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 30/09/2025Market Review and Outlook
Risk assets strengthened toward the month, with the Euro Stoxx 50 rising 3.35%, as investors responded to growing expectations of early monetary easing in the U.S. In contrast, sentiment remained more cautious in Europe and Japan. Oil prices declined amid signals of increased supply from OPEC+, while geopolitical tensions in the Red Sea remained high but sporadic. Long-term interest rates were volatile, with U.S. 10-year Treasury yields falling after the Federal Reserve indicated a more supportive stance. Concerns about debt sustainability persist and are expected to remain, particularly in major economies such as the U.S., U.K., and France. Despite this, yield curves flattened as central banks appear increasingly supportive, especially in the U.S., where political pressure from Donald Trump on the Federal Reserve chairman and committee is intensifying. Pushing the German 2Y-10Y spread to narrow by 10 basis points, and the 2Y-30Y spread by 15 basis points.
On the credit side, the euro investment grade (IG) cash index returned +0.39%, supported by a 5 basis point tightening in cash spreads. Strong investor demand continues to underpin both credit funds and primary market activity. In the synthetic market, the iTraxx Main index tightened by 5.5 basis points. As anticipated, trading volume during the iTraxx roll on September 22nd set a new record, surpassing the previous March high with over €100 billion traded, followed by an additional €100 billion in the subsequent four days. This reflects the increasing “democratization” of synthetic credit products, now attracting a broader range of institutional investors beyond hedge funds and large asset managers. With the roll from Series 43 to Series 44 of the iTraxx Main 5Y (Euro IG), the basis between cash and synthetic moved above zero for the first time since the late 2022 crisis. This indicates that cash instruments are currently priced at a premium relative to synthetic indices, which may draw more investor interest toward the more liquid synthetic market. The fund delivered a return of +0.42%, in line with the +0.39% of our benchmark iBoxx € Corp.
Looking ahead, we anticipate potential spikes in volatility during October. However, the end of the year typically tends to favor credit markets, supported by the Federal Reserve’s pivot toward lower rates and a continued dovish “mood” from the ECB; consistent with the approach initiated by Draghi and maintained by Lagarde. That said, uncertainty persists around U.S. debt sustainability, particularly with the potential for a government shutdown in October. Additionally, the Trump administration’s continued reliance on tariffs as a primary foreign policy tool could have future implications for both U.S. inflation and the growth prospects of major exporters to the U.S., although the full impact has yet to be felt. In France, the national budget still awaits approval amid lingering concerns over debt levels, especially after Fitch’s downgrade to A+ in September. Meanwhile, the French government, if any (not appointed yet) faces political instability, with risk of being overturned.
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