{"id":12539,"date":"2018-03-15T17:56:47","date_gmt":"2018-03-15T17:56:47","guid":{"rendered":"https:\/\/www.algebris.com\/fund\/algebris-financial-equity-fund-2\/"},"modified":"2026-03-18T15:27:03","modified_gmt":"2026-03-18T15:27:03","slug":"algebris-financial-equity-fund","status":"publish","type":"fund","link":"https:\/\/www.algebris.com\/de\/fund\/algebris-financial-equity-fund\/","title":{"rendered":"Algebris Financial Equity Fund"},"content":{"rendered":"\n    <div class=\"fund-nav-link\">\n        <div id=\"der-fonds\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Der Fonds<\/h2>\n\n\n\n<div class=\"large-text\">\n    <div class=\"sidebar__innerblock\">\n\n<p style=\"text-transform:none\">Der&nbsp;<strong>Algebris Financial Equity Fund<\/strong>&nbsp;investiert in erster Linie in Aktien von globalen Finanzinstituten.<\/p>\n\n<\/div>\n<\/div>\n\n\n<p>Der Fonds strebt mittel- bis langfristigen Kapitalzuwachs an, indem er vorwiegend&nbsp;<strong>Long-Positionen<\/strong>&nbsp;in Aktienwerten und derivaten Finanzinstrumenten auf Aktienwerte von Unternehmen des&nbsp;<strong>weltweiten Finanzdienstleistungssektors&nbsp;<\/strong>eingeht.<\/p>\n\n\n\n<p>Der Fonds wird aktiv verwaltet und strebt eine Gesamtrendite an, die diejenige der Benchmark (MSCI ACWI Financials Index) \u00fcbertrifft.<\/p>\n\n\n\n<p>Das W\u00e4hrungsrisiko des Fonds ist gegen\u00fcber der Basisw\u00e4hrung des Fonds (Euro) abgesichert.<\/p>\n\n\n\n<p>Der Fonds kann gem\u00e4\u00df MIFID II als nicht komplexes Finanzinstrument eingestuft und behandelt werden.<\/p>\n\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"produktdaten\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-terms\">\n\n            <h2 class=\"title\">Fondsdaten<\/h2>\n    \n    <div class=\"terms\">\n        <div class=\"term\">\n            <span class=\"label\">Inception date<\/span>\n            <span class=\"value\">20. April 2015<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">W\u00e4hrung<\/span>\n            <span class=\"value\">Euro<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Mindestanlagebetrag <\/span>\n            <span class=\"value\" data-fundclass=\"minimum_investment\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Domicile<\/span>\n            <span class=\"value\">Irland<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Verwaltungsgeb\u00fchren<\/span>\n            <span class=\"value\" data-fundclass=\"management_fee\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">BBG ticker<\/span>\n            <span class=\"value\" data-fundclass=\"bbg\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Liquidit\u00e4t<\/span>\n            <span class=\"value\">T\u00e4glich<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Erfolgsgeb\u00fchren<\/span>\n            <span class=\"value\" data-fundclass=\"incentive_fee\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">ISIN<\/span>\n            <span class=\"value\" data-fundclass=\"isin\">&#8211;<\/span>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"commentary\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-commentary\">\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading main-title\">Commentary<\/h2>\n\n<\/div>\n            <select name=\"monthly-commentary-select\" class=\"fund-commentary__select\">\n                            <option value=\"1739865926\">Februar 2025<\/option>\n                            <option value=\"1736863581\">Januar 2025<\/option>\n                            <option value=\"1733995545\">Dezember 2024<\/option>\n                            <option value=\"1731588454\">November 2024<\/option>\n                    <\/select>\n    \n    <div class=\"fund-commentary__container\">\n                                    <div class=\"commentary\" data-time=\"1739865926\">\n                    \n<p>February 2025 was a noteworthy month for financial stocks as the headline 1.5% return of the MSCI ACWI Financials Index belied meaningful divergence under the surface. European banks continued their strong start to the year, finishing the month up 14%. In the US, by contrast, increasing uncertainty around the potential negative impacts of tariffs and government spending cuts rattled the market with large and small banks down 2% and 3%, respectively. We took advantage of these divergent moves to tactically lock-in some gains on European names while slowly rotating a&nbsp;<s>bit of<\/s>&nbsp;small amount of&nbsp;capital into US financials. &nbsp; &nbsp;<\/p>\n\n\n\n<p>The fund entered 2025 with European banks as its largest active and absolute bet given underappreciated and resilient profitability, meaningful capital return, and very compelling valuations which set the table for a powerful rerating potential. Alongside well-received earnings reports and&nbsp;forecasts&nbsp;provided in January, a rerating has indeed started to occur. Through February, the group has rallied over 26% year-to-date, outperforming broader global financials and US bank counterparts by roughly 20 percentage points. We have tactically trimmed our exposure into this move to take some profits as this tends not to be a sector that moves in a straight line; however, despite this rally, European banks remain well below historical valuations and provide meaningful upside from a continued rerating combined with significant payout yields. Further, while rate uncertainty will persist, it does appear that the left-tail risk of deep ECB cuts (a major concern many bearish investors had on European banks just a few weeks ago) has been significantly reduced with the ramping up of fiscal stimulus \u2013 and the resultant rise in growth expectations &#8211; in Germany. Taking ~1% ECB rates off the table eliminates one of the key bearish arguments for the sector and makes it increasingly hard to justify why European banks should continue to trade with such elevated cost of equity. We remain firmly constructive on European banks over the medium-term and they remain the largest absolute and relative bet in the fund.