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 LU1216085701, currency EUR, retail share class
0.34
-0.29
4.56
6.62
4.93
6.32
6.22
9.40
6.75
4.55
3.85
0.99
-2.10
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
-0.18
-1.85
1.47
2.54
-1.44
-1.65
-1.25
3.24
-0.32
-1.67
–
–
–
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
9.40
9.40
13 of 25
Return 3Y p.a.
6.75
11.35
24 of 25
3Y p.a. over its own benchmark
-0.32
2.46
22 of 25
Volatility 3Y
3.85
5.42
6 of 25
Sharpe ratio 3Y
0.99
1.34
23 of 25
Max drawdown 3Y
-2.10
-3.40
4 of 25
Management fee
1.20%
1.01%
14 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 prospectus dated 01.04.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
ZEST Derivatives Allocation Fund is positioned as a diversified absolute-return strategy aimed at seeking a consistent return while placing emphasis on capital preservation over the medium to long term. The PRIIPs KID classifies the R1 share class at risk indicator 2 out of 7 and states a recommended holding period of 1 year, while the prospectus describes the sub-fund as suitable for investors who want to diversify and decorrelate their investments and improve the risk/return ratio of their portfolio. Its role in a portfolio is therefore closer to a diversifying or satellite allocation than a pure directional core equity or bond holding. What makes it distinct is its extensive use of options and derivatives to reduce overall portfolio risk, combined with flexible allocation across debt instruments, equities, money market instruments and structured products.
Investment strategy
The stated objective is to seek a consistent, absolute return while placing emphasis on preservation of capital in the medium to long term; the long-only income and growth profile is complemented by derivatives used mostly to reduce risk and smooth volatility through options strategies for yield enhancement. The sub-fund mainly invests in derivatives, debt instruments including bonds and convertible bonds, money market instruments or similar products, and equity and equity-related securities including ADR/GDR. Equity and equity-related securities are capped at 65% of net assets; debt instruments rated below Ba2/BB or equivalent are capped at 20%; contingent convertible bonds at 20%; non-rated bonds at 10%; ADRs/EDRs/IDRs/GDRs from emerging or frontier issuers at 20%; UCITS/UCI exposure at 10%; structured products at 20%; indirect ABS/MBS exposure at 20%; and emerging markets exposure at 20%. The fund is actively managed without reference to a benchmark, may use all types of financial derivative instruments on regulated markets and OTC with regulated counterparties, largely favouring futures and options in normal markets, will not use total return swaps, and follows a cumulative distribution policy with no planned dividends; the KID states a recommended holding period of 1 year.
Investment philosophy
• The portfolio is built across multiple eligible asset classes: derivatives, debt instruments including bonds and convertible bonds, money market instruments or similar products, and equity and equity-related securities including ADR/GDR.
• The strategy is based on risk spreading and makes extensive use of options and derivatives to reduce overall portfolio risk; for hedging and investment purposes it may use warrants, futures, options, contracts for difference, credit default swaps and forwards on eligible underlyings.
• Normal market implementation largely favours futures and options, and the investment manager’s stated goal is to smooth volatility through options strategies used for yield enhancement.
• Credit exposure is controlled by portfolio limits: no more than 20% in debt instruments issued by issuers rated below Ba2/BB or equivalent, 20% in contingent convertible bonds, 10% in non-rated bonds, and distressed or defaulted exposure only up to 10% if created by subsequent downgrade.
• Portfolio construction is also constrained by exposure limits, including 65% maximum in equities and equity-related securities, 20% maximum in ADR/EDR/IDR/GDR exposure to emerging or frontier issuers, 10% in UCITS/UCI, 20% in structured products, 20% in emerging markets, no direct ABS/MBS, and no total return swaps.
The asset manager
The management company is FundPartner Solutions (Europe) S.A., part of Pictet Group, authorised in Luxembourg and regulated by the CSSF. FundPartner Solutions (Europe) S.A. was established on 17 July 2010 as a Luxembourg société anonyme, has its registered office at 15, avenue J.F. Kennedy, L-1855 Luxembourg, and had capital of CHF 6,250,000 at the date of the prospectus. The investment manager is LFG+ZEST S.A., with registered office at Via Ferruccio Pelli 3, CH-6900 Lugano, Switzerland. LFG+ZEST S.A. was incorporated in Lugano on 12 June 2012, has corporate capital of CHF 800,000, is authorised to manage portfolios of securities and financial instruments, and is regulated by FINMA.
Strengths
A distinguishing feature is the explicit use of derivatives as a central portfolio tool rather than as a marginal overlay, with the stated aim of reducing portfolio risk and smoothing volatility through options strategies for yield enhancement. The strategy is broad in opportunity set, combining debt instruments, equities, money market instruments, derivatives and structured products within clearly stated exposure limits. It also has a relatively constrained emerging-markets allocation, capped at 20%, and excludes direct ABS/MBS as well as total return swaps. For the R1 retail class, the PRIIPs KID shows no entry fee charged by the fund itself, no exit fee charged by the fund itself, and a cumulative share class structure with no planned dividend distributions.
Risks
The PRIIPs KID gives the R1 share class a summary risk indicator of 2 out of 7, while noting that actual risk can vary significantly if the investment is exited early. The prospectus identifies the main risks as equity risk, credit risk, interest rate risk, liquidity risk, inflation risk, taxation risk, counterparty risk, currency risk, derivatives risk, risk related to efficient portfolio management techniques, risk related to investments in other UCITS and UCIs, and risk related to investments in contingent convertible bonds. These risks are driven by the fund’s flexible allocation across equities and debt, use of OTC and exchange-traded derivatives, exposure to non-investment-grade and non-rated bonds within set limits, and allowance for emerging-market exposure. The KID also specifically highlights currency risk because investors may receive payments in a different currency, and names default risk, operational risk and management risk as other materially relevant risks not included in the summary 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 prospectus dated 01.04.2026; key information document (PRIIPs), not yet reviewed by WSP.
