Total return: distributions reinvested. In EUR, the currency of the share class shown. Fund history to 16.09.2026. Benchmark history to 16.09.2026. 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 LU1028380175, currency EUR, retail share class
0.65
-0.15
1.71
2.76
6.60
6.98
3.10
3.94
6.35
2.75
3.42
1.01
-2.21
BenchmarkEUR 3-month deposit + 4%
0.53
1.56
3.09
4.08
6.38
7.96
7.47
6.16
7.06
6.22
–
–
–
Differencefund minus benchmark, in percentage points
0.13
-1.71
-1.38
-1.32
0.23
-0.99
-4.37
-2.22
-0.71
-3.47
–
–
–
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
3.94
9.40
23 of 25
Return 3Y p.a.
6.35
11.35
25 of 25
3Y p.a. over its own benchmark
-0.71
2.46
23 of 25
Volatility 3Y
3.42
5.42
3 of 25
Sharpe ratio 3Y
1.01
1.34
21 of 25
Max drawdown 3Y
-2.21
-3.40
6 of 25
Management fee
0.80%
1.01%
9 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 key information document (PRIIPs) dated 09.07.2026, not yet reviewed by WSP.
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 the document states it is only suited to be acquired within a discretionary mandate.
Investment strategy
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. The sub-fund may also invest in other permissible investments described in the prospectus. 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 share class is accumulating, so income is retained in the sub-fund, and the recommended holding period is 5 years.
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.
The 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 report also identifies UBS Europe SE, Luxembourg Branch as the depositary.
Performance analysis
Source: key information document dated 9 July 2026. It states that the fund's return depends primarily on capital market developments. It further identifies equity market development and dividend payments, interest rates, issuer creditworthiness, interest income and currency fluctuations where active or unhedged positions exist as the main drivers of returns. The scenario analysis is presented as an illustration of possible outcomes rather than commentary on actual recent portfolio performance.
Strengths
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.
Risks
The fund has a summary risk indicator of 2 out of 7, classified as a low risk class, though the document states that actual risk of loss may vary significantly and that 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. The document additionally names operational, political and legal risks not included in the summary indicator, and says 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.
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. "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 key information document (PRIIPs) dated 09.07.2026, not yet reviewed by WSP.
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 the document states it is only suited to be acquired within a discretionary mandate.
Investment strategy
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. The sub-fund may also invest in other permissible investments described in the prospectus. 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 share class is accumulating, so income is retained in the sub-fund, and the recommended holding period is 5 years.
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.
The 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 report also identifies UBS Europe SE, Luxembourg Branch as the depositary.
Performance analysis
Source: key information document dated 9 July 2026. It states that the fund's return depends primarily on capital market developments. It further identifies equity market development and dividend payments, interest rates, issuer creditworthiness, interest income and currency fluctuations where active or unhedged positions exist as the main drivers of returns. The scenario analysis is presented as an illustration of possible outcomes rather than commentary on actual recent portfolio performance.
Strengths
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.
Risks
The fund has a summary risk indicator of 2 out of 7, classified as a low risk class, though the document states that actual risk of loss may vary significantly and that 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. The document additionally names operational, political and legal risks not included in the summary indicator, and says 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.