OVERVIEW

KEY NUMBERS

as of 21/06/2024

€87.2M

FUND SIZE IN BASE CURRENCY

+1.14%

YEAR TO DATE PERFORMANCE FOR CLASS U SHARES

+12.87%

PERFORMANCE SINCE INCEPTION FOR CLASS U SHARES

OUR VISION

INVESTMENT PHILOSOPHY

Our approach to investing combines macroeconomic, fundamental and technical analysis in a top-down design. Collecting information from different sources helps us uncover a greater array of opportunities and our style-agnostic investment strategy allows us to express our strongest convictions across a broad spectrum of assets.

INVESTMENT POLICY

Our objective is to generate an absolute return over multiple market cycles while keeping volatility and leverage at low levels. To achieve this, the sub-fund employs a global macro strategy and invests principally in OECD countries. The sub-fund will invest in financial derivative instruments to both achieve its investment objective and for the purposes of hedging. The sub-fund invests in both long and short positions on a vast array of financial assets. No particular target in relation to sectors or specific asset classes has been set.

INVESTMENT MANAGER COMMENTARY

The 93.55% of the portfolio is invested in investment grade bonds denominated in EUR, mostly sovereign bills, with a strictly short duration as the uncertainty over the Central Banks easing path in 2024 grows and the current level disinflation is still not strong enough.  Short duration is for the moment our priority, we are reinvesting our redemptions in bonds that come due in 4Q 2024 and 1H 2025. As credit spreads remain very low, our exposure in sovereign bonds is already above 50% of the bond portfolio.

We get exposure to the equity markets and the USD through futures on indices on the long side as well as limited investment on US stocks. 

Our exposure to the USD is at 10%.

Download monthly factsheet with full commentary here.

ABOUT

CHARACTERISTICS

For ISIN codes see shares below

LEGAL FORM

SULA UCITS SICAV

FUND’S TYPE

UCITS

ASSET CLASS CLASSIFICATION

Multi-Asset

BASE CURRENCY

EUR

DOMICILE

Luxembourg

SFDR

Article 6

FIRST NAV DATE

12/12/2018

BENCHMARK

ESTR + 3.58%

INVESTMENT MANAGER

C&D Investments S.à r.l.

MANAGEMENT COMPANY

Waystone Management Company (Lux) S.A.

DEPOSITARY

UBS Europe SE, Luxembourg Branch

SHARE

CLASSES

  • ISIN: LU1900183424
  • Category: Retail
  • Reference Currency: EUR
  • Distribution (D) or Capitalisation (C): C
  • Minimum Subscription: 1 Share
  • Minimum Additional Subscription: 1 Share
  • Minimum Holding: 1 Share
  • Maximum Subscription Fee: 5%
  • Maximum Redemption Fee: n/a
  • Management Fee: up to 0.06% subject to a minimum fee of € 15,000 p.a.
  • Investment Management Fee: 1.40% p.a.
  • Performance Fee: 10% p.a. of performance above ESTR + 3.58% under the additional condition that Share Class performance above High Water Mark, on a yearly basis
  • Taxe d’abonnement: 0.05%
  • ISIN: LU1900183697
  • Category: High Net Worth
  • Reference Currency: EUR
  • Distribution (D) or Capitalisation (C): C
  • Minimum Subscription: EUR 1,000,000
  • Minimum Additional Subscription: 1 Share
  • Minimum Holding: EUR 1,000,000
  • Maximum Subscription Fee: 5%
  • Maximum Redemption Fee: n/a
  • Management Fee: up to 0.06% subject to a minimum fee of € 15,000 p.a.
  • Investment Management Fee: 1.05% p.a..
  • Performance Fee: 10% p.a. of performance above ESTR + 3.58% under the additional condition that Share Class performance above High Water Mark, on a yearly basis
  • Taxe d’abonnement: 0.05%
  • ISIN: LU1900183770
  • Category: Ultra-High Net Worth
  • Reference Currency: EUR
  • Distribution (D) or Capitalisation (C): C
  • Minimum Subscription: EUR 10,000,000
  • Minimum Additional Subscription: 1 Share
  • Minimum Holding: EUR 10,000,000
  • Maximum Subscription Fee: 5%
  • Maximum Redemption Fee: n/a
  • Management Fee: up to 0.06% subject to a minimum fee of € 15,000 p.a.
  • Investment Management Fee: 0.70% p.a.
  • Performance Fee: 10% p.a. of performance above ESTR + 3.58% under the additional condition that Share Class performance above High Water Mark, on a yearly basis
  • Taxe d’abonnement: 0.05%

CONTACT

GET IN TOUCH

C&D Investments S.à r.l.
14, rue Beck
L-1222 Luxembourg
Grand Duchy of Luxembourg

P. +352 20 60 05 70
E. jfemenia@cdinvestments.lu

33A avenue J.F. Kennedy

L-1855 Luxembourg

Grand Duchy of Luxembourg

Waystone Management Company (Lux) S.A.
19, Rue de Bitbourg
L-1273 Luxembourg
Grand Duchy of Luxembourg