<\/p>\n\n\n\n<p>The economic landscape in the US has become increasingly unclear since the new administration took power in January and began to roll out its policies, often in confusing and haphazard ways. Consumer sentiment has soured, and businesses have become more cautious amid the news of federal job cuts and the prospect of tariffs increasing prices. While certain tailwinds from the election such as deregulation and increased capital return remain firmly in play, the positive outlook for capital markets activity and loan growth largely depends on consumer and corporate confidence being strong. That confidence is wobbling, and President Trump\u2019s policies, in whatever form they ultimately take, may indeed induce a growth scare (or worse). We are very cognizant of the implications of such a scare, as well as the wide range of potential outcomes in the current situation. The euphoria that the election result was met with has unwound completely, with some perceived \u201cTrump deregulation winners\u201d back down to June (ie pre-debate) levels. As we wrote at the time, we were very skeptical of the initial euphoric reaction (and sold into it), but this complete unwinding looks harsh as there will be clear positive tailwinds for certain segments and companies within the US financial space even if growth does slow fairly dramatically, and we are finding some banks and insurers that trade with European bank-esque payout yields of 9-12%. Thus, we have taken a very measured approach of deploying capital into names that we are comfortable owning for the medium\/long-term at what should prove to be attractive entry-point valuations.<\/p>\n\n\n\n<p><\/p>\n                <\/div>\n                            <div class=\"commentary hidden\" data-time=\"1736863581\">\n                    \n<p>FY24 reporting season is well under way for European Banks and so far, the key themes have been reassuringly familiar. First, 4Q profits have typically exceeded expectations, landing &gt;5% above consensus. The quality of the results has also been good with the overwhelming majority of names reporting NII ahead of expectations, demonstrating that banks are so far successfully managing the reduction in interest rates better than expected. Meanwhile there has been no meaningful change of trend in asset quality with provision\/NPL rates remaining extremely benign.<\/p>\n\n\n\n<p>Secondly, management guidance for 2025 has also typically been reiterated or upgraded, and again has typically landed above the prevailing consensus. That has supported positive upward revisions in earnings expectations with sector consensus forward EPS now up a further 1% YTD (vs broader market modestly lower).<\/p>\n\n\n\n<p>Finally, alongside the supportive fundamentals, nascent signs of a valuation re-rating are coming through &#8211; the sector has made a fast start to 2025, rallying c.15% YTD. Nevertheless, the prevailing 2026 P\/E of c.7.5x, still offers 30-40% upside to the long run average. As the rate cutting cycle continues towards 2%, we do expect individual bank earnings performance to increasingly diverge over time, but at a high level we continue to see good value in the European bank space. The sector is forecasted to deliver mid-teen tangible book value per share growth over the next two years with a similar contribution on top from dividends \u2013 that leads to &gt;25% &#8216;in-built&#8217; value creation before the aforementioned re-rating opportunity.<\/p>\n\n\n\n<p><\/p>\n                <\/div>\n                            <div class=\"commentary hidden\" data-time=\"1733995545\">\n                    \n<p>2024 was another strong year for the fund, with ~450 bps of alpha and very strong absolute returns as well. This represents the fourth year in a row of alpha generation of at least 400 bps, in what has been a volatile backdrop with sharply divergent market landscapes to navigate (post Covid recovery bounce in 2021, equity\/bond market declines in 2022, bank failures and take-unders in 2023, and political volatility of 2024). Our aim as always remains to navigate whatever the market has to offer, with an intense focus on absolute return and maintaining flexibility in what is a highly mean-reverting and volatile sector. As we assess the always-evolving Financial sector landscape at the outset of another year, we continue to see highly compelling and asymmetric risk reward opportunities across European banks and US life insurance. Intriguingly, US banks are becoming increasingly attractive as well.