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Fund Hedgersel
Benchmark -
Performance

Main information

Fund name Hedgersel
Category -
Currency Euro

Politica Investimento_EN

Value Politica investimento_ENG

Obiettivi di Investimento_EN

Value Obiettivi di investimento_ENG

Fund ticker

ISIN code IT0003496988

Charges

Entry charge -
Exit charge -
Maximum management fees 1.5% on an annual basis
Performance fee -
Minimum amount of the first subscription 100.000
Minimum amount of subsequent subscriptions 25.000

Performance

Period NAV Benchmark
- - -
* Average annual compound yield
NOTE: Before subscribing, read the informative prospectus. There is no guarantee of obtaining the same return afterwards.

Graphic trend

Summary table

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Annual chart

In March, Hedgersel's performance was the result of the positive trend of the risk-arbitrage portfolios and special situations, with some relative value positions reducing the return for the month. The most encouraging element of the period was the continuation of the trend from the beginning of the year towards signs of recovery in M&A activity, with a twofold increase in deals above $10bn, driven mainly by large US deals in the energy, technology and financial sectors. Although with a different mix by sector, there was also a strong rebound in the value of extraordinary transactions in Europe, with an increase of 60% year-on-year.  

Commento mensile del gestore ENG

In detail, in risk-arbitrage, the most important movements were those of Biotest, a German company of the Grifols group, which suffered, in a context of low liquidity, from the uncertainties over the solidity of the Spanish parent company, and US Steel, whose acquisition by Nippon Steel is the subject of pre-election rhetoric by US presidential candidates. The portfolio nonetheless performed well, thanks to the progress in the authorisation process of the Network International deal and the battle over the UK's DS Smith, which was the subject of interest by both Mondi and International Paper.

In the special situations book, the largest contributions were made by positions in Avolta, thanks to the rating agencies' assessment of the company's financial profile after the Dufry/Autogrill merger, and the Delivery Hero convertible bond, supported by the the acquisition of an interest by the activist fund Sachem.

Lastly, in relative value, TIM declined after the presentation of its business plan. Indeed, forecasts of the company's financial profile after the sale of the network to KKR, showed a much higher level of debt than expected, with investors signalling strong scepticism towards the current management. Following confirmation of the board of directors, a development that was not at all obvious, at the ordinary shareholders' meeting at the end of April, the divestment of the infrastructure part itself could be called into question. Other positions include the further narrowing of the Unipol discount and the persistent weakness of GBL.

In terms of asset allocation, the fund kept its investment level in line with the previous month, despite the finalisation of the Splunk and Karuna transactions in the US.

Fund manager
Giorgio Nicola
Giorgio Nicola
Team Investimenti Event Driven
Riccardo Costa
Riccardo Costa
Team Investimenti Event Driven
Alessandro Moretti
Alessandro Moretti
Team Investimenti Event Driven
Risk level
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