HP&P Stiftungsfonds
Alternative · Global · Market Neutral
Figures refer to the share class ISIN DE000A2QCXE0, currency EUR.
Recent performance
The EUR class returned +8.70% over one year to 2026-09-30. Over the final three months, the fund returned +1.78%.
Key facts
- Associated firm
- Habbel, Pohlig & Partner Institut für Bank- und Wirtschaftsberatung GmbH
- Asset class
- Alternative
- Geography
- Global
- Strategy
- Market Neutral
- Share class currency
- EUR
- Share class inception
- 23.11.2020
- Fund size
- 24 million (as at 14.09.2026)
- Management fee
- 1.05%
- Performance fee
- Yes
- UCITS
- Yes
- Registered in Switzerland
- No (qualified investors only)
Performance in context
Growth from the same starting value
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-09 | 100.00 |
| 2023-10 | 98.42 |
| 2023-11 | 102.93 |
| 2023-12 | 104.95 |
| 2024-01 | 105.92 |
| 2024-02 | 105.64 |
| 2024-03 | 108.10 |
| 2024-04 | 109.42 |
| 2024-05 | 112.13 |
| 2024-06 | 110.52 |
| 2024-07 | 112.58 |
| 2024-08 | 112.29 |
| 2024-09 | 111.75 |
| 2024-10 | 111.86 |
| 2024-11 | 112.17 |
| 2024-12 | 113.05 |
| 2025-01 | 114.93 |
| 2025-02 | 117.01 |
| 2025-03 | 118.60 |
| 2025-04 | 123.69 |
| 2025-05 | 127.99 |
| 2025-06 | 129.38 |
| 2025-07 | 134.41 |
| 2025-08 | 133.89 |
| 2025-09 | 133.75 |
| 2025-10 | 132.03 |
| 2025-11 | 133.89 |
| 2025-12 | 137.52 |
| 2026-01 | 138.29 |
| 2026-02 | 138.68 |
| 2026-03 | 136.67 |
| 2026-04 | 142.18 |
| 2026-05 | 141.11 |
| 2026-06 | 142.85 |
| 2026-07 | 144.35 |
| 2026-08 | 145.07 |
| 2026-09 | 145.39 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund source observations: 2023-09-30 to 2026-09-30. Source: Morningstar public total-return history. The public feed may repeat unchanged levels on non-valuation days; dates are source observation dates. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN DE000A2QCXE0, currency EUR | 0.20 | 1.78 | 6.38 | 5.70 | 21.70 | 7.70 | -0.40 | 8.70 | 13.30 | 4.00 | 7.43 | 1.40 | -5.74 |
| BenchmarkEURIBOR 3M TR EUR [75.00%]; EURO STOXX 50 NR EUR [25.00%] | -0.40 | 0.31 | 4.43 | 3.98 | 6.78 | 5.52 | 8.11 | 5.69 | 6.43 | 4.78 | 3.03 | 1.18 | -2.16 |
| Differencefund minus benchmark, in percentage points | 0.60 | 1.47 | 1.95 | 1.72 | 14.92 | 2.18 | -8.51 | 3.01 | 6.87 | -0.78 | – | – | – |
Reporting dates by figure
- DE000A2QCXE0 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
How far below its previous high?
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-09 | 0.00 |
| 2023-10 | -1.58 |
| 2023-11 | 0.00 |
| 2023-12 | 0.00 |
| 2024-01 | 0.00 |
| 2024-02 | -0.26 |
| 2024-03 | 0.00 |
| 2024-04 | 0.00 |
| 2024-05 | 0.00 |
| 2024-06 | -1.44 |
| 2024-07 | 0.00 |
| 2024-08 | -0.26 |
| 2024-09 | -0.74 |
| 2024-10 | -0.64 |
| 2024-11 | -0.36 |
| 2024-12 | 0.00 |
| 2025-01 | 0.00 |
| 2025-02 | 0.00 |
| 2025-03 | 0.00 |
| 2025-04 | 0.00 |
| 2025-05 | 0.00 |
| 2025-06 | 0.00 |
| 2025-07 | 0.00 |
| 2025-08 | -0.38 |
| 2025-09 | -0.49 |
| 2025-10 | -1.77 |
| 2025-11 | -0.38 |
| 2025-12 | 0.00 |
| 2026-01 | 0.00 |
| 2026-02 | 0.00 |
| 2026-03 | -1.45 |
| 2026-04 | 0.00 |
| 2026-05 | -0.76 |
| 2026-06 | 0.00 |
| 2026-07 | 0.00 |
| 2026-08 | 0.00 |
| 2026-09 | 0.00 |
Deepest month-end decline for this class: -1.77%.