<\/p>\n\n\n\n<p>Briefly in terms of fund performance in 2024, it is notable that every subsector contributed positively, though banks generated the lion share (~2\/3) of performance. Insurance was the other key positive contributor, at just under 20% of total performance. Geographically, Europe and the US were the largest drivers, consistent with our exposure throughout the year. By name, just three holdings cost the fund more than 15 bps in 2024, while 27 holdings contributed at least 50 bps of positive PNL. Top individual contributors were Barclays, Standard Chartered, Equitable, Unicredit, Santander, Direct Line, Beazley, and Carlyle \u2013 representing a diversified mix of our key bets across banks, insurance, and diversified financials.<\/p>\n\n\n\n<p>Looking forward, the key active and absolute bet in the portfolio continues to be in European banks. We are highly constructive on the space as valuations remain very compelling and capital returns over the next 2-3 years will be enormous. As we have discussed extensively, even after an excellent few years for European bank stocks, they are only back to 2017 levels in absolute and valuations are stuck at prior trough levels (~6.5x forward earnings). We believe bank profitability in Europe will prove to be much more resilient than expected, which should ultimately drive a powerful re-rating in the sector. Just to go back to historical ~10x valuations would represent significant upside from current levels. Robust growth in dividends and tangible book value per share \u2013 both of which were largely absent in the past decade \u2013 should underpin continued strength in shares even in what will inevitably be a volatile macro and geopolitical backdrop in the next 12-24 months.<\/p>\n\n\n\n<p>Another notable shift in portfolio positioning this past year is our increased exposure to Insurance, which was ~15% at the end of 2023 and now sits just above 25%. This is due primarily to our holdings across US life insurance, a space we are extremely bullish on given robust balance sheets, strong free cash flow yields, and business models that will benefit from higher rates and steeper yield curves. We have also stepped up exposure to non-life insurance in the UK as profitability has been significantly enhanced by harder markets of recent years, with capital return now likely to feature prominently. M&amp;A is also likely to continue to feature in both subsectors in the next 12-18 months, for which we are well positioned. Where we have been most tactical over the last couple of years has been US banks, as the space has been tremendously volatile in the backdrop of the Fed hiking cycle, bank failures, regulatory changes, and most recently election uncertainty. &nbsp;After a strong November which saw large and small US banks gain 13% and 15%, respectively in the wake of the US elections, a large portion of those gains reversed in December with many bank stocks now below their pre-election levels. As we wrote about in last month\u2019s commentary, we utilized the strong initial rally to reduce our US bank exposure. But in recent weeks we have taken advantage of the dramatic weakness to rotate into names in which the outlook has become more favourable amidst the sell-off and resulting deratings. The materially steeper yield curve (the key spread between 3-month and 5-year rates steepened by over 100 basis points in 4Q24, turning positive for the first time since 2022) is supportive of the fixed asset-yield repricing dynamic which will serve as a powerful tailwind for bank net interest income growth over the medium-term. This is a sharp reversal of a major earnings headwind over the past 18-24 months. Additionally, the easing regulatory environment should lead to notably increased capital return compared to prior years. Indeed, in early January, the Fed\u2019s Vice Chair for Supervision Michael Barr stepped down from his supervisory post; Barr was a key proponent of more stringent capital requirements. With his resignation &#8211; which was unexpected &#8211; the outlook for the Basel III Endgame proposal is likely even more favourable for the banks now, both in terms of substance and timing. Lastly, we have also invested in several banks undergoing accretive transactions such as acquisitions or securities restructurings. We certainly expect we will have more opportunities to deploy capital into similar situations, which tend to come at very attractive discounts for new investors.<\/p>\n                <\/div>\n                            <div class=\"commentary hidden\" data-time=\"1731588454\">\n                    \n<p>In November, US banks rallied strongly in the wake of a presidential victory by Donald Trump and a Congressional sweep by Republicans. Large and small banks finished the month up 13% and 14%, respectively, while the S&amp;P 500 advanced about 6%. Notably, post a surge on the day following the election, large banks were up just another 2%, which was in-line with the overall market, while small banks were flat. As we have written previously, there are numerous potential tailwinds for US banks under a Trump administration; these include a more favorable regulatory environment, increased M&amp;A activity, higher levels of capital return, stronger loan growth alongside economic expansion, and a steeper yield curve. However, the size and speed of the rally, and resulting P\/E expansion to levels above historical long-term averages, clearly has embedded at least some of these potential catalysts. Furthermore, it is important to compare these levers to current estimates in gauging further potential upside. Regarding loan