Absolute Return Multi Premium Fonds

Investment rationale

The fund is designed as a flexible international mixed fund with a euro focus that aims to provide an attractive ongoing distribution while seeking value stability as independently as possible from market direction. It is an actively managed UCITS with a PRIIPs summary risk indicator of 3 on a 1-7 scale, described as a medium-low risk class, and a recommended holding period of 3 years. It is intended for investors who already have some experience with financial markets and who are willing and able to accept price fluctuations and potentially significant capital losses. Based on its objective and implementation through multiple risk premia, long/short exposures and derivatives, it is a distinct diversifying allocation rather than a plain directional equity or bond holding.

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How the strategy works

The fund aims to achieve an attractive ongoing distribution together with value stability as independently as possible from market developments, with long-term capital preservation in the foreground. The fund may invest up to 100% each in exchange-listed or other regulated-market securities of all kinds, including equities, bonds, money market instruments and certificates, and it combines risk premia from equities, commodities excluding agriculture and livestock, currencies and interest rates. Derivatives such as options and futures may be used both for hedging and return enhancement, and the fund may hold long and short positions at the same time in order to benefit from both rising and falling prices of underlying assets. Cash not needed for margin or option premium payments may be invested in bonds or money market instruments; the fund is not managed against a benchmark, distributes income, and the recommended holding period is 3 years.

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Investment philosophy

• The portfolio is built as a flexible international mixed fund with a euro focus and can invest in listed or otherwise regulated-market securities across equities, bonds, money market instruments and certificates.

• The investment approach combines different risk premia from equities, commodities excluding agriculture and livestock, currencies and interest rates.

• Derivatives including options and futures are used both for hedging and for return optimisation, with long-term capital preservation explicitly stated as a priority.

• The fund can profit from both rising and falling markets through derivatives and may hold long and short positions simultaneously.

• Liquidity not required for collateral or premium payments on derivative positions can be allocated to bonds or money market instruments.

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Distinctive features

A distinguishing feature is the fund’s explicit combination of multiple empirical risk premia across equities, commodities, currencies and rates within a single UCITS mixed-fund structure. The strategy is designed to seek stable returns independently of market direction and is able to hold both long and short positions at the same time, rather than relying only on long-only market exposure. Its mandate is broad, allowing up to 100% investment in listed securities of various types while also using derivatives for both hedging and return enhancement. The fund also targets ongoing distributions and has a euro focus, which differentiates it from directional global multi-asset funds without an absolute-return orientation.

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Risks

The fund is classified in PRIIPs risk class 3 out of 7, described as medium-low risk, and investors must be prepared for price fluctuations and potentially significant capital losses. The fund has elevated volatility risk arising from its composition and the techniques used by management, and unit prices can fluctuate strongly upward or downward even over short periods. Market risk is embedded in the strategy because it invests across equities, bonds, money market instruments, certificates, commodities-related risk premia, currencies and interest rates, and can take both long and short exposures. Derivative use for hedging and return enhancement, together with the ability to hold simultaneous long and short positions and to invest cash for collateral purposes in bonds or money market instruments, is a central structural driver of the fund’s risk profile.

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Asset manager

The management company is Universal-Investment-Gesellschaft mbH, based at Europa-Allee 92-96, 60486 Frankfurt am Main, Germany. The manufacturer is Universal-Investment-Gesellschaft mbH, which belongs to the Universal-Investment Group. The fund partner and adviser is Portfolio Advice GmbH, based in Oberursel, an owner-managed company specialising in independent advice on capital market products for professional investors. Portfolio Advice GmbH is the initiator and adviser of the Absolute Return Multi Premium Fonds with a focus on empirical risk premia.

2026-08-31