Total return: distributions reinvested. In EUR, the currency of the share class shown. Fund history to 29.09.2026. Benchmark history to 29.09.2026. 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 LU1001748398, currency EUR, retail share class
0.27
1.39
0.87
2.58
11.96
19.35
3.00
6.10
12.21
9.77
4.72
1.91
-3.31
BenchmarkICE Bofa ESTR Overnight Rate TR EUR
0.19
0.54
1.03
1.35
2.20
3.72
3.26
2.00
2.86
2.06
–
–
–
Differencefund minus benchmark, in percentage points
0.09
0.85
-0.16
1.24
9.76
15.63
-0.26
4.10
9.35
7.71
–
–
–
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
6.10
9.40
21 of 25
Return 3Y p.a.
12.21
11.35
12 of 25
3Y p.a. over its own benchmark
9.35
2.46
5 of 25
Volatility 3Y
4.72
5.42
9 of 25
Sharpe ratio 3Y
1.91
1.34
3 of 25
Max drawdown 3Y
-3.31
-3.40
12 of 25
Management fee
0.75%
1.01%
6 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
This fund is designed to provide total return from European equities through a long/short strategy while maintaining low market exposure, making it distinct from traditional long-only regional equity funds. It is intended for investors who plan to stay invested for at least 5 years, understand the risk of capital loss, seek long-term capital growth with potentially lower volatility, and want low net exposure to the European equity market. The summary risk indicator is 3 out of 7, and the fund can be used as part of an investment portfolio rather than as a complete investment plan. Its role is therefore more consistent with a specialist or satellite allocation focused on European equity absolute return rather than a core directional equity holding.
Investment strategy
The stated objective is to achieve a total return through long and short investments in European companies while maintaining low market exposure, by investing directly or through derivatives. At least 67% of assets are invested, directly or via derivatives, in equities of companies domiciled in, or carrying out the main part of their economic activity in, a European country, and the fund may invest in small capitalisation companies. Long positions will not typically exceed 130% of net assets, short positions achieved through derivatives will not typically exceed 130%, and net market exposure will typically range from -40% to +40%; at times exposure may be obtained entirely through derivatives, with up to 100% of assets held in deposits, money market instruments and money market funds. The benchmark is the ICE BofA ESTR Overnight Rate Index Total Return in EUR, used for performance comparison and performance fee calculation, while the fund is actively managed without reference or constraints relative to it. Derivatives are used for investment purposes, efficient portfolio management and hedging; expected TRS including CFD exposure is 140% with a 260% maximum, expected leverage from derivatives is 300%, the global exposure method is absolute VaR, the share class is accumulation, and the recommended holding period is 5 years.
Investment philosophy
• The portfolio is built from a broad European equity universe using a bottom-up stock selection process, with at least 67% of assets invested directly or through derivatives in equities of companies domiciled in, or mainly active in, Europe; small capitalisation companies may also be included.
• The investment approach combines fundamental research insights and quantitative analysis, and uses a long/short structure by buying securities considered attractive and selling short securities considered unattractive.
• ESG is embedded in the process: at least 51% of long positions are in companies with positive environmental and/or social characteristics and good governance practices, at least 20% of long positions are invested in Sustainable Investments, and ESG analysis is systematically included in decisions on at least 90% of securities purchased.
• The fund applies values- and norms-based screening to exclude certain sectors, companies, issuers or practices, using third-party data to identify participation in or revenue from excluded activities.
Management team
The named portfolio managers are Michael Barakos, Nicholas Horne, Ben Stapley and Matt Jones. Michael Barakos was named on the fund from its launch in December 2013 until January 2022 and was renamed on the fund in May 2026. The documents state that, as part of a team-based approach, he was managing the fund throughout that period.
The asset manager
The management company is JPMorgan Asset Management (Europe) S.à r.l., a member of JPMorgan Chase & Co. The documents also describe J.P. Morgan Asset Management as the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide. JPMorgan Asset Management (Europe) S.à r.l. is based at 6, route de Trèves, L-2633 Senningerberg, Luxembourg. The fund is authorised in Luxembourg and regulated by the CSSF.
Strengths
The fund is differentiated by its European equity absolute return mandate that combines long and short positions with low net market exposure rather than taking a fully directional stance on the region. Its process uses both fundamental research and quantitative analysis across the full breadth of the eligible equity universe, including the ability to invest through derivatives and to short unattractive securities. The ESG structure is specific and measurable, with Article 8 classification, minimum thresholds for positive environmental and/or social characteristics and sustainable investments, and systematic ESG analysis on at least 90% of securities purchased. Daily dealing, no entry or exit charge at fund level, and an accumulation share class structure are also stated features.
