannot fulfil its obligations due to an inability or unwillingness on the part of a particular country to transfer funds to another country.

• Issuer, counterparty credit and default risk due to investing in bonds, equities and hedging trades: this includes the risk of insolvency due to issuer or counterparty debt overload or illiquidity. A total loss of the affected investment instrument is possible.

• Exchange rate risks through investing in foreign currencies or in equities and bonds denominated in a foreign currency.

• The investor suffers a loss if they sell the fund units at less than the acquisition price.

For detailed information on the opportunities and risks of investing in the fund, please refer to the sales prospectus.

¹⁴ Diversification: This means that the fund may invest in different types of assets (equities, bonds, futures, etc.) as well as in different business sectors whose prices are non-correlated. The aim is to reduce risks.

¹⁵ Absolute Return: Fund management approach aimed at producing a steady return each year, regardless of the situation on financial markets. Absolute return management, the aim of which is to deliver returns independently of any benchmark, is notable for the low volatility of performance. The general idea is to obtain a positive return while taking relatively little risk, and to target highly positive alpha (the return over and above that of the benchmark).

Version date: Friday, 3 May 2024

  Further information

Custodian bank DZ PRIVATBANK S.A.
Country of incorporation Luxemburg
Inception date 11/02/2021
Business year end 31.12.

Version date: Friday, 3 May 2024

All investments bear a general risk of capital loss. The prospectus, key information documents (PRIIPs-KIDs), annual reports and half-yearly reports of the sub-fund are available in German, French and Dutch free of charge on request at the registered office of the S.A. , on the website www.ethenea.com, from the representative, DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg and on www.fundinfo.com.

Complaints handling
If you have any complaints, please contact ETHENEA Independent Investors S.A., 16, rue Gabriel Lippmann, 5365 Munsbach, Luxembourg, Tel: +352 276 921-0, Fax: +352 276 921-1099, Email: compliance@ethenea.com or the Ombudsman for Financial Complaints (Ombudsfin), North Gate II, Avenue Roi Albert II, 8, 1000 Brussels, Belgium, Tel: +32 2 545 77 70, Fax: +32 2 545 77 79, E-mail: Ombudsman@Ombudsfin.be in writing or via an online form available at www.ombudsfin.be/fr/particuliers/introduireune-plainte/.

This is a marketing communication. It is for information purposes only and provides the addressee with guidance on our products, concepts and ideas. This does not form the basis for any purchase, sale, hedging, transfer or mortgaging of assets. None of the information contained herein constitutes an offer to buy or sell any financial instrument nor is it based on a consideration of the personal circumstances of the addressee. It is also not the result of an objective or independent analysis. ETHENEA makes no express or implied warranty or representation as to the accuracy, completeness, suitability, or marketability of any information provided to the addressee in webinars, podcasts or newsletters. The addressee acknowledges that our products and concepts may be intended for different categories of investors. The criteria are based exclusively on the currently valid sales prospectus. This marketing communication is not intended for a specific group of addressees. Each addressee must therefore inform themselves individually and under their own responsibility about the relevant provisions of the currently valid sales documents, on the basis of which the purchase of shares is exclusively based. Neither the content provided nor our marketing communications constitute binding promises or guarantees of future results. No advisory relationship is established either by reading or listening to the content. All contents are for information purposes only and cannot replace professional and individual investment advice. The addressee has requested the newsletter, has registered for a webinar or podcast, or uses other digital marketing media on their own initiative and at their own risk. The addressee and participant accept that digital marketing formats are technically produced and made available to the participant by an external information provider that has no relationship with ETHENEA. 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The statutory sales documents (sales prospectus, key information documents (PRIIPs-KIDs), semi-annual and annual reports), which provide detailed information on the purchase of units and the associated risks, form the sole authoritative and binding basis for the purchase of units. The aforementioned sales documents in German (as well as in unofficial translations in other languages) can be found at www.ethenea.com and are available free of charge from the investment company ETHENEA Independent Investors S.A. and the custodian bank, as well as from the respective national paying or information agents and from the representative in Switzerland. The paying or information agents for the funds Ethna-AKTIV, Ethna-DEFENSIV and Ethna-DYNAMISCH are the following: Austria, Belgium, Germany, Liechtenstein, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg; France: CACEIS Bank France, 1-3 place Valhubert, F-75013 Paris; Italy: State Street Bank International – Succursale Italia, Via Ferrante Aporti, 10, IT-20125 Milano; Société Génerale Securities Services, Via Benigno Crespi, 19/A - MAC 2, IT-20123 Milano; Banca Sella Holding S.p.A., Piazza Gaudenzio Sella 1, IT-13900 Biella; Allfunds Bank S.A.U – Succursale di Milano, Via Bocchetto 6, IT-20123 Milano; Spain: ALLFUNDS BANK, S.A., C/ Estafeta, 6 (la Moraleja), Edificio 3 – Complejo Plaza de la Fuente, ES-28109 Alcobendas (Madrid); Switzerland: Representative: IPConcept (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich; Paying Agent: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, CH-8022 Zürich. The paying or information agents for HESPER FUND, SICAV - Global Solutions are the following: Austria, Belgium, France, Germany, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg; Italy: Allfunds Bank S.A.U – Succursale di Milano, Via Bocchetto 6, IT-20123 Milano; Switzerland: Representative: IPConcept (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich; Paying Agent: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, CH-8022 Zürich. The investment company may terminate existing distribution agreements with third parties or withdraw distribution licences for strategic or statutory reasons, subject to compliance with any deadlines. Investors can obtain information about their rights from the website www.ethenea.com and from the sales prospectus. The information is available in both German and English, as well as in other languages in individual cases. Explicit reference is made to the detailed risk descriptions in the sales prospectus. 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