Algebris Global Credit Opportunities Fund – Singapore and Hong Kong
Algebris Global Credit Opportunities Fund
A flexible, unconstrained, dynamic and selective approach to the credit market.
Meet the Portfolio Managers | Part 2
In the first two episodes of this mini-series, Algebris Deputy CEO, Alex Lasagna introduced the Algebris Global Credit Opportunities Fund and portfolio managers, Gabriele Foà and Samuel Sibony talked through the main features of the fund and the current opportunity set across global credit markets.
In this final video, we delve a little deeper to explain how the team allocates capital across the three pillars of corporate credit, emerging market debt and financial credit. We explain how the team of four portfolio managers and two analysts employ the strategy’s four step investment process and functions in the most effective way to identify the best opportunities for investors.
Meet the Portfolio Managers | Part 1
Global bond markets are front-of-mind for investors given the opportunities presented by higher interest rates, higher-for-longer inflation and greater dispersion within different areas of credit. An unconstrained and highly selective approach is the prudent way to access the higher yields available.
We are pleased to introduce two members of the investment team. Fund managers, Gabriele Foà and Samuel Sibony discuss how the fund targets robust risk-adjusted returns across different investment environments.
The Algebris Global Credit Opportunities Fund aims at generating attractive risk-adjusted returns regardless of the direction of credit markets, hedging macro risks and optimizing diversification and liquidity.
The Fund adopts a flexible investment approach via directional, relative value and hedging positioning, with a focus on global credit markets (from sovereign to corporate debt, investment grade and sub-investment grade, bank debt and convertibles in developed and emerging markets).
Exposures are tactically managed and globally unconstrained. Top-down macro views and bottom-up credit analysis are synthesized in overall portfolio construction.
Read the latest Market Views from Algebris’ investment team
- Algebris Year-end Updates 2023 | Fixed income: buon rischio-rendimento per gli investitori tra rallentamento economico e tassi in discesa.Negli ultimi mesi del 2023 l’attenzione del mercato si è spostata da banche centrali e lotta all’inflazione ai dati sulla crescita economica. Economia e crescita saranno infatti osservati speciali nel 2024, anno che riteniamo sarà caratterizzato da un rallentamento economico e una continua attenuazione dell’inflazione. Se da un lato la […]
- GLOBAL CREDIT BULLETS | Lunedì 27 novembre 2023Eurozona – Continua la disinflazioneI dati PMI europei di novembre sono saliti leggermente a 47,1 rispetto ai 46,5 precedenti, segnalando un leggero miglioramento delle attese, anche se ancora a livelli minimi. Analogamente, la fiducia dei consumatori è migliorata da -17,9 a -16,9, mentre le aspettative dell’IFO tedesco (istituto di ricerca) […]
- GLOBAL CREDIT BULLETS | Lunedì 20 novembre 2023Dati USA – Rallentamento in vistaIl dato CPI di ottobre della scorsa settimana ha sorpreso al ribasso di 0,1%, con un valore nominale del 3,2% a/a e un valore core del 4,0%, innescando una contrazione di 30 pb dei tassi USA e dando un impulso alle aspettative di un atterraggio […]
Warning: the content of this presentation has not been reviewed by any regulatory authority in Hong Kong. The content is provided for information purposes only and is not intended to be and should not be treated as an offer to invest nor as investment advice. If you are in any doubt about any of the contents of this presentation you should obtain independent professional advice.
The Fund referred to in the document is only available for investment to “professional investors” as defined in the Securities and Futures Ordinance (Chapter571 of the Laws of Hong Kong) and any rules made under the Securities and Futures Ordinance and to persons outside Hong Kong. This document should not be provided, copied or forwarded to any person in Hong Kong other than a person who falls within the definition of “professional investor”.
The offer or invitation of the Shares of the Fund, which is the subject of this presentation, does not relate to a collective investment scheme which is authorised under section 286 of the Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The Fund is not authorised or recognised by the Monetary Authority of Singapore (the “MAS”) and Shares are not offered to the retail public. Each of the Information Memorandum, Prospectus, Supplement and any other document or material issued in connection with the offer or sale (together “Fund Documents”) is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.
The Prospectus has not been registered as a prospectus with the MAS. Accordingly, the Fund Documents and other material in connection with the offer or sale, or invitation for subscription or purchase, of Shares may not be circulated or distributed, nor may Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.
Where shares are subscribed or purchased under Section 305 by a relevant person which is:
(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities (as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Shares pursuant to an offer made under Section 305 except:
(1) to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3)(i)(B) of the SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law;
(4) as specified in Section 305A(5) of the SFA; or
(5) as specified in Regulation 36A of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.
