Total return: distributions reinvested. In USD, the currency of the share class shown. Fund history to 23.09.2026. Benchmark history to 23.09.2026. 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 IE00BYXZ2F80, currency USD
0.64
1.17
4.01
6.28
12.78
4.33
0.84
10.04
9.22
5.45
2.93
1.46
-1.20
BenchmarkUSD 3-month deposit + 2%
0.48
1.43
2.88
3.82
6.44
7.42
7.26
5.95
6.75
5.86
–
–
–
Differencefund minus benchmark, in percentage points
0.16
-0.26
1.13
2.46
6.34
-3.09
-6.42
4.09
2.46
-0.41
–
–
–
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
10.04
9.40
12 of 25
Return 3Y p.a.
9.22
11.35
17 of 25
3Y p.a. over its own benchmark
2.46
2.46
13 of 25
Volatility 3Y
2.93
5.42
2 of 25
Sharpe ratio 3Y
1.46
1.34
7 of 25
Max drawdown 3Y
-1.20
-3.40
1 of 25
Management fee
1.25%
1.01%
16 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 27.01.2026, not yet reviewed by WSP.
Investment rationale
KL Event Driven UCITS Fund is an open-ended UCITS fund designed to generate positive absolute risk-adjusted returns through a risk arbitrage strategy focused on transaction-related securities. With a summary risk indicator of 3 out of 7 and a recommended holding period of 3 years, it is intended for investors prepared to accept a medium-low level of risk of loss to original capital in pursuit of higher potential returns. The document states it is designed to form part of a portfolio of investments, which makes it a distinct allocation rather than a broad market-tracking holding. Its focus on price differentials around takeovers, mergers and reorganisations gives it a specialised event-driven role.
Investment strategy
The fund’s stated objective is to generate positive absolute risk-adjusted returns through a risk arbitrage investment strategy that seeks to capture the difference between the market price of securities and their anticipated value after completion or termination of a transaction. It invests in global equities and equity-related securities, including common stock and preferred stock of companies involved in takeovers, mergers and reorganisations, and may also use contracts-for-difference, options and forwards for investment purposes or to reduce currency risk on non-USD investments. The fund has no issuer, market or sector restrictions, but focuses primarily on European developed countries and North America, with limited potential exposure to Australia, New Zealand, Hong Kong, Japan, Malaysia, Singapore, Taiwan and Thailand; it generally invests in large and medium capitalisation companies, though it may invest across all market capitalisations including growth companies. It may invest up to 25% of net assets in fixed and/or floating corporate bonds, including convertible bonds, of any maturity and with ratings ranging from Aaa through to non-rated paper, and may not invest more than 10% of net assets in collective investment schemes. The fund is actively managed without reference to a benchmark, normally operates with average leverage of 100–200% of net asset value although higher levels are possible, reinvests income and capital gains rather than paying dividends, and has a recommended holding period of 3 years.
Investment philosophy
• The fund follows a risk arbitrage strategy aimed at exploiting the price differential between a security’s market price and its anticipated value after the completion or termination of a corporate transaction.
• Investment opportunities are identified through a fundamental research process in which the Investment Manager evaluates a transaction’s likely completion, the securities’ anticipated value and the expected timeframe for the transaction.
• The investable universe is broad, with no restrictions on issuers, markets or sectors, although the portfolio focuses primarily on developed Europe and North America and may have limited exposure to selected Asia-Pacific markets.
• The portfolio is built mainly from global equities and equity-related securities of companies involved in takeovers, mergers and reorganisations, with additional use of CFDs, options and forwards for investment purposes and currency risk reduction.
• Portfolio limits and risk controls stated include a maximum 25% allocation to fixed and/or floating corporate bonds, including convertible bonds, a maximum 10% allocation to collective investment schemes, and average leverage normally in the 100–200% range of net asset value.
The asset manager
The PRIIP manufacturer and management company is Waystone Management Company (IE) Limited, which is authorised in Ireland and supervised by the Central Bank of Ireland. The fund is authorised in Ireland and regulated by the Central Bank of Ireland. Further fund information is provided through www.kitelake.com.
Strengths
The fund is differentiated by its specialist event-driven risk arbitrage approach, targeting securities affected by takeovers, mergers and reorganisations rather than following a broad market or benchmark-driven allocation. It is actively managed without reference to any benchmark, so portfolio construction is not constrained by index constituents. The mandate is flexible across issuers, sectors and markets, while still maintaining a stated primary focus on developed Europe and North America. It also offers weekly dealing on Thursdays and a no-dividend accumulation structure that reinvests income and capital gains.