2023-09-30 to 2026-09-30 · EUR total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -1.58 | +4.58 | +1.96 |
| 2024 | +0.92 | -0.26 | +2.33 | +1.22 | +2.47 | -1.44 | +1.87 | -0.26 | -0.48 | +0.09 | +0.28 | +0.78 |
| 2025 | +1.66 | +1.81 | +1.37 | +4.29 | +3.47 | +1.09 | +3.89 | -0.38 | -0.10 | -1.29 | +1.41 | +2.71 |
| 2026 | +0.56 | +0.28 | -1.45 | +4.03 | -0.76 | +1.23 | +1.05 | +0.50 | +0.22 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund source observations: 2023-09-30 to 2026-09-30. Source: Morningstar public total-return history. The public feed may repeat unchanged levels on non-valuation days; dates are source observation dates. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Alternatives
Compared with the alternative funds on OpenList — Alternatives (28 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 8.70 | 9.04 | 16 of 28 |
| Return 3Y p.a. | 13.30 | 10.68 | 9 of 27 |
| 3Y p.a. over its own benchmark | 6.87 | 1.83 | 6 of 27 |
| Volatility 3Y | 7.43 | 5.63 | 22 of 27 |
| Sharpe ratio 3Y | 1.40 | 1.26 | 8 of 27 |
| Max drawdown 3Y | -5.74 | -3.88 | 20 of 27 |
| Management fee | 1.05% | 1.01% | 15 of 26 |
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. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Rebased to 100 at 31.10.2021.
Table view
| Period | From | Fund (100 at start) |
|---|---|---|
| 1Y | 02.11.2025 | 108.5 |
| 3Y | 31.10.2023 | 145.6 |
| 5Y | 31.10.2021 | 117.6 |
| Since 2020 | 23.11.2020 | 122.8 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Benchmark price history is unavailable.
Fund history to 29.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KID (PDF, 15.06.2026)Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Alternatives
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.
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
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
How this fund works
Investment rationale
HP&P Stiftungsfonds - AK A is an actively managed UCITS equity-oriented fund designed to generate an attractive risk-adjusted return for investors through a European stock portfolio with materially reduced market risk. The fund has a risk indicator of 3 on a 1-to-7 scale and a recommended holding period of 4 years, and it is suitable for investors with some financial market experience who can accept price fluctuations and potentially significant capital losses. Because it combines a European equity portfolio with derivative-based risk reduction toward an average equity market risk of about 25%, it can serve as a differentiated satellite allocation rather than a plain-vanilla equity holding. Its distinctiveness comes from the systematic stock-selection model, the ESG pre-filter, and its explicit focus on supporting high distribution targets with annual payouts.
2026-08-31
How the strategy works
The fund’s objective is to earn an attractive risk-adjusted return for investors. It invests in a European portfolio of equities selected through a systematic model, and may use derivatives both to hedge positions and to achieve higher capital growth; the targeted market risk from the equity portfolio is, over the long-term average, approximately 25% versus a pure equity investment. The fund does not track or replicate an index, but it uses a comparison index of 75% EURIBOR 3 M TR (EUR) and 25% EURO STOXX 50 NR (EUR), which is set by the manufacturer and can be changed. The income available for distribution is intended to be paid out annually, and the recommended holding period is 4 years.
2026-08-31
Investment philosophy
• The investment universe is a European equity portfolio, and the fund is actively managed rather than benchmark-replicating.
• Stock selection follows a systematic model that identifies particularly attractive shares using factors such as quality, trend and stock risk.
• A pre-screening filter is applied so that securities do not conflict with various ESG criteria and with the fund’s aim of achieving as high a distributable income level as possible.
• Portfolio market risk is managed with derivatives so that the equity portfolio’s market exposure is targeted to average roughly 25% of a pure equity investment over the long term; the asset mix at 31 August 2026 showed equities at 98.73% and equity index futures at -1.44%.
• Top equity holdings at 31 August 2026 included BAWAG Group, Unipol Assicurazioni, ASML Holding, AXA, Koninklijke BAM Groep, UCB, CAF, Banco Comercial Português, UNIQA Insurance Group and Vienna Insurance Group, with the top 10 equities representing 23.45% of the fund and all currency exposure in EUR.
2026-08-31
Distinctive features
A distinguishing feature of the fund is its combination of a European equity portfolio with an explicit derivative overlay that aims to reduce long-run market risk to about one quarter of a pure equity allocation. The selection process is systematic and factor-based, with quality, trend and risk specifically named, while an upstream ESG filter and a focus on high distribution targets add further structure to portfolio construction. The fund is also clearly defined as an annual distributing vehicle rather than an accumulating one. Its benchmark framework is unusual for an equity-led strategy, using 75% EURIBOR 3 M TR and 25% EURO STOXX 50 NR only as a comparison index rather than a portfolio blueprint.
2026-08-31
Risks
The fund has a risk indicator of 3, described as medium-low, and investors must be willing and able to bear share-price fluctuations and potentially significant capital losses. Increased volatility can arise from the fund’s composition and the techniques used by portfolio management, meaning unit prices can fluctuate sharply over short periods in either direction. Market risk is driven by the fund’s substantial equity exposure to European stocks, while derivatives are used and therefore add instrument-related risk within the portfolio structure. Currency exposure, including derivatives, was 100% EUR at 31 August 2026. The manager may limit redemptions or extend redemption timing under liquidity-management rules if investor redemption requests exceed a predefined threshold.
2026-08-31
Asset manager
The management company is Universal-Investment-Gesellschaft mbH, based in Frankfurt am Main, and it belongs to the Universal-Investment Group. The fund partner is Habbel, Pohlig & Partner Institut für Bank- und Wirtschaftsberatung GmbH, based in Wiesbaden. Habbel, Pohlig & Partner has offered wealth management since 1996 and says its lead staff have more than 30 years of experience; it describes itself as the largest bank-independent asset manager in the Wiesbaden and Mainz area. The custodian/depositary is ABN AMRO Bank N.V. Frankfurt Branch.
2026-08-31