growth, for example, consensus already expects roughly 4% growth in each of the next two years which would be a notable acceleration from the flattish growth the banks have been putting up over the last 18 months. Interestingly, post Trump\u2019s first win in November 2016, annual loan growth of the big banks slowed from prior years \u2013 6% in 2014, 8% in 2015, and over 6% in 2016 \u2013 to less than 4% in 2017; while there were other dynamics at play, such as rates coming off of the zero bound at that time, it is not a foregone conclusion that Trump\u2019s policies will stimulate outsized growth. In terms of the impact of a new regulatory regime, it is quite plausible that new personnel will lead to a finalized Basel III Endgame that is capital neutral to the group overall (though the GSIBs are likely to see some increase). This would be welcome news given banks would have more flexibility to lend and return excess capital via buybacks; however, consensus is already calling for many large banks to increase payout ratios to near 100% and retire 5-10% or more of shares by the end of 2026 (not to mention that valuations are at levels deemed unattractive for buybacks by some such as Jamie Dimon at JPMorgan). A steeper curve would certainly be beneficial to most banks all else equal, especially after the earnings pain caused by the lengthy inversion of the last two years. Here too, though, estimates are already reflecting at least some of this benefit, especially those most positively geared to a steeper curve. For instance, numerous banks are expected to see 15-20% expansion in the run-rate of their quarterly net interest income by 4Q26 vs. current levels (with small banks even higher). Lastly, cost of risk is expected to stay benign with 2025 in-line with 2024 levels before improving from those already low levels in 2026.&nbsp;<\/p>\n\n\n\n<p>To be clear, we are not suggesting that the expected catalysts under Trump will not play out, and that may not be further upside estimates and the stocks. To that point, we continue to own shares in banks that we believe are positioned well, both for idiosyncratic reasons and also relative to the likely environment under this administration. Additionally, M&amp;A activity is likely to pick up, and indeed there already has been an increased pace of smaller deals. We expect that owning well-positioned strong buyers will be a sound strategy this cycle, and we are also focused on owning small banks with valuable deposit franchises. Overall, however, we believe some caution is warranted after this rally and have rotated some of the fund to segments offering more clear value such as US life insurance.<\/p>\n\n\n\n<p>For all the talk about US M&amp;A surging post the election, we have yet to see much in the way of meaningful transactions yet \u2013 except in Europe, where deal activity has truly taken off. Following the activity from BBVA and UniCredit in Spain and Germany respectively, November brought more action in European financials M&amp;A with UniCredit placing a bid on domestic peer Banco BPM, and then in the UK, Aviva placed no fewer than three bids in a week to force the hand of the board at Direct Line. We are shareholders of both targets, and think UniCredit will have to similarly up its bid but expect this to play out over the next several months. Direct Line was perhaps the more notable deal as unlike the bank deals, Aviva is paying a very meaningful premium (over 70%), and yet the acquiring stock is still performing fine (roughly flat since announcement). The market is clearly in favor of the deal for Aviva, viewing it as a sensible strategic and financial transaction that should provide significant earnings accretion. We would be quite surprised if there were not similar deals in the insurance space, particularly in the small\/midcap arena where we have concentrated our exposures.<\/p>\n                <\/div>\n                        <\/div>\n<\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"investment-team\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"contact-team\">\n            <h3 class=\"title\">\n            Investment Team        <\/h3>\n        <div class=\"teams-content-wrapper\">\n        <div class=\"teams-content\">\n\n        \n\n        \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/mark-conrad\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/Mark-Conrad_Square.jpg.png\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Mark Conrad<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Financial Equity Portfolio Manager                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/raymond-tam\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/PREFERRED-Ray-0056-square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Raymond Tam<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Financials Analyst                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/kevin-kielbasa\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/KK-Headshot-square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Kevin Kielbasa<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Associate Portfolio Manager                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/benjie-creelan-sandford\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/Preferred-BK7A3759_square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Benjie Creelan