Alma Selwood Euro High-Grade
Overview
Alma Selwood Euro High-Grade is a long only European credit investment grade fund.
The fund’s management is delegated to Selwood AM France.
Share Class
NAV
Cumulative Performance (%)
Fund Inception 15 September 2021
| Daily | Monthly | Ytd | 1Yr | 3Yr | 5Yr | Incept. | Incept.Date |
|---|
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Strategy & Manager
Fund Strategy
The Strategy aims to deliver enhanced risk / returns by profiting from dislocations in the pricing of index-related credit instruments (iTraxx Main Europe). The Fund seeks to outperform standard Investment Grade Long Only cash allocations / ETF. The Fund is focused on European investment grade credit instruments, and aims to provide an alternative to traditional cash credit solutions through predominantly deploying senior tranches of CDS index-related instruments. Selwood has also sought to incorporate risk mitigation criteria for the Fund, and seeks to lower capital consumption under Solvency II.
Investment Manager
Selwood Asset Management is a London based fundamental credit investment manager, established in 2015 by Sofiane Gharred, a former partner at Chenavari and proprietary trader at Credit Agricole CIB. Created in 2020, Selwood Asset Management (France) SAS, is led by Guillaume Merle and Mathieu Labelle. The Firm is focused on managing long bias fixed income funds and seeks to develop products which utilise credit indices and derivatives.
Key Persons
Mathieu Labelle
CIO and Conducting Officer of Selwood Asset Management (France) SAS
Mathieu is a fixed income trader with 20 years’ industry experience. He has expertise across instruments, having been a market maker on structured credit and derivatives, government bonds and covered bonds.
Prior to joining Selwood, Mathieu was a senior trader at Credit Agricole CIB in London, where he spent over 15 years. At Credit Agricole CIB, Mathieu developed extensive knowledge in rates and credit trading, in both flows and structured trading. He gained expertise in identifying business opportunities, following and analysing market behaviour, and leveraging a deep understanding of financial industry to drive account and trading success.
Mathieu holds a bachelor of Physics from University of Rouen Normandie, an ITM diploma (Master) from CFPB. He was authorised by the UK’s FCA as approved person between 2005 and 2016 (MAL01151).
Thibault Brohard
Co-CIO of Selwood Asset Management (France) SAS
Thibault is a fixed income trader with 15 years’ of industry experience. He has a strong expertise in structured credit investments having been a Structured Credit Trader most of his career. Prior to joining Selwood, Thibault was a senior PM at Orchard Asset Management in London where he spent almost 6 years managing at peak a fund of circa EUR 1bn. Before that he spent 2Y at Christofferson & Rob as Director / PM to help build their structured credit derivatives fund dealing with Rec Cap transactions and acquiring portfolios of derivatives from core and non-core Bank divisions. He also worked several years in the banking industry at UBS as an Executive Director and Calyon – always as a Structured Credit Trader.
Thibault holds a Master of Science from London School of Economics and a degree from Ecole Polytechnique in France (Grande Ecole for Research and Engineering, specialisation in Economics and Applied Mathematics).
Statistics & Commentary
Performance
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Investment Manager's Commentary
as of 30/01/2026Market Review and Outlook
Equity markets delivered a strong performance in January. Despite the bullish momentum, growing uncertainties have begun to cloud the outlook. Geopolitical tensions remain elevated, with the Trump administration continuing to leverage tariffs as a tool to pursue strategic ambitions. Concerns are also rising around the valuation of AI-related stocks, particularly regarding the capital required to fund the ongoing AI-driven transformation and infrastructure. In parallel, several headlines have drawn attention to issues in private credit and debt markets, illiquidity, valuation challenges, and refinancing risks, often linked to technology-related firms (Software). Central banks have maintained a status quo, with no meaningful shift in rate cut expectations. However, political pressure for lower rates has intensified in the US, particularly from the Trump administration. Macro data has continued to show relative resilience, supporting the equity rally alongside the less strong market narrative around AI innovation.
In credit markets, the € Investment Grade Corporate Cash Index posted a strong ~ +0.75%, with 5Y rates only -3bps lower, so mainly coming from the spreads tightening 4bps. The iTraxx Main index widened almost +1bps, the basis (defined as 1.7 × iTraxx Main – Cash Spread) moved closer to 0bps from -10bps at end of 2025. Synthetic credit volumes were relatively high for the low volatility, averaging €10 billion per day over the month. On the options side, 3-month at-the-money (“ATM”) implied volatility rose by 2 vol points to 42.5%, while 10%-delta put (tail-risk) implied volatility fell by 3 vol points to 76%. The combination of higher ATM vol and lower skew suggests the market is pricing a higher probability of near-term measured turbulence and is buying “local” downside protection, while demand for deeper tail hedges has eased. This reinforces our view that the “buy-the-blip” behavior that emerged in 2024 remains in place.
Looking ahead, we are adopting a defensive stance in our credit exposure. The strategy is to be positioned to increase exposure if market volatility and spreads widen. We believe several sources of potential volatility could trigger spread spikes, offering selective entry opportunities, that are supported by “buy-the-Blip” behavior (since mid-2024) and supported by volatility skew and term structure.
Facts & Documents
Facts
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 15 September 2021
Base Currency: EUR
Depositary, Administrator, Transfert Agent: CACEIS Investor Services Bank S.A.
Dealing: Daily with a 2-days notice
Cut-off time: 3 pm CET
Management Company: Alma Capital Investment Management
Investment Manager: Selwood Asset Management (France) SAS
Countries where the fund is registered:
Luxembourg, Austria, Germany, France, UK, Italy, Finland, Ireland
Sustainability-related disclosures:
The information related to the integration of sustainability risks and to the potential adverse sustainability impacts at the sub-fund level can be found in the prospectus of the Fund.
Identifiers:
I1C-E
ISIN: LU2139806298
Ticker: ALSEHIE LX Equity
Launch: 15 Sep 2021
I2C-E
ISIN: LU2139806538
Ticker: ALSEHIC LX
Launch: 6 Oct 2021
I2D-E
ISIN: LU2277570862
Ticker: ALSEHDE LX Equity
Launch: 15 Sep 2021