Prosper Plurimi World Long Short Equity

Fund commentary

Investment rationale

The fund is designed to increase the value of an investment over the medium term through a global long/short equity approach. The KID describes availability to retail investors with basic financial knowledge and professional investors who meet the share-class criteria; the manager factsheet states that the fund is not approved by FINMA for public retail distribution in Switzerland. It is intended for investors seeking medium-term growth who have a high tolerance for risk and can withstand a substantial loss. The documents say it can be used for exposure to global equity markets either as a core investment or for diversification purposes, with a recommended holding period of 4 years. Its distinct feature is a long/short portfolio built from attractive global stocks on the long side and lower-quality stocks on the short side, using AI and machine learning in the selection process.

Investment strategy

The stated objective is to increase the value of the investment over the medium term and to aim for capital appreciation. Under normal market conditions, the sub-fund invests in large-cap global equities, including emerging markets, either directly in equities or indirectly through derivatives; it may also make significant investments in short-term bonds for liquid assets. The strategy description says the fund invests in 30 attractive global stocks and shorts 30 lower-quality ones, with regional and style allocation focused on value, quality and momentum stocks. The fund is managed without reference to an index, although the report names the Free Float Capitalisation Weighted World Equity Index as a comparative benchmark and also refers to World Equity BM*50% in the factsheet. Shares are accumulation shares, the base currency is USD, dealing is daily on Luxembourg business days, derivatives may be used to hedge against market fluctuations, reduce costs or generate additional revenue, and the recommended holding period is 4 years.

Investment philosophy

• The portfolio is built from a global equity universe, including emerging markets under normal market conditions, with a focus on large-cap stocks and the ability to use both direct equity positions and derivatives.

• Stock selection is described as being driven by AI and machine learning to eliminate human biases, while the final portfolio construction is discretionary.

• The manager seeks long positions in companies believed to have above-market growth potential and short positions in companies considered overvalued or with unfavourable growth prospects; the strategy description specifies 30 long positions and 30 short positions.

• Regional and style allocation is focused on value, quality and momentum stocks; at the reported date, the portfolio showed notable net exposure to Information Technology, Health Care and Industrials, with North America the largest regional net allocation.

Management team

The fund managers named in the report are Patrick Armstrong, CFA, and Eugen Fostiak of Plurimi Wealth. The document also states that the managers have more than 20 years of collaboration.

The asset manager

The management company is CA Indosuez Fund Solutions, and the investment manager/fund manager is Plurimi Wealth LLP. The key information document identifies CA Indosuez Fund Solutions S.A. as a subsidiary of CA Indosuez Wealth (Europe). The fund is a sub-fund of PROSPER FUNDS SICAV, a Luxembourg SICAV UCITS V, and the custodian bank is CACEIS Bank, Luxembourg Branch. The 30 June 2026 factsheet states fund assets of USD 121 million.

Performance analysis

Source: manager factsheet dated 30 June 2026. The manager commentary says equity markets were volatile during the month. On the long side, the main themes cited were continued investor support for beneficiaries of the AI infrastructure cycle, strong demand for advanced semiconductor manufacturing equipment, confidence in long-term wafer fabrication demand, and power infrastructure demand linked to data-centre investment and grid modernisation. The commentary also mentions support from defensive rotation into healthcare, as well as stock-specific effects from falling fuel prices, improving travel outlook, tariff-hit construction machinery, a strong JPY, sector-wide profit-taking in European defence, easing geopolitical concerns and softer gold prices. On the short book, the commentary says gains came mainly from weakness in technology and AI-related names as investors questioned the sustainability and timing of hyperscaler AI infrastructure spending, while airline shorts were hurt by a rebound after the Iran-Israel ceasefire lowered oil prices and improved the outlook for fuel costs and summer travel demand.

Strengths

A distinguishing feature is the combination of AI- and machine-learning-driven security selection with discretionary portfolio construction. The fund offers a global long/short equity structure, including emerging markets, with both long and short books and the use of derivatives and short-term bonds as part of implementation. It is structured as a Luxembourg UCITS V SICAV with daily dealing and multiple share classes in USD, EUR, GBP and CHF. The report also highlights a focused portfolio structure with 30 longs and 30 shorts and names specific style tilts toward value, quality and momentum.

Risks

The key information document classifies the fund in risk indicator category 3 out of 7 and assumes a recommended holding period of at least 4 years. The documents state that equity investments have higher volatility and risk than bonds and money market instruments, and that the long/short strategy is aimed at reducing the volatility of returns and the level of risk, although positions may still lead to capital losses. Additional risks named include currency risk when an investor's base currency differs from the share class currency, as well as counterparty, liquidity and operational risks, which may be magnified by unusual market conditions or unforeseeable events. The use of derivatives for hedging, cost reduction and additional revenue generation is part of the structure, and the ESG approach is Article 6 with no systematic integration of environmental, social and governance factors; the manager may invest in issuers with a low ESG profile.