Total return: distributions reinvested. In EUR, the currency of the share class shown. Fund history to 28.09.2026. Benchmark history to 28.09.2026. 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 LU0935266782, currency EUR, retail share class
1.39
0.75
-0.43
1.43
8.45
18.78
-3.51
2.51
10.23
5.33
5.42
1.33
-3.88
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
0.86
-0.81
-3.52
-2.65
2.07
10.82
-10.99
-3.66
3.16
-0.90
–
–
–
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
2.51
9.40
24 of 25
Return 3Y p.a.
10.23
11.35
15 of 25
3Y p.a. over its own benchmark
3.16
2.46
11 of 25
Volatility 3Y
5.42
5.42
13 of 25
Sharpe ratio 3Y
1.33
1.34
14 of 25
Max drawdown 3Y
-3.88
-3.40
16 of 25
Management fee
1.28%
1.01%
19 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 seek medium- to long-term capital growth while aiming to neutralise directional exposure to European equity markets through hedging strategies. It is a European equity market neutral strategy with a PRIIPs synthetic risk indicator of 3 out of 7 and a recommended holding period of 3 years. The KID states it is suitable for investors with a medium-term horizon, at least basic knowledge of financial instruments, and the ability to bear potential losses. Its distinct role is as a specialist equity long/short and hedged allocation rather than a broad long-only equity exposure, making it more of a satellite allocation within a portfolio.
Investment strategy
The stated objective is medium- to long-term capital appreciation. The sub-fund invests at least 75% in shares of companies established in EU Member States, the United Kingdom, Switzerland and Norway, and may invest up to 40% of total exposure, directly or via derivatives, in equity volatility indices for hedging or opportunistic purposes. The long equity exposure can vary from 75% to 175%, while short exposure can vary from 0% to 175%; the fund may also invest up to 10% of net assets in UCITS or other UCIs and may hold ancillary cash. The portfolio is actively managed on a discretionary basis without using a benchmark, uses derivatives for hedging or exposure optimisation, and the share class is accumulating with dividends reinvested; the recommended holding period is 3 years.
Investment philosophy
• The investment universe is European equities: the fund invests a minimum of 75% in shares of companies established in EU Member States, the UK, Switzerland and Norway, and can also allocate up to 10% of net assets to UCITS or other UCIs.
• The process seeks medium-/long-term capital growth while neutralising directional European equity market risk through hedging strategies; the portfolio is actively and discretionarily managed without a benchmark.
• Derivatives are used for hedging and exposure optimisation, and the fund may invest up to 40% of total exposure in equity volatility indices for hedging or opportunistic purposes; long equity exposure can range from 75% to 175% and short exposure from 0% to 175%.
• As of 31.08.2026, the portfolio held 958 positions and showed long stocks at 148.1% of NAV, short stocks at -98.8%, short indices at -27.4%, gross exposure of 274.3% and net exposure of 21.9%.
• Current disclosed positioning includes top long holdings such as Ipsen SA (Health Care, France, 1.98% NAV), Evonik Industries AG (Materials, Germany, 1.86%), Heineken NV (Consumer Staples, Netherlands, 1.83%), FinTech Group AG (Financials, Germany, 1.81%) and Henkel AG & Co. KGaA Pref (Consumer Staples, Germany, 1.70%); currency exposure is mainly euro 86.51%, followed by Norwegian krone 6.18% and Danish krone 3.21%.
The asset manager
The management company is Mediobanca Management Company S.A., based at 2, Boulevard de la Foire, L-1528 Luxembourg. The investment manager and fund manager named in the factsheet is RAM Active Investments S.A., located at Rue du Rhône 8, CH-1204 Geneva, Switzerland. The fund itself is a Luxembourg-domiciled SICAV structured as a UCITS V, with Banque de Luxembourg as custodian.
Strengths
The fund is distinguished by a market neutral European equity approach that explicitly seeks to neutralise directional equity market exposure through hedging rather than simply holding long-only stocks. Its structure combines broad stock selection across Europe with both long and short books, plus the ability to use equity volatility indices up to 40% of exposure for hedging or opportunistic positioning. The portfolio is highly diversified by number of holdings, with 958 positions, while still retaining daily dealing liquidity within a Luxembourg UCITS V SICAV structure. The share class has no minimum investment amount, distributes no income because dividends are reinvested, and allows free conversion between shareholdings according to the KID.
