Abalone Asset Management
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Funds

FUNDS | Global Assets Fund

Global Assets Fund


The Global Assets Fund aims to achieve medium to long-term capital growth by taking advantage of international Market opportunities. The Fund will invest predominantly in a diversified portfolio of listed equity securities and listed fixed income securities.

MONTHLY COMMENTARY


DECEMBER 2016

The fund closed the month (23/12) with a gain of 1.23%, compared with gains of 4.45% for the Swiss Index SMI (in CHF), 2.46% for the S&P 500 (in USD) and 5.20% for the STOXX 600 (in EUR) in the same period. On the fixed income side the Barclays Global Aggregate EUR Hedged index returned losses of -0.11% (in EUR hedged).

It was one of the busiest months of December that we can remember with both key central bank meetings (Fed, ECB) and important political events (Italian referendum, Trump appointments) scattered throughout. Overall risky assets weathered well both a hawkish surprise from Janet Yellen and a clear No win in the Italian vote. In fact the clearest feature of the month has been the strong finish to the year for Equity markets. Best performer was Italy's FTSE MIB (+13.6%) whilst European Banks (+7.7%) also ended the year on a high. Things were not as buoyant in China: the Shanghai Comp (-4.5%) and the Hang Seng (-3.4%) had a rough month. Rates and Credit finished in a slightly tighter range. The selloff which haunted sovereign bond markets through October and November did end up moderating in December with Bunds, Treasuries, Gilts and BTP's anywhere from 0% to +1% for the month with the latter outperforming. Credit markets for the most part reflected that with US and EUR IG Corps and Financials also finishing 0% to +1% although US HY (+1.9%) and EUR HY (+1.8%) did outperform.

The fund continued to actively pursue opportunities on the Swiss market, exploiting the access to local news flow.

On the equity side the fund decreased its long position to approximately 5.35% by month end of the remaining shares in the portfolio Qualcomm was the best performer, yielding 3.39% throughout the month. The fund’s exposure to fixed income markets remained steady at c. 70% and outperforming the fixed income benchmark.

Currency exposure remained steady throughout the month whilst cash increased to 16% of the fund.

Fund data
Class A Class B
03 FEB, 2017

€ 98,0362 -
Inception Date 28.01.2016
Investment Minimums € 1.000,00 € 10.000,00
Subsequent Investment € 100,00 € 1.000,00
Ticker Bloomberg
ISIN MT7000014320 MT7000014338

Account Features: weekly

Monthly Performance


Class A
Year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total
2016 0,0229 % -1,9635 % 1,3878 % 0,9402 % 0,2550 % 0,0578 % 0,6695 % 0,1008 % 0,1944 % 1,1578 % 0,9412 % 1,0000 % 4,8242 %
2017 -0,1062 % - - - - - - - - - - - -0,1062 %
Class B
Year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total
2016 - - - - - - - - - - - - -
2017 - - - - - - - - - - - - -
Year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total
2016 -
2017 -
Year JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Total
2016 -
2017 -

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