Risks
The summary risk indicator is 3 out of 7, which the document describes as a medium-low risk class, with potential losses from future performance rated at a medium-low level. The fund is exposed to market risk because returns depend on future market performance and on the pricing of securities linked to corporate transactions. Currency risk is specifically highlighted because investors may receive payments in a different currency, and the final return may therefore depend on exchange rates; this risk is not included in the summary risk indicator. Structural sources of risk also include the use of CFDs, options and forwards, investment in corporate bonds including non-rated paper, and leverage that normally averages 100–200% of net asset value, although higher levels are possible. In the worst case, investors could lose their entire investment.
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 27.01.2026, not yet reviewed by WSP.
Investment rationale
KL Event Driven UCITS Fund is an open-ended UCITS fund designed to generate positive absolute risk-adjusted returns through a risk arbitrage strategy focused on transaction-related securities. With a summary risk indicator of 3 out of 7 and a recommended holding period of 3 years, it is intended for investors prepared to accept a medium-low level of risk of loss to original capital in pursuit of higher potential returns. The document states it is designed to form part of a portfolio of investments, which makes it a distinct allocation rather than a broad market-tracking holding. Its focus on price differentials around takeovers, mergers and reorganisations gives it a specialised event-driven role.
Investment strategy
The fund’s stated objective is to generate positive absolute risk-adjusted returns through a risk arbitrage investment strategy that seeks to capture the difference between the market price of securities and their anticipated value after completion or termination of a transaction. It invests in global equities and equity-related securities, including common stock and preferred stock of companies involved in takeovers, mergers and reorganisations, and may also use contracts-for-difference, options and forwards for investment purposes or to reduce currency risk on non-USD investments. The fund has no issuer, market or sector restrictions, but focuses primarily on European developed countries and North America, with limited potential exposure to Australia, New Zealand, Hong Kong, Japan, Malaysia, Singapore, Taiwan and Thailand; it generally invests in large and medium capitalisation companies, though it may invest across all market capitalisations including growth companies. It may invest up to 25% of net assets in fixed and/or floating corporate bonds, including convertible bonds, of any maturity and with ratings ranging from Aaa through to non-rated paper, and may not invest more than 10% of net assets in collective investment schemes. The fund is actively managed without reference to a benchmark, normally operates with average leverage of 100–200% of net asset value although higher levels are possible, reinvests income and capital gains rather than paying dividends, and has a recommended holding period of 3 years.
Investment philosophy
• The fund follows a risk arbitrage strategy aimed at exploiting the price differential between a security’s market price and its anticipated value after the completion or termination of a corporate transaction.
• Investment opportunities are identified through a fundamental research process in which the Investment Manager evaluates a transaction’s likely completion, the securities’ anticipated value and the expected timeframe for the transaction.
• The investable universe is broad, with no restrictions on issuers, markets or sectors, although the portfolio focuses primarily on developed Europe and North America and may have limited exposure to selected Asia-Pacific markets.
• The portfolio is built mainly from global equities and equity-related securities of companies involved in takeovers, mergers and reorganisations, with additional use of CFDs, options and forwards for investment purposes and currency risk reduction.
• Portfolio limits and risk controls stated include a maximum 25% allocation to fixed and/or floating corporate bonds, including convertible bonds, a maximum 10% allocation to collective investment schemes, and average leverage normally in the 100–200% range of net asset value.
The asset manager
The PRIIP manufacturer and management company is Waystone Management Company (IE) Limited, which is authorised in Ireland and supervised by the Central Bank of Ireland. The fund is authorised in Ireland and regulated by the Central Bank of Ireland. Further fund information is provided through www.kitelake.com.
Strengths
The fund is differentiated by its specialist event-driven risk arbitrage approach, targeting securities affected by takeovers, mergers and reorganisations rather than following a broad market or benchmark-driven allocation. It is actively managed without reference to any benchmark, so portfolio construction is not constrained by index constituents. The mandate is flexible across issuers, sectors and markets, while still maintaining a stated primary focus on developed Europe and North America. It also offers weekly dealing on Thursdays and a no-dividend accumulation structure that reinvests income and capital gains.
Risks
The summary risk indicator is 3 out of 7, which the document describes as a medium-low risk class, with potential losses from future performance rated at a medium-low level. The fund is exposed to market risk because returns depend on future market performance and on the pricing of securities linked to corporate transactions. Currency risk is specifically highlighted because investors may receive payments in a different currency, and the final return may therefore depend on exchange rates; this risk is not included in the summary risk indicator. Structural sources of risk also include the use of CFDs, options and forwards, investment in corporate bonds including non-rated paper, and leverage that normally averages 100–200% of net asset value, although higher levels are possible. In the worst case, investors could lose their entire investment.