Head Portfolio Management Vescore
This absolute-return-oriented multi-asset fund aims to participate in rising markets and achieve steady value growth in the long term with a balanced risk profile (usual target volatility: 5.5%).
The fund invests worldwide mainly in equities and government bonds. Based on quantitative models, it systematically adapts its equity ratio and bond duration to the risks and opportunities offered by the prevailing market conditions. The usual equity weighting range is 0-60%. The usual duration range is 0-10 years.
Vescore's proven investment process amalgamates outstanding proprietary models, cutting-edge technology, and active management. For this fund, the highly experienced investment team uses two of their main models to manage the portfolio: one for equities and one for bonds. These models continuingly assess the fundamental macro-economic risk environment and return potential with a long-term view, and make the corresponding investment decisions without emotional biases, while ensuring systematic risk control at all times.
”The investment concept is based on academically recognized principles and is the result of decades of research...Overall, the fund receives a top rating of A ("very good").”
Vontobel Fund II – Vescore Active Beta invests in global equities and government bonds with a focus on tactical asset management. The structure of the portfolio is optimally adapted to the risks and opportunities offered by prevailing market conditions (economic cycles) through long-term tactical management of the equity ratio and bond maturities.
The assessments of the fundamental economic risk environment on which tactical allocation management is based, and the potential returns derived from them, are grounded in the models developed by Vescore (GLOCAP and FINCA). The decisions made by these models are unemotional and comprehensible, and attention to risk is systematically maintained at all times. Currently, the equity ratio is kept between 0% and 60%; while the duration in global government bonds is kept between 0 and 10 years. The equity market weighting is currently equally divided among North America, Europe, and Asia-Pacific. The bond markets are weighted based on model signals. Liquid, exchange-traded derivatives can be used to efficiently implement the investment strategy and for hedging purposes.
Investing in a global universe of risk premia is the most sustainable source of return, as proven by financial market research. Since risk premia vary over time, dynamic management adds value. In essence, equities and bond risk premia are the most relevant risk premia. With this fund, you can participate in them in a straightforward fashion.
Our strategy is used as a base investment in multi asset portfolios. In addition, a December 2018 study by the rating agency Scope showed that adding such systematic, model-based multi asset approaches brings a diversifying benefit alongside star-manager, discretionary asset management: investor portfolios overall exhibit stabler risk-return profiles.
Academic research has proven that economically justified risk premia offer sustainable sources of investment return. Since risk premia vary over time, active investment adds value. Research upholds the fund’s quantitative models and systematic approach, and spurs continual innovation. Model-based allocation and risk management, precisely implemented, ensure optimal exposure and unbiased portfolio adjustments. The character of the models enables investment transparency for investors. Using liquid instruments enables efficient and cost-effective implementation.
All data is as at Jul 31 2020 unless otherwise indicated.
|Aug 01 2015 - Jul 31 2016||Aug 01 2016 - Jul 31 2017||Aug 01 2017 - Jul 31 2018||Aug 01 2018 - Jul 31 2019||Aug 01 2019 - Jul 31 2020|
All data is as at Aug 13 2020 unless otherwise indicated.
|Portfolio Manager||Stephan Schneider|
|Share Class Currency||EUR|
|End of fiscal year||31 March|
|Index||EURIBOR® 3M-TR (EUR)|
|Share Class Launch date||Nov 11 2002|
|Last distribution||35.00 (Jul 19 2019)|
|Fund Registrations||AT, CH, DE, ES, FI, FR, GB, IT, LU, NL, NO, SE, SG|
|Share Class Registrations||AT, CH, DE, LU, SG|
|Highest since launch||1,870.16|
|Lowest since launch||998.22|
|Fund volume in mln.||EUR 602.74|
|Share class volume in mln.||EUR 326.82|
|TER||0.58% (Mar 31 2020)|
|Depository||RBC Investor Services Bank S.A.|
|Management Company||Vontobel Asset Management S.A.|
|Swiss Paying Agent||Bank Vontobel AG|
|Swiss Representative||Vontobel Fonds Services AG|
|Share class||Currency||ISIN||Distrib.||Type||Launch date||Management fee||TER||TER Date|
|AI||EUR||LU1617166936||Dist||Institutional||Nov 11 2002||0.45%||0.58%||Mar 31 2020|
|B||EUR||LU1936094579||Accum||Retail||Jan 21 2019||0.90%||1.07%||Mar 31 2020|
|H (hedged)||CHF||LU1936094736||Accum||Retail||Jan 21 2019||0.90%||1.13%||Mar 31 2020|
|HI (hedged)||CHF||LU1936094819||Accum||Institutional||Jan 21 2019||0.45%||0.64%||Mar 31 2020|
|N||EUR||LU1936095030||Accum||Retail||Jan 21 2019||0.45%||0.62%||Mar 31 2020|
* TER includes performance fee where applicable
All data is as at Jul 31 2020 unless otherwise indicated.
|Factsheets & Commentaries|
|Product Flyer||Oct 2019|
|Product Sheet||May 2020|
|Articles of Association||Jul 2019|
|Notification to Investors||Jun 2020|
|Sales Prospectus||Jun 2020|
|Annual Report||Mar 2020|
|Dividend Payout||Jan 2019|
|Semi-Annual Report||Sep 2019|
|Holiday Calendar 2020||Jan 2020|
|List of Active Retail Share Classes||Dec 2018|
|Shareclass Naming Convention||Nov 2019|
Limited participation in the potential of single securities
Success of single security analysis and active management cannot be guaranteed
It cannot be guaranteed that the investor will recover the capital invested
Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility
Interest rates may vary, bonds suffer price declines on rising interest rates
Investments in foreign currencies are subject to currency fluctuations
Money market investments are associated with risks of a money market, such as interest rate fluctuations, inflation risk and economic instability
Use of Derivatives may entail additional risks (e.g. Counterparty risk)
Price fluctuations of investments due to market changes are possible
Morningstar rating: © 2020 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.