Algebris Global Credit Opportunities Fund (the “Fund”) is a sub-fund of Algebris UCITS Funds plc (the “Company”) an investment company with variable capital incorporated with limited liability in Ireland with registered number 509801 and established as an umbrella fund with segregated liability between sub-funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) 2011. Algebris Investments (Ireland) Limited is the UCITS Management Company of the Fund. Algebris Investments (Ireland) Limited is authorised and regulated by the Central Bank of Ireland. Algebris (UK) Limited is the Investment Manager, Distributor and Promoter of the Fund. Algebris (UK) Limited is authorised and regulated in the UK by the Financial Conduct Authority. The fund administrator is BNP Paribas Fund Administration Services (Ireland) Limited and the fund depositary is BNP Paribas Dublin Branch.
The value of shares in the Fund (“Shares”) is not guaranteed and the value of such Shares can reduce as well as increase and therefore the return on investment in the Shares will be variable. Changes in exchange rates may have an adverse impact on the value price or income of the Shares. The difference at any one time between the sale and repurchase price of Shares means that the investment should be viewed as medium to long term. Past Performance is not a reliable guide to future performance. Neither past experience nor the current situation are necessarily accurate guides to the future growth in value or rate of return. The strategy employed by the Fund may result in the NAV exhibiting a high level of volatility and therefore may be subject to sudden large falls in value, and, if it is the case, investors could lose the total value of the initial investment. Income may fluctuate in accordance with market conditions and taxation arrangements. Changes in exchange rates may have an adverse effect on the value price or income of the product.
The Company has issued a Prospectus and Key Investor Information Document (“KIID”)/Key Information Document (“KID”) with respect to the Fund the English language version of each of which is available from Algebris (UK) Limited on request and from www.algebris.com. Where required under national rules, the KIID/KID will also be available in the local language of the relevant EEA Member State. Information relating to investor rights including information on access to collective redress mechanisms at EU Level and national level, where available, can be found in English at https://www.algebris.com/cbdr-investor-rights/. A decision may be taken at any time to terminate the arrangements made for the marketing of the Fund in any EEA Member State in which it is currently marketed. In such circumstances, Shareholders in the affected EEA Member State will be notified of this decision and will be provided with the opportunity to redeem their shareholding in the Fund free of any charges or deductions for at least 30 working days from the date of such notification.
The Fund is considered to be actively managed but not in reference to a benchmark. The performance data do not take account of the commissions and costs incurred on the issue and redemption of units. This document is suitable for professional investors only. This Fund may invest in contingent convertible securities. These securities have unique risks, for example, due to equity conversion or principal write-down features which are tailored to the issuing entity and its regulatory requirements, which means the market value of the securities may fluctuate. Additional risk factors associated with contingent convertible securities are set out in the Prospectus.
This is a marketing communication. Please refer to the Prospectus and KIID/KID before making any final investment decision. This document is for private circulation only. The information contained in this document is strictly confidential and is only for the use of the person to whom it is sent. The information contained herein may not be reproduced, distributed or published by any recipient for any purpose without the prior written consent of Algebris (UK) Limited. The information and opinions contained in this document are for background purposes only, do not purport to be full or complete and do not constitute investment advice. Algebris (UK) Limited is not hereby arranging or agreeing to arrange any transaction in any investment whatsoever or otherwise undertaking any activity requiring authorisation under the Financial Services and Markets Act 2000. This document does not constitute or form part of any offer to issue or sell, or any solicitation of an offer to subscribe or purchase, any investment nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore.
No reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by any of Algebris (UK) Limited, its members, employees or affiliates and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.
In the UK this marketing communication is only communicated to persons to whom it may lawfully be issued under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 including persons who are authorised under the Financial Services and Markets Act 2000 of the United Kingdom (the “Act”), certain persons having professional experience in matters relating to investments, high net worth companies, high net worth unincorporated associations and partnerships, trustees of high value trusts and persons who qualify as certified sophisticated investors. This document is exempt from the prohibition in Section 21 of the Act on the communication by persons not authorised under the Act of invitations or inducements to engage in investment activity on the ground that it is being issued only to such types of person.
The State of the origin of the Fund is Ireland. In Switzerland, the Representative is ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Zurich, whilst the paying agent is Vontobel Ltd, Gotthardstrasse 43, CH-8022 Zürich. The basic documents of the Fund as well as the annual and, if applicable, semi-annual report may be obtained free of charge from the Representative.
The distribution of this document may be restricted in certain jurisdictions. The above information is for general guidance only, and it is the responsibility of any person or persons in possession of this document to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. This information is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.. You should consult your tax, legal, accounting or other advisors about the issues discussed herein. A potential investor expressing an interest to invest will be provided with a Prospectus, a KIID/KID and a subscription agreement (together, the “Fund Documents”) for the investment and an opportunity to review the documentation relating to the investment. Prospective investors must review the Fund Documents, including the risk factors, before making any decision to invest and should rely only on the information contained in the Fund Documents in making their investment decision.
Algebris Group comprises Algebris (UK) Limited, Algebris Investments (Ireland) Limited, Algebris Investments (US) Inc. Algebris Investments (Asia) Limited, Algebris Investments K.K. and other non-regulated companies such as special purposes vehicles, general partner entities and holding companies.
© 2023 Algebris Investments. Algebris Investments is the trading name for the Algebris Group.