Vescore Global Market Outlook November 2019
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 fund is geared towards generating an absolute return rather than outperforming a benchmark. By focusing on a balanced long-term risk profile, the fund aims to achieve steady value growth as well as to participate in rising markets.
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.
”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").”
Vescore is Vontobel’s systematic investment team with offices in Zurich and Munich and a long tradition of innovation in quantitative investments. Vescore is particularly well known for providing investment solutions underpinned by a solid scientific grounding. Our portfolio managers invest their own money in the funds they manage, so their interests are aligned with those of our customers. We invest so that we can achieve success together.
All data is as at 14 Nov 2019 unless otherwise indicated.
|Portfolio Manager||Stephan Schneider|
|Share Class Currency||EUR|
|End of fiscal year||31 March|
|Launch date||21 Jan 2019|
|Swinging single pricing||Yes|
|Highest since launch||112.61|
|Lowest since launch||99.91|
|Fund volume in mln.||417.08|
|Share class volume in mln.||27.59|
|TER*||0.66% (31 Mar 2019)|
|Swiss Paying Agent||RBC Investor Services Bank S.A.|
|Swiss Representative||Vontobel Fonds Services AG|
|Depository||RBC Investor Services Bank S.A.|
|Management Company||Vontobel Asset Management S.A.|
|Share class||Currency||ISIN||Distrib.||Type||Launch date||Management fee||TER*||TER Date|
|AI||EUR||LU1617166936||Dist||Institutional||11 Nov 2002||0.45%||0.70%||31 Mar 2019|
|B||EUR||LU1936094579||Accum||Retail||21 Jan 2019||0.90%||1.15%||31 Mar 2019|
|I||EUR||LU1936094652||Accum||Institutional||21 Jan 2019||0.45%||0.66%||31 Mar 2019|
|N||EUR||LU1936095030||Accum||Retail||21 Jan 2019||0.45%||0.70%||31 Mar 2019|
|S||EUR||LU1998912353||Accum||Institutional||12 Jun 2019||0.00%|
* TER includes performance fee where applicable
All data is as at 31 Oct 2019 unless otherwise indicated.
|Factsheets & Commentaries|
|Product Flyer||Oct 2019|
|Articles of Association||Jul 2019|
|Notification to Investors||Sep 2019|
|Sales Prospectus||Sep 2019|
|Annual Report||Mar 2019|
|Dividend Payout||Jan 2019|
|Semi-Annual Report||Sep 2018|
|Holiday Calendar||Jan 2019|
|Shareclass Naming Convention||Nov 2019|
Broad diversification across numerous securities
Possible extra returns through single security analysis and active management
Gains on invested capital possible
Use of derivatives for hedging purposes may increase subfund's performance and enhance returns
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