Investment rationale
ZEST Derivatives Allocation Fund is positioned as a diversified absolute-return strategy aimed at seeking a consistent return while placing emphasis on capital preservation over the medium to long term. The PRIIPs KID classifies the R1 share class at risk indicator 2 out of 7 and states a recommended holding period of 1 year, while the prospectus describes the sub-fund as suitable for investors who want to diversify and decorrelate their investments and improve the risk/return ratio of their portfolio. Its role in a portfolio is therefore closer to a diversifying or satellite allocation than a pure directional core equity or bond holding. What makes it distinct is its extensive use of options and derivatives to reduce overall portfolio risk, combined with flexible allocation across debt instruments, equities, money market instruments and structured products.
Investment strategy
The stated objective is to seek a consistent, absolute return while placing emphasis on preservation of capital in the medium to long term; the long-only income and growth profile is complemented by derivatives used mostly to reduce risk and smooth volatility through options strategies for yield enhancement. The sub-fund mainly invests in derivatives, debt instruments including bonds and convertible bonds, money market instruments or similar products, and equity and equity-related securities including ADR/GDR. Equity and equity-related securities are capped at 65% of net assets; debt instruments rated below Ba2/BB or equivalent are capped at 20%; contingent convertible bonds at 20%; non-rated bonds at 10%; ADRs/EDRs/IDRs/GDRs from emerging or frontier issuers at 20%; UCITS/UCI exposure at 10%; structured products at 20%; indirect ABS/MBS exposure at 20%; and emerging markets exposure at 20%. The fund is actively managed without reference to a benchmark, may use all types of financial derivative instruments on regulated markets and OTC with regulated counterparties, largely favouring futures and options in normal markets, will not use total return swaps, and follows a cumulative distribution policy with no planned dividends; the KID states a recommended holding period of 1 year.
Investment philosophy
• The portfolio is built across multiple eligible asset classes: derivatives, debt instruments including bonds and convertible bonds, money market instruments or similar products, and equity and equity-related securities including ADR/GDR.
• The strategy is based on risk spreading and makes extensive use of options and derivatives to reduce overall portfolio risk; for hedging and investment purposes it may use warrants, futures, options, contracts for difference, credit default swaps and forwards on eligible underlyings.
• Normal market implementation largely favours futures and options, and the investment manager’s stated goal is to smooth volatility through options strategies used for yield enhancement.
• Credit exposure is controlled by portfolio limits: no more than 20% in debt instruments issued by issuers rated below Ba2/BB or equivalent, 20% in contingent convertible bonds, 10% in non-rated bonds, and distressed or defaulted exposure only up to 10% if created by subsequent downgrade.
• Portfolio construction is also constrained by exposure limits, including 65% maximum in equities and equity-related securities, 20% maximum in ADR/EDR/IDR/GDR exposure to emerging or frontier issuers, 10% in UCITS/UCI, 20% in structured products, 20% in emerging markets, no direct ABS/MBS, and no total return swaps.
The asset manager
The management company is FundPartner Solutions (Europe) S.A., part of Pictet Group, authorised in Luxembourg and regulated by the CSSF. FundPartner Solutions (Europe) S.A. was established on 17 July 2010 as a Luxembourg société anonyme, has its registered office at 15, avenue J.F. Kennedy, L-1855 Luxembourg, and had capital of CHF 6,250,000 at the date of the prospectus. The investment manager is LFG+ZEST S.A., with registered office at Via Ferruccio Pelli 3, CH-6900 Lugano, Switzerland. LFG+ZEST S.A. was incorporated in Lugano on 12 June 2012, has corporate capital of CHF 800,000, is authorised to manage portfolios of securities and financial instruments, and is regulated by FINMA.
Strengths
A distinguishing feature is the explicit use of derivatives as a central portfolio tool rather than as a marginal overlay, with the stated aim of reducing portfolio risk and smoothing volatility through options strategies for yield enhancement. The strategy is broad in opportunity set, combining debt instruments, equities, money market instruments, derivatives and structured products within clearly stated exposure limits. It also has a relatively constrained emerging-markets allocation, capped at 20%, and excludes direct ABS/MBS as well as total return swaps. For the R1 retail class, the PRIIPs KID shows no entry fee charged by the fund itself, no exit fee charged by the fund itself, and a cumulative share class structure with no planned dividend distributions.
Risks
The PRIIPs KID gives the R1 share class a summary risk indicator of 2 out of 7, while noting that actual risk can vary significantly if the investment is exited early. The prospectus identifies the main risks as equity risk, credit risk, interest rate risk, liquidity risk, inflation risk, taxation risk, counterparty risk, currency risk, derivatives risk, risk related to efficient portfolio management techniques, risk related to investments in other UCITS and UCIs, and risk related to investments in contingent convertible bonds. These risks are driven by the fund’s flexible allocation across equities and debt, use of OTC and exchange-traded derivatives, exposure to non-investment-grade and non-rated bonds within set limits, and allowance for emerging-market exposure. The KID also specifically highlights currency risk because investors may receive payments in a different currency, and names default risk, operational risk and management risk as other materially relevant risks not included in the summary indicator.