Abalone Asset Management


FUNDS | Monti Harvest Fund

Monti Harvest Fund

The Monti Harvest Fund aims to achieve long-term capital appreciation through risk diversification. The Fund will invest mainly in a diversified portfolio of listed equity securities, issued by Swiss, European and US entities.



The fund closed the month of October with a gain of +1.26%. October was by and large another positive month for most assets. Measures of volatility remained near historical lows, even if they showed some signs of increasing into the second half of the month. No big surprises emerged from ECB meeting, with the taper announcement expected by markets. At the same time expectations of some tax reform progress in the US appeared to help positive sentiment. US corporate earnings displayed a robust trend with a beat/miss ratio even better than previous quarters’ solid results. Political developments in Catalonia generated some volatility but any market fallout was easily contained.


Equities were stronger pretty much across the board. The S&P 500 (+2.3%) was not at the top of table but it is remarkable that the index finished with a positive total return for the 12th month in succession. The 10/10 positive month’s track, for 2017 so far, is unheard-of in the 90 years of available data. The best performance of the month was posted by the Nikkei (+8.1%), triggered by the clear PM Abe’s election victory. In Europe DAX (+3.1%), FTSE 100 (+1.8%) and Stoxx 600 (+1.9%) all posted solid returns. The IBEX was +1.9% despite some large intra-month volatility with the various Catalonia developments and managed anyway to beat the other peripheral markets (Portugal General +0.5%, FTSE MIB +0.4% and Greek Athex +0.5%). In the Emerging Market space the solid +3.5% of the MSCI EM USD index has been favoured by the outstanding +5.7% of the Nifty 50 Indian index.


In sovereign bond markets and in contrast to equities, peripheral government bond markets actually outperformed core markets. BTPs (+2.0%) and Spanish Bonds (+0.9%) closed with positive returns, outperforming the likes of Bunds (+0.6%), Gilts (0.3%) and Treasuries (-0.1%). EM bonds (-2.1%) were notably weaker. It has to be noted that bond markets were reasonably choppy during the month, with some bubbling volatility due to the various developments around the Fed Chair leadership and Catalonia. In terms of credit markets, returns were once again fairly solid. European indices ended the month +0.4% to +1.7%. US markets were more subdued, returning between flat and +0.6%, indicating only very modest spread tightening.


The fund during the month has progressively reduced equity exposure, taking some profits on some holdings like Swiss Re, Adecco, Credit Suisse, Clariant. At the same time new stocks have been acquired like Monsanto, Goldbach Group, Lafarge, Roche, Dufry increasing the geographical diversification. The equity part of the portfolio has reported a positive performance. Amongst the best performers during the month, we can mention Intercept Pharma (+6.19%), Chocoladefabr (+4.52%), Lonza (+4.33%).


The bonds’ contribution to the performance has been positive with particular strong performance of the perpetual issued by Arytza, after a negative result in September. The bond part of the portfolio has been reduced since some positions have been liquidated as Macquarie, Avis, Hertz.

Fund data
Class A
09 NOV, 2018

CHF 149,2098
Inception Date 28.01.2016
Investment Minimums CHF 1.000,00
Subsequent Investment CHF 100,00
Ticker Bloomberg
ISIN MT7000014346

Account Features: weekly


Monthly Performance

Class A
2016 0,3260 % -2,0403 % 0,6479 % 1,2604 % 1,9995 % -3,5093 % 1,7561 % 0,7335 % -0,2009 % -1,9214 % -0,0077 % 1,1728 % 0,0585 %
2017 -0,1934 % 1,2611 % 0,0383 % 0,9934 % -0,8222 % -1,0152 % 1,6805 % -1,0349 % 1,0367 % 1,2620 % -0,9146 % 0,1269 % 2,3883 %
2018 -0,4435 % -2,0213 % 0,6810 % 2,1752 % -0,4116 % -2,2931 % 1,0154 % -1,9991 % -0,6773 % -2,1627 % 1,3998 % - -4,7564 %

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