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
Liquidity
Not available in this publication
UCITS
Yes
Risk grade (SRRI)
Not available in this publication
Registered in Switzerland
No (qualified investors only)
Price history
Rebased to 100 at 30.09.2021.
Table view
Period
From
Fund (100 at start)
1Y
02.10.2025
107.3
3Y
29.09.2023
132.4
5Y
30.09.2021
103.7
Since 2020
23.11.2020
106.2
NAV per share, distributions not reinvested. In EUR, the currency of the share class shown. Benchmark line not shown: price history held back: source clearance pending. Fund 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
1M
3M
6M
YTD
2025
2024
2023
1Y
3Y
5Y
Volatility
Sharpe R.
Max DD
FundISIN DE000A2QCXE0, currency EUR, retail share class
0.50
2.81
4.61
5.49
21.65
7.71
-0.36
8.35
12.56
3.19
5.92
1.56
-3.24
BenchmarkEURIBOR 3M TR EUR [75.00%]; EURO STOXX 50 NR EUR [25.00%]
0.42
2.03
2.59
4.40
6.78
5.52
8.11
7.15
6.41
4.67
3.03
1.15
-2.16
Differencefund minus benchmark, in percentage points
0.08
0.78
2.03
1.09
14.87
2.19
-8.47
1.20
6.15
-1.48
–
–
–
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
8.35
9.40
18 of 25
Return 3Y p.a.
12.56
11.35
10 of 25
3Y p.a. over its own benchmark
6.15
2.46
6 of 25
Volatility 3Y
5.92
5.42
15 of 25
Sharpe ratio 3Y
1.56
1.34
4 of 25
Max drawdown 3Y
-3.24
-3.40
11 of 25
Management fee
1.05%
1.01%
13 of 23 (2 without a value)
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
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
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 PRIIPs document assigns it to risk class 3 on a 1-to-7 scale and states a recommended holding period of 4 years, while also describing it as 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.
Investment strategy
The fund’s stated 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 PRIIPs document states a recommended holding period of 4 years.
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 current asset mix shows equities at 98.73% and equity index futures at -1.44%.
• Current top holdings include 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.
The asset manager
The management company is Universal-Investment-Gesellschaft mbH, based in Frankfurt am Main, and the PRIIPs document states that it belongs to the Universal-Investment Group. The fund partner named in the report is Habbel, Pohlig & Partner Institut für Bank- und Wirtschaftsberatung GmbH, based in Wiesbaden. Habbel, Pohlig & Partner states that it has offered wealth management since 1996 and that 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.
Strengths
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.
Risks
The PRIIPs document classifies the fund in risk class 3, described as medium-low, but also states that investors must be willing and able to bear share-price fluctuations and potentially significant capital losses. The report specifically warns of increased volatility arising 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. The fund’s assets and currency structure are entirely in EUR, and the manager may limit redemptions or extend redemption timing under liquidity-management rules if investor redemption requests exceed a predefined threshold.
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. – means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero. 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
WSP commentary
Draft commentary, machine-generated from the fund's monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
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 PRIIPs document assigns it to risk class 3 on a 1-to-7 scale and states a recommended holding period of 4 years, while also describing it as 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.
Investment strategy
The fund’s stated 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 PRIIPs document states a recommended holding period of 4 years.
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 current asset mix shows equities at 98.73% and equity index futures at -1.44%.
• Current top holdings include 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.
The asset manager
The management company is Universal-Investment-Gesellschaft mbH, based in Frankfurt am Main, and the PRIIPs document states that it belongs to the Universal-Investment Group. The fund partner named in the report is Habbel, Pohlig & Partner Institut für Bank- und Wirtschaftsberatung GmbH, based in Wiesbaden. Habbel, Pohlig & Partner states that it has offered wealth management since 1996 and that 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.
Strengths
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.
Risks
The PRIIPs document classifies the fund in risk class 3, described as medium-low, but also states that investors must be willing and able to bear share-price fluctuations and potentially significant capital losses. The report specifically warns of increased volatility arising 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. The fund’s assets and currency structure are entirely in EUR, and the manager may limit redemptions or extend redemption timing under liquidity-management rules if investor redemption requests exceed a predefined threshold.