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 31/03/2026Market Review and Outlook
In March 2026, financial markets were primarily driven by geopolitical escalation, notably the reported death of Ayatollah Khamenei and Iran’s retaliatory strikes on Gulf states, disrupting maritime traffic in the Strait of Hormuz and raising concerns over global energy supply. Markets reacted sharply: Brent crude surged from $72 to $118 per barrel, reigniting inflation fears (Euro inflation swaps jumped from 1.57% to 3.37%). The German yield curve flattened, with the 2-year yield rising 62bps versus just 14bps for the 30-year. Stagflation concerns triggered a sell-off in equities, pushing risk assets into bear territory, while safe-haven currencies (USD, CHF) strengthened. Central banks turned hawkish, with markets shifting from expecting a 12.5bps ECB rate cut to pricing in nearly three 25bps hikes in 2026.
€ IG cash fell by -2.30% (driven by rates: -2.0%), while synthetic credit underperformed (iTraxx Main 5Y widened by 11bps), and high yield lagged (Xover widened by 57bps). A key feature of the month was the exceptional liquidity in synthetic credit indices. The iTraxx Main traded an average of €40 billion daily. Positioning for investors shifted dramatically, moving from €10 billion net long to €20 billion net short! representing a €30 billion swing , as asset managers hedged cash portfolios and CTAs adjusted positions. This was reflected in roll dynamics. The fair value of the S44 / S45 roll was estimated at 4 basis points, but it traded as high as 5.16 basis points on roll day (20th), highlighting aggressive short rolling. This positioning creates the potential for a short squeeze should geopolitical tensions ease.
With wider spreads and rising rates, combined yields (iTraxx Main 5Y + Germany 5Y) now exceed the historical 3rd quartile, offering ~3.43% carry (excluding roll down) – an attractive point!
Hedging activity pushed super senior tranche correlation to 84.50%, a level last seen in 2020 and 2022. Given current market positioning and the unsustainable intensity of the conflict for both the US and Iran, some de-escalation seems likely—even if not formally announced. Economic, political, and logistical pressures are mounting : Iran faces infrastructure damage, the US grapples with political and financial costs, Gulf states endure trade and energy disruptions, and China (a major oil importer and Iran’s key trade partner) suffers collateral damage. The probability of a de facto easing in hostilities is rising. In the meantime, the strategy is offering a ~ 7.3% carry & roll down (net), with limited default risk.
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
Documents
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