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 30/09/2026Market Review and Outlook
September was marked by a renewed deterioration in geopolitical conditions, persistent inflationary pressures, and a sharp repricing of interest rate expectations. The conflict in the Middle East remained the main source of uncertainty, with renewed tensions between the US and Iran threatening energy supplies and pushing oil prices higher. Brent crude gained approximately 15% over the month, ending above $100 per barrel. For Europe, which remains particularly exposed to imported energy costs, this renewed energy shock complicated the inflation outlook and reinforced concerns over the resilience of economic growth. The European 2-year inflation swap rate increased by 40bps, while the 2-year German government bond yield rose by 25bps. The ECB policy rate expected for July 2027 was repriced 50bps higher, to 3.30%.
France’s fiscal trajectory, particularly in light of the ongoing discussions surrounding the 2027 budget, continues to highlight the lack of political willingness to implement meaningful spending cuts. Combined with the upcoming 2027 elections, the candidates’ economic programmes and current polling suggest that this trajectory is unlikely to reverse and could potentially deteriorate further. Against this backdrop, the OAT-Bund spread widened by 50bps during September, reaching more than 135bps.
On the credit side, the € IG cash index declined by 1.36%. The iTraxx Main recorded average daily trading volumes of €26bn, according on Bloomberg, and widened by 5bps. The September roll added almost 7bps to spreads between Series 45 and Series 46. Consequently, the 5-year iTraxx Main Series 46 ended the month at 62.75bps. The tranche roll also triggered a substantial increase in implied correlation, with a 2-percentage-point increase between the two series, with a further 1-percentage-point rise during the month, bringing correlation close to 89.50%. For comparison, at similar index spread levels of approximately 60bps, super-senior tranche spreads stood at around 29bps in 2024 and 34bps in 2025 and 38bps this year. This highlights the lack of sellers of senior tranches, in contrast to the substantial selling pressure on equity tranches. Looking ahead, we expect to take advantage of potentially higher spread levels to increase our credit exposure towards year-end. Historical seasonality suggests an increased likelihood of a year-end rally likely the US midterm elections.
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