Risks
The fund has a summary risk indicator of 3 out of 7, described as a medium-low risk class, and the risk may be significantly higher if held for less than the recommended 5-year holding period. Named investment risks and technique-related risks include derivatives, hedging, short positions, equities and smaller companies, with other associated risks including currency, liquidity and market risk. The structure of the fund contributes to these risks because it uses derivatives for investment, hedging and portfolio management, can obtain exposure entirely through derivatives, can employ substantial long and short positions, and uses leverage with an expected level of 300% that may significantly exceed that level from time to time. The fund seeks low net European equity exposure, but shareholders could still lose some or all of their money, the share price will fluctuate, and the fund may fail to meet its objective.
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
This fund is designed to provide total return from European equities through a long/short strategy while maintaining low market exposure, making it distinct from traditional long-only regional equity funds. It is intended for investors who plan to stay invested for at least 5 years, understand the risk of capital loss, seek long-term capital growth with potentially lower volatility, and want low net exposure to the European equity market. The summary risk indicator is 3 out of 7, and the fund can be used as part of an investment portfolio rather than as a complete investment plan. Its role is therefore more consistent with a specialist or satellite allocation focused on European equity absolute return rather than a core directional equity holding.
Investment strategy
The stated objective is to achieve a total return through long and short investments in European companies while maintaining low market exposure, by investing directly or through derivatives. At least 67% of assets are invested, directly or via derivatives, in equities of companies domiciled in, or carrying out the main part of their economic activity in, a European country, and the fund may invest in small capitalisation companies. Long positions will not typically exceed 130% of net assets, short positions achieved through derivatives will not typically exceed 130%, and net market exposure will typically range from -40% to +40%; at times exposure may be obtained entirely through derivatives, with up to 100% of assets held in deposits, money market instruments and money market funds. The benchmark is the ICE BofA ESTR Overnight Rate Index Total Return in EUR, used for performance comparison and performance fee calculation, while the fund is actively managed without reference or constraints relative to it. Derivatives are used for investment purposes, efficient portfolio management and hedging; expected TRS including CFD exposure is 140% with a 260% maximum, expected leverage from derivatives is 300%, the global exposure method is absolute VaR, the share class is accumulation, and the recommended holding period is 5 years.
Investment philosophy
• The portfolio is built from a broad European equity universe using a bottom-up stock selection process, with at least 67% of assets invested directly or through derivatives in equities of companies domiciled in, or mainly active in, Europe; small capitalisation companies may also be included.
• The investment approach combines fundamental research insights and quantitative analysis, and uses a long/short structure by buying securities considered attractive and selling short securities considered unattractive.
• ESG is embedded in the process: at least 51% of long positions are in companies with positive environmental and/or social characteristics and good governance practices, at least 20% of long positions are invested in Sustainable Investments, and ESG analysis is systematically included in decisions on at least 90% of securities purchased.
• The fund applies values- and norms-based screening to exclude certain sectors, companies, issuers or practices, using third-party data to identify participation in or revenue from excluded activities.
Management team
The named portfolio managers are Michael Barakos, Nicholas Horne, Ben Stapley and Matt Jones. Michael Barakos was named on the fund from its launch in December 2013 until January 2022 and was renamed on the fund in May 2026. The documents state that, as part of a team-based approach, he was managing the fund throughout that period.
The asset manager
The management company is JPMorgan Asset Management (Europe) S.à r.l., a member of JPMorgan Chase & Co. The documents also describe J.P. Morgan Asset Management as the marketing name for the asset management businesses of JPMorgan Chase & Co. and its affiliates worldwide. JPMorgan Asset Management (Europe) S.à r.l. is based at 6, route de Trèves, L-2633 Senningerberg, Luxembourg. The fund is authorised in Luxembourg and regulated by the CSSF.
Strengths
The fund is differentiated by its European equity absolute return mandate that combines long and short positions with low net market exposure rather than taking a fully directional stance on the region. Its process uses both fundamental research and quantitative analysis across the full breadth of the eligible equity universe, including the ability to invest through derivatives and to short unattractive securities. The ESG structure is specific and measurable, with Article 8 classification, minimum thresholds for positive environmental and/or social characteristics and sustainable investments, and systematic ESG analysis on at least 90% of securities purchased. Daily dealing, no entry or exit charge at fund level, and an accumulation share class structure are also stated features.
Risks
The fund has a summary risk indicator of 3 out of 7, described as a medium-low risk class, and the risk may be significantly higher if held for less than the recommended 5-year holding period. Named investment risks and technique-related risks include derivatives, hedging, short positions, equities and smaller companies, with other associated risks including currency, liquidity and market risk. The structure of the fund contributes to these risks because it uses derivatives for investment, hedging and portfolio management, can obtain exposure entirely through derivatives, can employ substantial long and short positions, and uses leverage with an expected level of 300% that may significantly exceed that level from time to time. The fund seeks low net European equity exposure, but shareholders could still lose some or all of their money, the share price will fluctuate, and the fund may fail to meet its objective.