Sandford<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Associate Portfolio Manager                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n        <\/div>\n    <\/div>\n<\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"performance\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-performance\">\n\n    <h2 class=\"title\">Performance<\/h2>\n    <h3 class=\"sub-title\">Cumulative performance chart<\/h3>\n\n    <div class=\"fund-performance__chart\" style=\"height:400px;\"><\/div>\n\n    <\/div>\n\n\n<div class=\"featured-funds\">\n\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading main-title\">Related Funds<\/h2>\n\n<\/div>\n            <div class=\"featured-funds__container\">\n                            <div class=\"featured-funds__fund\">\n                    <div class=\"content\">\n                        <div class=\"fund-tags\">\n                                                                                                <span class=\"tag\">Anleihen<\/span>\n                                                                    <span class=\"tag\">Finanzwerte<\/span>\n                                                                                    <\/div>\n                        <h3 class=\"title\">Algebris Financial Credit Fund<\/h3>\n                        <a class=\"button simple white\" href=\"https:\/\/www.algebris.com\/de\/fund\/algebris-financial-credit-fund\/\">Geh zum Fonds<\/a>\n                    <\/div>\n                    <img decoding=\"async\" class=\"fund-image\" src=\"https:\/\/media.algebris.com\/content\/AdobeStock_15283619_website_hero.png\" \/>\n                <\/div>\n                            <div class=\"featured-funds__fund\">\n                    <div class=\"content\">\n                        <div class=\"fund-tags\">\n                                                                                                <span class=\"tag\">Multi-Asset<\/span>\n                                                                    <span class=\"tag\">Finanzwerte<\/span>\n                                                                                    <\/div>\n                        <h3 class=\"title\">Algebris Financial Income Fund<\/h3>\n                        <a class=\"button simple white\" href=\"https:\/\/www.algebris.com\/de\/fund\/algebris-financial-income-fund\/\">Geh zum Fonds<\/a>\n                    <\/div>\n                    <img decoding=\"async\" class=\"fund-image\" src=\"https:\/\/media.algebris.com\/content\/AdobeStock_179792500-hero.png\" \/>\n                <\/div>\n                    <\/div>\n    <\/div>\n\n\n<div class=\"related-insights\">\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading main-title\">Related Insights<\/h2>\n\n<\/div>\n\n    <div class=\"related-insights__container\">\n                                    <div class=\"related-insights__post\">\n                    <div class=\"tags\">\n                                            <\/div>\n                    <a class=\"content-link\" href=\"https:\/\/www.algebris.com\/de\/fund\/algebris-financial-equity-fund\/\">\n                        <h3 class=\"title\">Algebris Financial Equity Fund<\/h3>\n                    <\/a>\n                    <div class=\"date\">\n                        15 M\u00e4rz 2018                    <\/div>\n                <\/div>\n                            <div class=\"related-insights__post\">\n                    <div class=\"tags\">\n                                            <\/div>\n                    <a class=\"content-link\" href=\"https:\/\/www.algebris.com\/de\/fund\/algebris-financial-equity-fund\/\">\n                        <h3 class=\"title\">Algebris Financial Equity Fund<\/h3>\n                    <\/a>\n                    <div class=\"date\">\n                        15 M\u00e4rz 2018                    <\/div>\n                <\/div>\n                            <div class=\"related-insights__post\">\n                    <div class=\"tags\">\n                                            <\/div>\n                    <a class=\"content-link\" href=\"https:\/\/www.algebris.com\/de\/fund\/algebris-financial-equity-fund\/\">\n                        <h3 class=\"title\">Algebris Financial Equity Fund<\/h3>\n                    <\/a>\n                    <div class=\"date\">\n                        15 M\u00e4rz 2018                    <\/div>\n                <\/div>\n                        <\/div>\n\n    <a class=\"button big\" href=\"https:\/\/www.algebris.com\/de\/insights\/\">Alle Insight<\/a>\n<\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"risiken\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-risk\">\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading main-title\">Risks<\/h2>\n\n<\/div>\n    <div class=\"fund-risk__levels\">\n                    <div class=\"level\">\n                1            <\/div>\n                    <div class=\"level\">\n                2            <\/div>\n                    <div class=\"level\">\n                3            <\/div>\n                    <div class=\"level\">\n                4            <\/div>\n                    <div class=\"level selected\">\n                5            <\/div>\n                    <div class=\"level\">\n                6            <\/div>\n                    <div class=\"level\">\n                7            <\/div>\n            <\/div>\n\n            <div class=\"fund-risk__details\">\n                            <div class=\"detail\">\n                                                                <p class=\"content\">Der Gesamtrisikoindikator hilft Ihnen, das mit diesem Produkt verbundene Risiko im Vergleich zu anderen Produkten einzusch\u00e4tzen. Er zeigt, wie hoch die Wahrscheinlichkeit ist, dass Sie bei diesem Produkt Geld verlieren, weil sich die M\u00e4rkte in einer bestimmten Weise entwickeln oder wir nicht in der Lage sind, Sie auszubezahlen. \r\n\r\nDer Risikoindikator beruht auf der Annahme, dass Sie das Produkt 5 Jahre lang halten. Wenn Sie die Anlage fr\u00fchzeitig aufl\u00f6sen, kann das tats\u00e4chliche Risiko erheblich davon abweichen und Sie erhalten unter Umst\u00e4nden weniger zur\u00fcck. Eine vorzeitige Aufl\u00f6sung \r\nist unter Umst\u00e4nden nicht m\u00f6glich. Es kann sein, dass Sie Ihr Produkt nicht ohne Weiteres ver\u00e4u\u00dfern k\u00f6nnen oder dass Sie es zu einem Preis ver\u00e4u\u00dfern m\u00fcssen, der den Betrag, den Sie zur\u00fcckerhalten, erheblich schm\u00e4lert.\r\n\r\nWir haben dieses Produkt auf einer Skala von 1 bis 7 in die Risikoklasse 5 eingestuft, wobei 5 einer mittelhohen Risikoklasse entspricht.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Markt<\/h3>\n                                                                <p class=\"content\">Der Fonds kann in Aktien investieren, die einem Marktrisiko unterliegen k\u00f6nnen (dem Risiko, dass eine Anlage aufgrund von \u00c4nderungen der wirtschaftlichen Bedingungen an Wert verliert).<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\"> Bonit\u00e4t und Zinsen<\/h3>\n                                                                <p class=\"content\">Da der Fonds in Schuldtitel (z. B. Anleihen) investiert, unterliegt er dem Kreditrisiko (das Risiko eines Zahlungsausfalls eines Anleiheemittenten) und dem Zinsrisiko (das Risiko von \u00c4nderungen der Zinss\u00e4tze)<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">CoCo-Bonds<\/h3>\n                                                                <p class=\"content\">Die angewandte Strategie kann dazu f\u00fchren, dass der Nettoinventarwert ein hohes Ma\u00df an Volatilit\u00e4t aufweist. Der Fonds kann einen Hebeleffekt beinhalten, welcher Verluste m\u00f6glicherweise vergr\u00f6\u00dfern kann. Der Fonds kann in bedingt wandelbare Wertpapiere investieren, welche einzigartige Risiken mit sich bringen. Beispielsweise besteht das Risiko der Umwandlung in Eigenkapital oder der Abschreibung, bedingt durch regulatorische Anforderungen des Emittenten. Diese Risiken k\u00f6nnen dazu f\u00fchren, dass der Marktwert dieser Wertpapiere schwankt. Zus\u00e4tzliche Risikofaktoren im Zusammenhang mit bedingt wandelbaren Wertpapieren sind im Fondsprospekt aufgef\u00fchrt. Es existieren keine Sekund\u00e4rm\u00e4rkte f\u00fcr den Handel des Fonds und es besteht keinerlei Erwartung, dass diese M\u00e4rkte in der Zukunft entstehen.\r\nDem Fonds fehlt es m\u00f6glicherwiese an Diversifikation. Die hohen Geb\u00fchren und Ausgaben des Fonds k\u00f6nnen die Handelsgewinne m\u00f6glicherweise ausgleiche<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Emerging markets risk<\/h3>\n                                                                <p class=\"content\">The fund can invest in emerging markets. Such markets carry additional risks such as political instability, weaker auditing and financial reporting standards and less government supervision and regulation.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Nachhaltigkeit<\/h3>\n                                                                <p class=\"content\">Nachhaltigkeitsrisiken k\u00f6nnen sich nachteilig auf die Renditen des Fonds auswirken. Ein Nachhaltigkeitsrisiko ist ein Ereignis in Bezug auf Umwelt-, Sozial- oder Governance-Aspekte (ESG), das bei seinem Eintreten tats\u00e4chlich oder potenziell erhebliche negative Auswirkungen auf den Wert der Anlage des Fonds verursachen k\u00f6nnte. Die Anlagen des Fonds sind dar\u00fcber hinaus dem Risiko von Verlusten infolge des Reputationsschadens ausgesetzt, den ein Emittent im Zusammenhang mit einem ESG-Ereignis erleiden k\u00f6nnte. <\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Derivative<\/h3>\n                                                                <p class=\"content\">The Fund can invest in Financial Derivative Instruments (FDI). These instruments have additional risks such as legal risk or liquidity risk (the inability to sell the contract due to lack of buyers in the market). These risks can have adverse impacts on the overall value of the Fund.\r\n\r\nDer Fonds kann in Derivative Finanzinstrumente (DFI) investieren. Diese Instrumente weisen zus\u00e4tzliche Risiken wie Rechtsrisiken oder Liquidit\u00e4tsrisiken auf (die Unm\u00f6glichkeit, den Kontrakt aufgrund fehlender K\u00e4ufer am Markt zu verkaufen). Diese Risiken k\u00f6nnen sich negativ auf den Gesamtwert des Fonds und seine Volatilit\u00e4t auswirken.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Schwellenm\u00e4rkte<\/h3>\n                                                                <p class=\"content\"> Der Fonds kann in Schwellenm\u00e4rkte investieren. Auf diesen M\u00e4rkten bestehen zus\u00e4tzliche Risiken wie politische Instabilit\u00e4t, schw\u00e4chere Pr\u00fcfungs- und Rechnungslegungsstandards und geringere Aufsicht und Regulierung durch die Regierung.