MIRABAUD (CH) - LPP Preservation I cap. CHF
Investment overview
L’objectif du fonds est de générer une performance régulière et supérieure à la moyenne par rapport à un indice de référence défini par Mirabaud pour les fonds de pension suisses en fonction de leur profil de risque. La principale source de surperformance est une allocation tactique dynamique qui permet de gérer activement les expositions au marché et une stratégie « overlay » visant à minimiser l’impact des fluctuations des taux de change. Un processus modulaire est utilisé afin d’évaluer les diverses sources de risque et de performance telles que le cycle économique, les prévisions de bénéfices, les conditions financières et les valorisations des marchés.
MIRABAUD (CH) - LPP Preservation I cap. CHF
Share Class Highlights
Performance update
Markets were heavily influenced in December by interest rate decisions from major central banks. The biggest surprise was the new Swiss National Bank Board's decision to cut the key interest rate by 0.5%, while the market had expected only 0.25%. The European Central Bank and the Federal Reserve (Fed) each lowered their key interest rate by 0.25%, but Fed Chairman Powell's hawkish comments on inflation caused some concern. As a result, long-term interest rates rose significantly, more so in the US than in Europe and Switzerland.
In Switzerland, following the Swiss National Bank's decision interest rates decreased by more than 0.15% for 1-year tenors, by more than 0.12% for 2-year tenors and by more than 0.08% for 3-year tenors, driving the portfolio performance. Credit spreads decreased by roughly 0.02% for most credit segments, while they decreased by 0.04% for AA rated issuers. Cash underperformed the bond bucket. Government bonds underperformed all other fixed income segments, with lower-rated bonds delivering higher performances due to their higher carry.
Portfolio activity
During the month, four issues matured (Goldman Sachs, Glarus Kantonal Bank, SPS and UBS). We purchased a 2027 issue by NatWest and raised cash for a redemption through the sale of a 2025 issue by EIB and a 2025 issue by Lloyds.
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MIRABAUD (CH) - LPP Preservation I cap. CHF
Performance and risk
MIRABAUD (CH) - LPP Preservation I cap. CHF
- Bmk_LPPPRE
NAV adjusted in case of distribution
Source: Mirabaud Asset Management. Share class and benchmark performance displayed in CHF. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. The Fund is actively managed. The benchmark is shown for comparison purposes only. Index performance data do not take into account fees and costs. Any entry, exit and other charges, commissions or fees, if applied, are excluded from the calculation. Past performance does not predict future returns.
Performance
Cumulative
Annualized
Risk
Volatility
Correlation
Please note that the frequency of returns used in the above calculations may be different than the one used in the official reporting documents and results may vary accordingly.
Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees that might be levied. The sources of the information displayed are deemed reliable. However, the accuracy or completeness of the information displayed cannot be guaranteed, and some figures are only estimates.
MIRABAUD (CH) - LPP Preservation I cap. CHF
Portfolio managers
Daniele MASCIARELLI
Portfolio Manager
Daniele Masciarelli, gérant de portefeuille au sein de l’équipe d’allocation d’actifs de Mirabaud Asset Management, travaille dans la gestion d’actifs depuis 2011. Avant de rejoindre Mirabaud Asset Management en janvier 2013, Daniele travaillait au sein du département de gestion de portefeuille de BNP Paribas Suisse. Daniele Masciarelli est un ancien chercheur de l’EPFL et du Massachusetts Institute of Technology. Il est analyste financier agréé (CFA) et titulaire d’un master en micro et nanotechnologies décerné conjointement par l’École polytechnique fédérale suisse, l’Institut polytechnique de Grenoble et l’École polytechnique de Turin, ainsi que d’un diplôme en gestion des entreprises et ingénierie.
Andreas WAEGER
Portfolio Manager
Andreas Waeger, gérant de portefeuille sénior au sein de l’équipe responsable de l’allocation d’actifs de Mirabaud Asset Management, participe à la gestion de la gamme de produits multiactifs. Il a démarré sa carrière dans la gestion d’actifs en 1997. Avant de rejoindre Mirabaud Asset Management en mai 2017, Andreas a travaillé pendant cinq ans chez Bank J. Safra Sarasin AG en tant que gérant de portefeuille sénior et directeur adjoint de la gestion diversifiée institutionnelle. De 2005 à 2012, Andreas était gérant de portefeuille sénior au sein de Swisscanto Asset Management, où il gérait des fonds diversifiés et des mandats dédiés. Auparavant, Andreas avait occupé des postes de gérant de portefeuille chez Baloise Asset Management ainsi que chez ABN Amro Bank. Il a également travaillé chez SIX Swiss Exchange comme gestionnaire de projet. Andreas Waeger est titulaire d’un diplôme en gestion et économie obtenu à l’Université de Bâle. Il est analyste financier européen agréé.
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MIRABAUD (CH) - LPP Preservation I cap. CHF
Fund information
Switzerland
FCP
Daily
Daily / Daily
1 Business Day / 2 Business Days
1 Business Day / 4 Business Days
20/05/2021
CHF
CH0263236645
Bmk_LPPPRE
Banque Pictet & Cie SA
Deloitte S.A.
FundPartner Solutions (Suisse) S.A.
MIRABAUD (CH) - LPP Preservation I cap. CHF
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