27 Mag MIMS – MULTI-ASSET GLOBAL OPPORTUNITIES FUND (REPORT MAY 2023)
The ultimate goal of this Fund is to achieve long-term growth whilst controlling volatility. To that end, this portfolio comprises a multitude of highly diversified securities with the possibility, in exceptional cases, to take short-term speculative positions. To ensure high diversification, the Fund is spread across geographies, industries, and asset classes, and is built through stock picking, based on fundamental analysis and macroeconomic views.
The fund the current semester has reported a slight loss of -4.37%, beginning at € 9,747,589 and ending at € 9,321,577.
This unexpected nominal negative return in EUR was mainly due to the depreciation of USD from 1.03 to 1.10. The exposure accounted for almost 40% of the portfolio. Considering the long-term nature of the fund and the high cost of EUR/USD hedging attributable to the difference in the policy rate, that portion of the portfolio was unhedged, and it was mainly the cause of the unexpected return.