Skip to main content

Ethna-AKTIV

Share classes Description
Share class
D-1
YTD
5 years
Ethna-AKTIV (USD-T)
ISIN: LU0985094027
ISIN has been copied to clipboard
WKN: A1W66D
WKN has been copied to clipboard
D-1
0.34%
YTD
-3.66%
16.76%

All data as of: 8/12/2022

Read Portfolio Manager Update

One of the most turbulent six months the global markets have ever seen - and we are taking advantage of its opportunities without losing sight of the risks. Through flexible asset allocation, the fund managers of Ethna-AKTIV managed to deliver an above-average performance compared to the peer group. One reason for this is the active positioning of the fund. The early defensive orientation of the Ethna-AKTIV effectively limited the drawdowns in the negative market environment and has been scoring well in terms of capital preservation in the presence of falling market prices.

Applies, among others, to the share class Ethna-AKTIV (A).
As of: 30.06.2022

Out of 5 676 Cautious Allocation funds as of 31.05.2022.
Based on 93,92% eligible corporate AUM and 100% of eligible sovereign AUM. Data is based on long positions only.

Applies, among others, to the share class Ethna-AKTIV (A).
As of: 30.06.2022

Out of 5 676 Cautious Allocation funds as of 31.05.2022.
Based on 93,92% eligible corporate AUM and 100% of eligible sovereign AUM. Data is based on long positions only.

Fund profile

The Ethna-AKTIV, our flagship fund, is an actively managed, flexible, multi-asset fund that does not follow any benchmarks. With a focus on asset allocation - it has the greatest degree of freedom in this respect among the Ethna Funds - the Ethna-AKTIV spreads its investment between bonds, equities, currencies and commodities. The fund’s core investment is a high-quality fixed income portfolio of corporate and government bonds, in which the duration and credit risk are managed flexibly and independently from the individual bonds.

In addition, the Ethna-AKTIV can have an equity allocation of up to 49%, through single stocks, liquid futures and listed options. To diversify its portfolio further, the fund can also include up to 20% in gold and/or other commodities.

The top-down approach in the Ethna-AKTIV

The experienced Portfolio Management Team uses a top-down approach with rigorous macro-economic and financial market analysis to determine in which asset classes, regions and sectors to invest. This, together with the use of liquid index derivatives (also known as a dynamic overlay strategy), enables the Portfolio Managers to optimise the fund’s risk/return profile. Within the aforementioned top-down framework, the selection of the bonds is carried out via a rigorous bottom up fundamental analysis.

The Ethna-AKTIV as a risk-controlled base investment

Following a flexible, multi-asset allocation approach, the Ethna-AKTIV’s aims are capital preservation and achieving attractive positive returns over a mid-term (3 – 5 years) investment horizon. The fund is therefore suitable as a base investment for investors who want risk-controlled access to macroeconomic developments on the global fixed income, equity, currency, and commodity markets.

Investment philosophy

Active. Macroeconomic Focus

Prices up, prices down - the global markets can be quite turbulent. This is precisely where active portfolio and risk management pays off. Capital preservation and the achievement of stable long-term returns are key components of our investment philosophy. All potential risks and prevailing macroeconomic conditions are considered in every investment decision.

Flexible. More freedom offers more opportunity

The Ethna-AKTIV does not measure itself against a benchmark or even another fund. This gives the fund management maximum freedom to successfully implement the asset allocation according to its evaluation and opinion. This flexibility pays off especially in the recent bear market.

Capital preserving. Profiting from opportunities in individual asset classes

Our goal is not to achieve the highest possible return, but to achieve a positive return over the long term while limiting losses in weak market phases. The investment approach of the Ethna-AKTIV aims for attractive risk-adjusted returns, because this is the prerequisite for long-term success.

Track Record

The Ethna-AKTIV, a pioneer among multi-asset funds with a positive 20-year track record

Especially in unclear stock market times, it is difficult to find the right investment strategy. A mixed fund such as the Ethna-AKTIV is characterized above all by its ability to adapt quickly to new situations. Over the past 20 years, the Ethna-AKTIV, as a multi-asset fund, has been able to master a variety of crisis situations, such as most recently the first half of 2022, thanks to the right mix of asset classes. More than ever, the Ethna-AKTIV proved that the fund is suitable as a basic investment for investors who want a risk-controlled access to the capital markets.



Portfolio Managers

An experienced team consisting of the founder Luca Pesarini and the investment expert Michael Blümke

"We launched Ethna-AKTIV with the aim of providing investors a controlled access to the capital markets. Through its high flexibility and fine-tuned risk management, we aim to generate positive returns for our investors, while respecting their respective risk comfort zones. That is our ambition."

Luca Pesarini, founder of the Ethna Funds

Luca Pesarini pursued a revolutionary idea 20 years ago with his multi-asset approach, which is why the Ethna-AKTIV is considered a pioneer in this segment. To this day, the founder stands behind this fund and, together with Michael Blümke, he follows the developments of the capital markets on a daily basis for the benefit of our investors.

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 Ethna-AKTIV 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 sustainability approach taken by the Ethna-AKTIV is underscored by comprehensive exclusions:

  • Investments in companies with a core activity in armaments, tobacco, pornography, speculation in basic foodstuffs and/or the mining/distribution of coal are prohibited.
  • Furthermore, we do not invest in companies that have been found to be in serious breach of the principles of the UN Global Compact and have no convincing plan in place to remedy 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 is the abbreviated version of ‘Environmental, Social, and Governance’, criteria that many investors use alongside financial factors in their investment decisions.

 

ESG in our investment process

1. Broad exclusion of certain sectors  that contradict the ESG principles

2. Assessment of the overall ESG rating of the individual companies based on the data from sustainalytics

3. Individual analysis of the particular ESG parameters of a company

 

Our commitment

In November 2017, we became a signatory to the Principles for Responsible Investment. These are six principles developed by investors and supported by the United Nations.

Opportunities & Risks

All financial investments are associated with opportunities and risks. Below you will find a compact overview of the opportunities and risks of the Ethna-AKTIV:

 Opportunities

  • A professional Portfolio Management team with many years’ experience.
  • Reduction in value fluctuations due to combination of multiple asset classes and spread of invested capital across a variety of individual securities (diversification).
  • Active risk management and hedging transactions (emphasis on capital preservation).
  • Active portfolio management with the aim of delivering positive returns, even in weak market phases.
  • Stability and continuity through a focus on fixed income securities.
  • 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.

Copyright © 2022 ETHENEA Independent Investors S.A. All rights reserved. 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. 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. These are: 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, Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, 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 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.