Risks
The PRIIPs synthetic risk indicator is 3 out of 7, described as between low and medium risk, with a recommended holding period of 3 years. The documents state that the fund is exposed to market risk and that there is no capital protection, so investors could lose all or part of their investment. Derivative instruments are used and create leverage risk, meaning the portfolio is more exposed to equity market risks than it would be without them; the factsheet also states that leverage intensifies the risk of increased losses or returns. Currency risk is specifically noted because investors may receive payments in a currency different from their reference currency, and the portfolio also has non-euro currency exposures including Norwegian krone, Danish krone, US dollar, Swedish krona, Swiss franc and pound sterling; the KID also cites significant risk from derivatives and leverage outside the synthetic indicator.
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 monthly factsheet dated 31.08.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
This fund is designed to seek medium- to long-term capital growth while aiming to neutralise directional exposure to European equity markets through hedging strategies. It is a European equity market neutral strategy with a PRIIPs synthetic risk indicator of 3 out of 7 and a recommended holding period of 3 years. The KID states it is suitable for investors with a medium-term horizon, at least basic knowledge of financial instruments, and the ability to bear potential losses. Its distinct role is as a specialist equity long/short and hedged allocation rather than a broad long-only equity exposure, making it more of a satellite allocation within a portfolio.
Investment strategy
The stated objective is medium- to long-term capital appreciation. The sub-fund invests at least 75% in shares of companies established in EU Member States, the United Kingdom, Switzerland and Norway, and may invest up to 40% of total exposure, directly or via derivatives, in equity volatility indices for hedging or opportunistic purposes. The long equity exposure can vary from 75% to 175%, while short exposure can vary from 0% to 175%; the fund may also invest up to 10% of net assets in UCITS or other UCIs and may hold ancillary cash. The portfolio is actively managed on a discretionary basis without using a benchmark, uses derivatives for hedging or exposure optimisation, and the share class is accumulating with dividends reinvested; the recommended holding period is 3 years.
Investment philosophy
• The investment universe is European equities: the fund invests a minimum of 75% in shares of companies established in EU Member States, the UK, Switzerland and Norway, and can also allocate up to 10% of net assets to UCITS or other UCIs.
• The process seeks medium-/long-term capital growth while neutralising directional European equity market risk through hedging strategies; the portfolio is actively and discretionarily managed without a benchmark.
• Derivatives are used for hedging and exposure optimisation, and the fund may invest up to 40% of total exposure in equity volatility indices for hedging or opportunistic purposes; long equity exposure can range from 75% to 175% and short exposure from 0% to 175%.
• As of 31.08.2026, the portfolio held 958 positions and showed long stocks at 148.1% of NAV, short stocks at -98.8%, short indices at -27.4%, gross exposure of 274.3% and net exposure of 21.9%.
• Current disclosed positioning includes top long holdings such as Ipsen SA (Health Care, France, 1.98% NAV), Evonik Industries AG (Materials, Germany, 1.86%), Heineken NV (Consumer Staples, Netherlands, 1.83%), FinTech Group AG (Financials, Germany, 1.81%) and Henkel AG & Co. KGaA Pref (Consumer Staples, Germany, 1.70%); currency exposure is mainly euro 86.51%, followed by Norwegian krone 6.18% and Danish krone 3.21%.
The asset manager
The management company is Mediobanca Management Company S.A., based at 2, Boulevard de la Foire, L-1528 Luxembourg. The investment manager and fund manager named in the factsheet is RAM Active Investments S.A., located at Rue du Rhône 8, CH-1204 Geneva, Switzerland. The fund itself is a Luxembourg-domiciled SICAV structured as a UCITS V, with Banque de Luxembourg as custodian.
Strengths
The fund is distinguished by a market neutral European equity approach that explicitly seeks to neutralise directional equity market exposure through hedging rather than simply holding long-only stocks. Its structure combines broad stock selection across Europe with both long and short books, plus the ability to use equity volatility indices up to 40% of exposure for hedging or opportunistic positioning. The portfolio is highly diversified by number of holdings, with 958 positions, while still retaining daily dealing liquidity within a Luxembourg UCITS V SICAV structure. The share class has no minimum investment amount, distributes no income because dividends are reinvested, and allows free conversion between shareholdings according to the KID.
Risks
The PRIIPs synthetic risk indicator is 3 out of 7, described as between low and medium risk, with a recommended holding period of 3 years. The documents state that the fund is exposed to market risk and that there is no capital protection, so investors could lose all or part of their investment. Derivative instruments are used and create leverage risk, meaning the portfolio is more exposed to equity market risks than it would be without them; the factsheet also states that leverage intensifies the risk of increased losses or returns. Currency risk is specifically noted because investors may receive payments in a currency different from their reference currency, and the portfolio also has non-euro currency exposures including Norwegian krone, Danish krone, US dollar, Swedish krona, Swiss franc and pound sterling; the KID also cites significant risk from derivatives and leverage outside the synthetic indicator.