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">W\u00e4hrung<\/h3>\n                                                                <p class=\"content\">Die Anlagen des Fonds k\u00f6nnen auf andere W\u00e4hrungen als Euro lauten. Dies kann bei steigendem oder fallendem Wert einer W\u00e4hrung eine positive oder negative Auswirkung auf den Wert der Fondsanlagen haben.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                                                <p class=\"content\">Dieses Produkt beinhaltet keinen Schutz vor k\u00fcnftigen Marktentwicklungen, sodass Sie das angelegte Kapital ganz oder teilweise verlieren k\u00f6nnten.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                                                <p class=\"content\">Eine vollst\u00e4ndige \u00dcbersicht aller mit diesem Fonds verbundenen Risiken finden Sie im Abschnitt \u201eRisikofaktoren\u201c in der Erg\u00e4nzung des Fonds und im Prospekt der Algebris UCITS Funds plc.\r\n<\/p>\n                                    <\/div>\n                    <\/div>\n    <\/div>\n\n\n<div class=\"fund-disclaimer\">\n    <div class=\"acf-innerblocks-container\">\n\n<p><br>\u00a9 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results. Overall rating out of 172 Sector Equity Financial Services funds. Rating refers to the I EUR share class.<br><br>Der Algebris Financial Equity Fund (der \u201c<strong><em>Fonds<\/em><\/strong>\u201c) ist ein Subfonds von Algebris UCITS Funds plc (die \u201c<strong><em>Gesellschaft<\/em><\/strong>\u201c), einer irischen Gesellschaft mit beschr\u00e4nkter Haftung, registriert in Irland unter der Nummer 509801 und errichtet als Umbrellafonds mit getrennter Haftung zwischen den Subfonds gem\u00e4\u00df dem irischen Gesetz \u201c<em>European Communities (Undertakings for Collective Investment in Transferable Securities) 2011<\/em>\u201c. Algebris Investments (Ireland) Limited ist die Verwaltungsgesellschaft des Fonds. Algebris Investments (Ireland) Limited ist lizensiert durch die und reguliert von der Central Bank of Ireland. Algebris (UK) Limited ist der Investmentmanager, die Vertriebsgesellschaft und der Promoter des A-Fonds. Algebris (UK) Limited ist in Gro\u00dfbritannien lizensiert durch die und reguliert von der englischen Financial Conduct Authority. Der Fondsadministrator ist BNP Paribas Fund Administration Services (Ireland) Limited und die Verwahrungsgesellschaft ist BNP Paribas Dublin Branch.<br><br>Der Wert des Fondsanteils (die \u201c<strong><em>Einlage<\/em><\/strong>\u201c) ist nicht garantiert und der Wert von Einlagen kann sich verringern als auch erh\u00f6hen und daher ist eine R\u00fcckf\u00fchrung des Investments in Einlagen ungewiss. Wechselkurs\u00e4nderungen k\u00f6nnen einen negativen Einfluss auf den Preis und Wert der Einlagen haben. Die jederzeit m\u00f6gliche Differenz zwischen Kauf- und Verkaufs-\/R\u00fcckf\u00fchrungspreis der Einlagen bedeutet, dass das Investment grunds\u00e4tzlich als mittel- bis langfristig betrachtet werden sollte. Wertentwicklungen der Vergangenheit lassen keinerlei verl\u00e4sslichen R\u00fcckschl\u00fcsse auf die zuk\u00fcnftige Entwicklung des Investments zu. Weder Entwicklungen aus der Vergangenheit noch die aktuelle Situation k\u00f6nnen als Indikatoren f\u00fcr die zuk\u00fcnftige Entwicklung oder den Verkaufs-\/R\u00fcckf\u00fchrungspreis herangezogen werden. Die vom Fonds angewandte Strategie kann zu einem NAV (<em>net asset value<\/em>) von hoher Volatilit\u00e4t f\u00fchren und daher kann der NAV jederzeit erheblich an Wert verlieren, sodass die Investoren jederzeit ihr gesamtes Investment verlieren k\u00f6nnen.<br><br>Die Gesellschaft hat f\u00fcr den Fonds einen Prospekt und ein Kundeninformationsdokument (KID) in englischer Sprache emittiert; sowohl der Prospekt als auch das KID ist abrufbar unter\u00a0<a href=\"http:\/\/www.algebris.com\/de\/\">www.algebris.com<\/a>\u00a0und kann dar\u00fcber hinaus jederzeit von Algebris (UK) Limited verlangt werden. Wo es unter den jeweils nationalen Regelungen eines EWG-Mitgliedstaats erforderlich ist, wird es das KID auch in der Nationalsprache des jeweiligen EWG-Mitgliedstaats geben. Informationen \u00fcber Rechte der Investoren inklusive Informationen \u00fcber Rechtshilfem\u00f6glichkeiten sind unter\u00a0<a href=\"https:\/\/www.algebris.com\/cbdr-investor-rights\/\">https:\/\/www.algebris.com\/cbdr-investor-rights\/<\/a>\u00a0in englischer Sprache abrufbar. Jederzeit kann es zur Beschlussfassung kommen, die Marketingvertr\u00e4ge f\u00fcr das Marketing des Fonds in einem EWG-Mitgliedstaat zu beenden. Diesfalls werden Fonds-Anteilseigner im jeweils betroffenen EWG-Mitgliedstaat dar\u00fcber informiert und es wird ihnen die M\u00f6glichkeit einger\u00e4umt werden, ihren Fondsanteil innerhalb von 30 Werktagen ab Zurverf\u00fcgungstellung der Information kostenfrei und ohne Abzug von Geb\u00fchren einzul\u00f6sen.\u00a0\u00a0<br><br><strong>Der Fonds gilt als aktiv verwaltet in Bezug auf den MSCI ACWI Financials Index (die \u201cBenchmark\u201d), da er eine Gesamtrendite anstrebt, die \u00fcber der Rendite der Benchmark liegt. Die Benchmark wird auch als Referenzindex zur Berechnung des Gesamtrisikos des Fonds mithilfe der Relative-VaR-Methode und zum Zweck des Leistungsvergleichs verwendet. Die Benchmark wird jedoch nicht zur Definition der Portfoliozusammensetzung des Fonds herangezogen und der Fonds kann vollst\u00e4ndig in Wertpapiere investiert sein, die nicht Bestandteil der Benchmark sind.