HESPER FUND − Global Solutions
Read the market analysis and fund positioning
The HESPER FUND − Global Solutions is an actively managed global macro fund and pursues a highly flexible, opportunistic investment approach. The fund takes a top-down approach to asset allocation, additionally incorporating technological, demographic and other trends of significance to macroeconomic developments.
Out of 106 Macro Trading EUR funds as of 30.11.2023.
Based on 92.52% eligible corporate AUM and 100% of eligible sovereign AUM. Data is based on long positions only.
Fund profile
Investment objective. Focus on liquid asset classes for long-term capital growth
As an actively managed global macro fund, the HESPER FUND – Global Solutions aims to generate high returns in all economic climates but maintains a balanced risk/return ratio. Since capital preservation is paramount, it is important to remain agile and to invest in highly liquid instruments in order to be able to react fast in the event that market sentiment changes.
Fund strategy. Macro-oriented top-down approach
The fund takes a top-down approach to asset allocation, taking fundamental data and macroeconomic developments into consideration. The fund additionally incorporates technological, demographic and other trends of significance to macroeconomic developments.
Investment focus. Highly flexible, opportunistic and with a global orientation
The HESPER FUND – Global Solutions is permitted to invest globally in the following asset classes: bonds, equities, derivatives, funds and money market instruments. In addition, the fund can invest a total of up to 20% in precious metals and commodities with delta one certificates – up to 10% per asset (e.g. 10% gold and 10% oil). It may also hold cash in its portfolio. The portfolio managers use a top-down approach to determine the optimal weighting of each asset class given the current market conditions. At least 51% of fund investments must be in the following currencies: EUR, USD, JPY, CHF, GBP and NOK.
Hedging. Active risk management to preserve capital
As a long/short multi-asset fund, it uses derivatives for its tactical allocation, for hedging purposes and to benefit from short-term investment opportunities.
Investment process
All investment decisions taken by the portfolio management team are based on a three-step analysis process that ultimately defines the investment universe.
1. Secular trends
The consideration of global, long-term developments forms the basis for the next stage in our investment process. We expect that global themes such as demographics, globalisation, technology, climate change and China will affect us in the foreseeable future (5 to 10 years).
2. Macro outlook
The second step involves establishing our expectations for the most important macroeconomic indicators that will affect our asset allocation over the coming approx. 12 to 18 months. To this end, we define various scenarios for the global economy as well as the economies of key developed and emerging markets.
3. Market sentiment
Daily news and market participants’ impressions of the market can at times have a strong impact on overall capital market development. They are therefore taken into consideration in the tactical asset allocation (in that we keep an eye on secular themes and watch whether they could have longer-run implications for our baseline scenario).
Since its launch three years ago, the HESPER FUND – Global Solutions has constantly delivered good results. Above all, its outstanding performance in turbulent markets sets it apart.
See for yourself the HESPER FUND – Global Solutions’ impressive crisis resistance:
Trade conflict, 2019
Covid-19 crisis, 2020
War in Ukraine, 2022
Portfolio managers
Dr. Andrea Siviero
Federico Frischknecht
ESG
ESG – taking environmental, social and governance criteria into account
Our aim is to offer clients responsible investment solutions with a competitive and sustainable return, as reflected in our investment guidelines and processes. The HESPER FUND – Global Solutions pursues an ESG strategy that complies with Article 8 of the EU’s Sustainable Finance Disclosure Regulation (2019/2088). In its bond and equity investments, the fund therefore gives preference to companies that have low exposure in terms of significant ESG risks, as well as companies that actively manage and thus reduce the ESG risks inevitably associated with their business activities. In addition, the HESPER FUND – Global Solutions’ sustainability approach is underscored by broad exclusions:
- we eliminate investment in companies whose core activity is the area of armaments, tobacco, pornography, food speculation and/or the mining/distribution of coal.
- We also do not invest in a company if it has been found to be in serious breach of the principles of the UN Global Compact and there is no convincing prospect of remedying the situation.
- In the case of sovereign issuers, we exclude investments in countries that have been designated as ‘Not Free’ in the annual analysis carried out by Freedom House.
Opportunities & Risks
All financial investments involve risks as well as opportunities. Below is a brief overview of the risks and opportunities presented by the HESPER FUND – Global Solutions:
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 minimise 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 risks and opportunities involved in investing in the fund, please refer to the current sales prospectus.
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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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