Key Multi-Manager Hedge Fund

Investment rationale

The fund is designed to seek consistent and attractive risk-adjusted capital appreciation over the long term through a multi-manager hedge fund approach implemented within a UCITS structure. With a summary risk indicator of 2 out of 7 and a recommended holding period of 5 years, it is positioned for medium-term investment needs rather than short-term access to capital. It is intended for retail investors with an advanced financial understanding who can accept possible losses and certain restrictions on accessing capital. Its distinct role in a portfolio is as an alternative-strategy allocation, accessed through investments in UCITS and other UCIs pursuing hedge fund-style strategies, and it is only suited to be acquired within a discretionary mandate.

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How the strategy works

The actively managed sub-fund aims for consistent and attractive risk-adjusted capital appreciation in the long term, with EUR as its reference currency. It mainly invests in other UCITS and other UCIs that pursue alternative investment strategies and can trade a broader range of financial instruments than traditional long-only UCITS; these target funds may use derivatives, repos, financial indices and other structuring techniques, including synthetic shorts, synthetic leverage for investment purposes and access to non-directly eligible asset categories. No benchmark is used as a universe for instrument selection, and the sub-fund neither intends to track nor is constrained by the HFRX Global Hedge Fund Index, HFRI Fund of Funds Composite, FTSE Broad Investment Grade, MSCI ACWI Net Total Return, or any other index or combination thereof; such indices may be used only for comparison and risk statistics. The F-acc share class retains income. Redemptions are available on Luxembourg bank business days that fall on a Wednesday in an even calendar week, excluding the last week of each year. The recommended holding period is 5 years.

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Investment philosophy

• The sub-fund is actively managed and mainly builds exposure through investments in other UCITS and other UCIs rather than direct security selection.

• Its investment universe consists of target funds pursuing alternative investment strategies that may use a broader range of financial instruments than traditional long-only UCITS.

• The target funds may employ sophisticated techniques permissible within the UCITS framework, including derivatives, repos, financial indices and structuring techniques to create synthetic shorts, apply synthetic leverage for investment purposes or access non-directly eligible asset categories.

• The fund does not use a benchmark as a universe for instrument selection and is neither intended to track nor constrained by the HFRX Global Hedge Fund Index, HFRI Fund of Funds Composite, FTSE Broad Investment Grade, MSCI ACWI Net Total Return, or any other index or combination thereof.

• Returns are expected to be influenced by equity market development, dividend payments, interest rates, issuer creditworthiness, interest income and, where active or unhedged positions exist, currency fluctuations.

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Distinctive features

A distinguishing feature of the fund is that it provides access to a multi-manager hedge fund approach within a UCITS SICAV structure under Luxembourg law. It mainly invests in underlying UCITS and UCIs using alternative strategies and permitted advanced techniques such as derivatives, repos, synthetic shorts and synthetic leverage for investment purposes. The fund is explicitly not benchmark-constrained, which sets it apart from strategies managed relative to a traditional index. It also combines a low summary risk indicator of 2 out of 7 with long-term capital appreciation as its stated objective, while using an accumulating share class that retains income in the sub-fund.

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Risks

The fund has a summary risk indicator of 2 out of 7, classified as a low risk class, though actual risk of loss may vary significantly and investors could lose some or all of their investment. The return depends primarily on capital markets and can be affected by equity market movements, dividends, interest-rate changes, issuer creditworthiness, interest income and currency fluctuations where active or unhedged positions exist. The structure also introduces risks linked to the underlying alternative-strategy target funds, which may use derivatives, repos, financial indices, synthetic shorts, synthetic leverage for investment purposes and other structuring techniques. Operational, political and legal risks are not included in the summary indicator. Sustainability risks are not systematically integrated on the basis of the investment strategy and the type of underlying investments. There is no investor compensation or guarantee scheme covering losses, although the depositary must segregate fund assets and is liable for loss of financial instruments held in custody unless an external event beyond reasonable control caused the loss.

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Asset manager

The manufacturer and management company is UBS Asset Management (Europe) S.A. The PRIIP is authorized in Luxembourg, and UBS Asset Management (Europe) S.A. is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). The depositary is UBS Europe SE, Luxembourg Branch.

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Performance commentary

The fund's return depends primarily on capital market developments. Equity market development and dividend payments, interest rates, issuer creditworthiness, interest income and currency fluctuations where active or unhedged positions exist are the main drivers of returns.

2026-07-09