<\/strong><br><br>Die Performance-Daten beinhalten weder Provisionen noch Kosten\/Geb\u00fchren, welche im Zusammenhang mit der Emission und der Einl\u00f6sung der Fondsanteile entstanden sind. Der Fonds kann in bedingte Wandelschuldverschreibungen bzw Wertpapiere investieren. Diese Art von Wertpapieren haben eigene Risiken, etwa durch auf die emittierende Gesellschaft und deren regulatorisches Setup zugeschnittene Eigenkapitalumwandlungs- oder Kapitalabschreibungsm\u00f6glichkeiten, sodass der Marktpreis dieser Wertpapiere stark schwanken kann. Weitere Risiken im Zusammenhang mit solchen Wertpapieren sind im Prospekt ausgef\u00fchrt.<br><br><strong>Dies ist eine reine Marketing-Information. Bitte legen Sie Ihrer Investment-Entscheidung den Prospekt und das KID zugrunde.<\/strong> Diese Marketing-Information ist ausschlie\u00dflich zur privaten Verwendung. Die hierin enthaltenen Informationen sind streng vertraulich und richten sich ausschlie\u00dflich an die Person, der sie zur Verf\u00fcgung gestellt wurde. Die hierin enthaltenen Informationen d\u00fcrfen \u2013 ohne vorherige schriftliche Zustimmung von Algebris Investments\u2013 nicht reproduziert, verbreitet, vertrieben oder ver\u00f6ffentlicht werden. Die hierin enthaltenen Informationen und Aussagen dienen ausschlie\u00dflich als blo\u00dfe Hintergrundinformation und erheben keinesfalls den Anspruch auf Vollst\u00e4ndigkeit und stellen keinesfalls eine Anlageberatung und\/oder Empfehlung dar.<br><br>Die hierin enthaltenen Informationen und Aussagen erheben keinesfalls den Anspruch auf Richtigkeit und Vollst\u00e4ndigkeit. Es gibt in Hinblick auf die hierin enthaltenen Informationen und Aussagen keinerlei Gew\u00e4hrleistung, Garantie oder sonstige Sicherheit von Algebris Investments, deren Mitglieder, Angestellte oder Gruppengesellschaften und keiner dieser Personen haftet f\u00fcr die Richtigkeit oder Vollst\u00e4ndigkeit in Hinblick auf die hierin enthaltenen Informationen oder Aussagen.<strong><br><\/strong><br>Der Herkunftsstaat des Fonds ist Irland. In der Schweiz ist der Vertreter ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Z\u00fcrich, wobei die Zahlstelle Vontobel Ltd, Gotthardstrasse 43, CH-8022 Z\u00fcrich, ist. Die satzungsrechtliche Dokumentation des Fonds sowie die Jahres- und, sofern existent, Halbjahresberichte k\u00f6nnen jederzeit kostenfrei vom Vertreter verlangt werden.<br><br>Die Verteilung oder der Vertrieb dieses Dokuments kann in gewissen Jurisdiktionen eingeschr\u00e4nkt sein. Die oben ausgef\u00fchrte Information kann nur als allgemeine Information verstanden werden und jede Person im Besitz dieses Dokuments oder dieser Information ist angehalten, sich selbst zu informieren und beraten zu lassen und auf die Vereinbarkeit mit allen in Frage kommenden Gesetzen und Regularien zu achten. Dieses Dokument und die hierin enthaltenen Informationen stellen keine Anlageberatung oder Anlageempfehlung dar und dienen nicht als steuerliche oder sonstige rechtliche Grundlage.\u00a0 Sie sind angehalten, Ihren Steuerberater, Rechtsanwalt, Wirtschaftspr\u00fcfer und\/oder sonstigen Berater betreffend die hierin ausgef\u00fchrten Informationen und Themen zu konsultieren. Einem potenziellen Investor, der sein Interesse an einem Investment bekundet, werden der Prospekt, das Kundeninformationsdokument (KID) und die Zeichnungsunterlagen (alle zusammen die \u201c<strong><em>Fonds-Dokumente<\/em><\/strong>\u201c) zur Verf\u00fcgung gestellt. Angehende Investoren m\u00fcssen diese Fonds-Dokumente inklusive der Risikofaktoren unbedingt durchlesen und pr\u00fcfen bevor sie eine Investmententscheidung treffen; ausschlie\u00dflich die in diesen Fonds-Dokumenten enthaltenen Informationen sind ihrer Investmententscheidung zugrunde zu legen.<br><br>Die Algebris-Gruppe besteht aus Algebris (UK) Limited, Algebris Investments (Ireland) Limited, Algebris Investments (US) Inc. Algebris Investments (Asia) Pte. Limited, Algebris Investments K.K. und andere nicht regulierte Unternehmen wie Zweckgesellschaften, Komplement\u00e4rgesellschaften und Holdinggesellschaften.<br><br>Please see\u00a0<a href=\"https:\/\/algebris.com\/de\/rechtliche-hinweise\/\">www.algebris.com\/disclaimer<\/a>\u00a0for more important information.<br><br>\u00a9 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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. Past performance is no guarantee of future results. Overall rating out of 174 Sector Equity Financial Services funds.<\/p>\n\n<\/div>\n<\/div>","protected":false},"featured_media":0,"menu_order":6,"template":"","fund-classification":[292,294],"investor_taxonomy":[99,100],"class_list":["post-12539","fund","type-fund","status-publish","hentry","fund-classification-equity-fund-de","fund-classification-financials-fund-de","investor_taxonomy-private","investor_taxonomy-professional"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Algebris Financial Equity Fund<\/title>\n<meta name=\"description\" content=\"Algebris Financial Equity Fund is a long-biased equity fund investing in financial stocks on a global basis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.algebris.com\/de\/fund\/algebris-financial-equity-fund\/\" 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