Alma Selwood Euro High-Grade
Cumulative Performance (%)
Fund Inception 15 September 2021
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
The Fund is managed by Selwood Asset Management (France) SAS (“Selwood”), which seeks to implement a strategy for the Fund focusing 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 certain risk mitigation criteria for the Fund seeking to a lower capital consumption under Solvency II*.
*No representations or guarantees as to compliance with Solvency II are being made by the Selwood. Prospective and existing investors need to complete their own analysis of Solvency II requirements.
Selwood Asset Management group was founded in the United Kingdom by Mr Gharred in 2015 as an asset management firm, specialising in non-directional credit strategies. In 2020, Selwood Asset Management (France) SAS was incorporated under the leadership of Mr Merle and Mr Labelle.
Selwood Asset Management (France) SAS is focused on managing long bias fixed income funds and seeks to develop products which utilise credit indices and derivatives.
Mathieu is a fixed income trader with 20 years’ of industry experience. He has a broad expertise in terms of instruments having been 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.
During his tenure at Credit Agricole CIB, Mathieu developed extensive knowledge in Rates and Credit Trading, in both Flows and Structured. 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).
Statistics & Commentary
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.
Sector Breakdown as a % of AUM
as a % of AUM
as a % of AUM
as a % of AUM
Investment Manager's Commentaryas of
April is generally a favourable month for risky assets. This month was no different. As previously stated, there were no significant central bank meetings, and the primary data (i.e., Inflation, Jobs, and Growth) were oscillating between chilly and mild, so market sentiment and index levels fluctuated. iTraxx experienced some volatility during the month, reaching 90bps and 79bps, but closing just 1.5bps tighter. In both the United States and the European Union, we have a clearer comprehension of the path of rate increases, with the FED’s last hike likely to occur in May and the ECB’s in July. As we approach the pivot rates on both sides of the Atlantic, rate volatility decreased and should stabilise. March was dominated by a bank crisis that we believed to be over; however, it appears that regional banks in the United States are still under threat and will remain so until further sector concentration. The debt ceiling in the United States should be the focus of attention until June.
On the fund, performance was in line with traditional cash index. We maintained a leverage ratio of approximately X5.5, as we want to profit from our better roll down from now to September. As we now have less turbulence on rates (5Y Germany unchanged during the month), we will increase our duration closer to traditional cash index (i.e., ~4.6) by the end of the July with the ECB meeting, as we believe the curve may steepen in the meantime.
Facts & Documents
Fund Domicile: Luxembourg
Fund Type: UCITS SICAV
Fund Launch: 15 September 2021
Base Currency: EUR
Depositary, Administrator, Transfert Agent: RBC 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
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.
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