Total return: distributions reinvested. In EUR, the currency of the share class shown. Comparison: Compounded cash-rate comparison. Assigned benchmark: EUR 3-month deposit + 6%. The comparison shows a compounded cash rate. Fund history to 28.09.2026. Benchmark history to 28.09.2026. Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Performance against the benchmark
Data as of 31.08.2026.
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN LU0968833664, currency EUR
2.19
3.69
3.75
0.51
22.83
18.12
9.69
-0.38
14.84
9.77
8.56
1.34
-7.85
BenchmarkEUR 3-month deposit + 6%
0.70
2.07
4.13
5.48
8.52
10.15
9.64
8.31
9.23
8.37
–
–
–
Differencefund minus benchmark, in percentage points
1.50
1.62
-0.38
-4.97
14.30
7.97
0.04
-8.69
5.62
1.39
–
–
–
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (25 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
This fund
Group median
Position
Return 1Y
-0.38
9.40
25 of 25
Return 3Y p.a.
14.84
11.78
5 of 24
3Y p.a. over its own benchmark
5.62
2.77
8 of 24
Volatility 3Y
8.56
5.58
23 of 24
Sharpe ratio 3Y
1.34
1.34
12 of 24
Max drawdown 3Y
-7.85
-3.50
22 of 24
Management fee
0.00%
1.01%
1 of 23
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.
Return against risk, 3 years
Fund commentary
Investment rationale
Amber Equity seeks consistent absolute returns using a flexible European equity strategy with a particular focus on Italy. Its long/short and arbitrage approaches allow the manager to pursue company-specific and relative-value opportunities. The Class C-EUR PRIIPs KID assigns a summary risk indicator of 3 out of 7 and recommends a five-year holding period. Absolute return is an objective, not a capital guarantee; investors can lose some or all of their investment.
Investment strategy
The fund invests directly and through derivatives, primarily in European equities with an Italian focus. Fundamental company analysis supports directional positions, equity pairs and several forms of arbitrage. Derivatives can create short positions and leverage as well as hedge risks. Global exposure is monitored using absolute Value at Risk. Expected derivative leverage, measured by the sum of notionals, is 100–350% of net asset value including currency hedges, or 100–250% excluding them; these are indicative ranges rather than binding limits. Investments in UCITS and other collective investment undertakings are limited to 10% of assets. When market conditions require, all assets may be held in term deposits or money-market instruments. The fund is actively managed without reference to a benchmark. Class C-EUR accumulates income and is denominated in euros.
Investment philosophy
• The fund seeks consistent absolute returns through a flexible, fundamental, bottom-up investment approach.
• It invests primarily in European equities, with a focus on Italian investments. Issuers may be based elsewhere, but their domicile or principal economic activity is generally European.
• Strategies may include directional long and short positions, long/short equity pairs, capital structure and risk arbitrage, share-class arbitrage, holding-company discounts and relative-value opportunities. Short positions are implemented only through derivatives.
• Derivatives may be used for investment and hedging. The portfolio may also hold debt securities, cash and money-market instruments.
• Sustainability risks may be considered qualitatively at individual holding level, but the fund has neither a sustainable-investment objective nor an environmental or social promotion mandate.
The asset manager
Waystone Management Company (Lux) S.A. is the Luxembourg management company, authorised and supervised by the CSSF. Amber Capital Italia SGR S.p.A., based in Milan and authorised by the Bank of Italy, is the investment manager and distributor of the Amber Equity Fund. The fund is a sub-fund of Alpha UCITS SICAV.
Strengths
The strategy combines fundamental European equity analysis with an Italian investment focus and a broad range of long/short and arbitrage techniques. The manager can adjust both market exposure and the mix of company-specific opportunities, including holding-company discounts and relative-value positions. The mandate also permits defensive allocations to cash and money-market instruments when conditions warrant. Class C-EUR reinvests income, and the fund operates without a benchmark constraint.
Risks
The Class C-EUR PRIIPs summary risk indicator is 3 out of 7, based on a five-year holding period. Capital is not guaranteed. The portfolio is exposed to equity-market movements and to the outcome of its European and Italian company selections and arbitrage positions. Derivatives and leverage can amplify gains and losses; short positions may lose value when the underlying securities rise. Currency movements can affect investments denominated in currencies other than the euro and investors whose home currency differs from the share class. The prospectus describes the fund as a complex product intended for investors who understand derivatives and their risks.
WSP report
Ask WSP which research is available for this fund and what it covers.
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years. Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle – means not applicable. Period figures as of 31.08.2026.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
Fund commentary
Investment rationale
Amber Equity seeks consistent absolute returns using a flexible European equity strategy with a particular focus on Italy. Its long/short and arbitrage approaches allow the manager to pursue company-specific and relative-value opportunities. The Class C-EUR PRIIPs KID assigns a summary risk indicator of 3 out of 7 and recommends a five-year holding period. Absolute return is an objective, not a capital guarantee; investors can lose some or all of their investment.
Investment strategy
The fund invests directly and through derivatives, primarily in European equities with an Italian focus. Fundamental company analysis supports directional positions, equity pairs and several forms of arbitrage. Derivatives can create short positions and leverage as well as hedge risks. Global exposure is monitored using absolute Value at Risk. Expected derivative leverage, measured by the sum of notionals, is 100–350% of net asset value including currency hedges, or 100–250% excluding them; these are indicative ranges rather than binding limits. Investments in UCITS and other collective investment undertakings are limited to 10% of assets. When market conditions require, all assets may be held in term deposits or money-market instruments. The fund is actively managed without reference to a benchmark. Class C-EUR accumulates income and is denominated in euros.
Investment philosophy
• The fund seeks consistent absolute returns through a flexible, fundamental, bottom-up investment approach.
• It invests primarily in European equities, with a focus on Italian investments. Issuers may be based elsewhere, but their domicile or principal economic activity is generally European.
• Strategies may include directional long and short positions, long/short equity pairs, capital structure and risk arbitrage, share-class arbitrage, holding-company discounts and relative-value opportunities. Short positions are implemented only through derivatives.
• Derivatives may be used for investment and hedging. The portfolio may also hold debt securities, cash and money-market instruments.
• Sustainability risks may be considered qualitatively at individual holding level, but the fund has neither a sustainable-investment objective nor an environmental or social promotion mandate.
The asset manager
Waystone Management Company (Lux) S.A. is the Luxembourg management company, authorised and supervised by the CSSF. Amber Capital Italia SGR S.p.A., based in Milan and authorised by the Bank of Italy, is the investment manager and distributor of the Amber Equity Fund. The fund is a sub-fund of Alpha UCITS SICAV.
Strengths
The strategy combines fundamental European equity analysis with an Italian investment focus and a broad range of long/short and arbitrage techniques. The manager can adjust both market exposure and the mix of company-specific opportunities, including holding-company discounts and relative-value positions. The mandate also permits defensive allocations to cash and money-market instruments when conditions warrant. Class C-EUR reinvests income, and the fund operates without a benchmark constraint.
Risks
The Class C-EUR PRIIPs summary risk indicator is 3 out of 7, based on a five-year holding period. Capital is not guaranteed. The portfolio is exposed to equity-market movements and to the outcome of its European and Italian company selections and arbitrage positions. Derivatives and leverage can amplify gains and losses; short positions may lose value when the underlying securities rise. Currency movements can affect investments denominated in currencies other than the euro and investors whose home currency differs from the share class. The prospectus describes the fund as a complex product intended for investors who understand derivatives and their risks.