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HESPER FUND − Global Solutions

Share classes Description
Share class
D-1
YTD
5 years
GLOBAL SOLUTIONS T-10 EUR
ISIN: LU1931800350
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WKN: A2PEEF
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D-1
0.29%
YTD
1.17%
GLOBAL SOLUTIONS A-12 EUR
ISIN: LU1931795501
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WKN: A2PEEC
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D-1
0.29%
YTD
1.15%
GLOBAL SOLUTIONS A-12 CHF
ISIN: LU1931796905
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WKN: A2PEED
WKN has been copied to clipboard
D-1
0.28%
YTD
0.50%
GLOBAL SOLUTIONS A-12 USD
ISIN: LU1931798604
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WKN: A2PEEE
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D-1
YTD
GLOBAL SOLUTIONS T-12 EUR
ISIN: LU2275633894
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WKN: A2QK9X
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D-1
0.29%
YTD
1.15%
GLOBAL SOLUTIONS T-12 CHF
ISIN: LU1931801754
ISIN has been copied to clipboard
WKN: A2PEEG
WKN has been copied to clipboard
D-1
0.28%
YTD
0.96%
GLOBAL SOLUTIONS T-12 USD
ISIN: LU1931801911
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WKN: A2PEEH
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D-1
YTD

All data as of: 10/7/2022

Read the Portfolio Manager Update

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.
To read more about the success of this strategy, click here

Applies, among others, to the share class HESPER FUND – Global Solutions T-6 EUR.
As of: 31.08.2022

Out of 114 Macro Trading EUR funds as of 31.07.2022.
Based on 95,77% 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).

Track record

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. The fund has now been awarded a 5-star rating by Morningstar for this performance.

See for yourself the HESPER FUND – Global Solutions’ impressive crisis resistance:

Trade conflict, 2019

Covid-19 crisis, 2020

War in Ukraine, 2022

Portfolio managers

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.
 

What is ESG?

ESG stands for “environmental, social and governance”. These terms are becoming more and more important in the world of finance, as well as increasingly relevant to the investment decisions that have to be made.

 

ESG in our investment process

1. General exclusion of certain industries that are inconsistent with the ESG principles

2. Consideration of the overall ESG score of the individual companies on the basis of SUSTAINALYTICS data

3. Individual analysis of a company’s individual ESG parameters

 

Our commitment

In November 2017 we signed up to the Principles for Responsible Investment. These are six principles developed by investors and endorsed by the UN.

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.

Copyright © 2022 ETHENEA Independent Investors S.A. All rights reserved. This is a marketing communication. This marketing communication 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. Access to and participation in digital marketing formats takes place via internet-based infrastructures. ETHENEA accepts no liability for any interruptions, cancellations, disruptions, suspensions, non-fulfilment, or delays related to the provision of the digital marketing formats. The participant acknowledges and accepts that when participating in digital marketing formats, personal data can be viewed, recorded, and transmitted by the information provider. ETHENEA is not liable for any breaches of data protection obligations by the information provider. Digital marketing formats may only be accessed and visited in countries in which their distribution and access is permitted by law. For detailed information on the opportunities and risks associated with our products, please refer to the current sales prospectus. The statutory sales documents (sales prospectus, key investor information documents (KIIDs), 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: ERSTE BANK der österreichischen Sparkassen AG, Am Belvedere 1, A-1100 Wien; Belgium: CACEIS Belgium SA/NV, Avenue du Port / Havenlaan 86C b 320, B-1000 Bruxelles; France: CACEIS Bank France, 1-3 place Valhubert, F-75013 Paris; Germany: DZ BANK AG, Platz der Republik, D-60265 Frankfurt am Main; 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; Liechtenstein: SIGMA Bank AG, Feldkircher Strasse 2, FL-9494 Schaan; Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen; Spain: ALLFUNDS BANK, S.A., C/ stafeta, 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, France, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen; Germany: DZ BANK AG, Platz der Republik, D-60265 Frankfurt am Main; 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. This publication is subject to copyright, trademark and intellectual property rights. Any reproduction, distribution, provision for downloading or online accessibility, inclusion in other websites, or publication in whole or in part, in modified or unmodified form, is only permitted with the prior written consent of ETHENEA.