Overview
Risk Indicator
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Mirabaud Multi Assets - Flexible A cap. EUR
A flexible, global investment strategy that invests across equities (50%) and fixed income (50%) with moderate risk. We aim to exploit divergences between economic and credit cycles, regions and long-term trends. A top-down approach is combined with sector and themed approaches to boost performance and diversification. Maximising liquidity is a key priority to adapt quickly to changing markets with low cost trading. We use currency overlays to minimise exchange rate fluctuations.
Mirabaud Multi Assets - Flexible A cap. EUR
The return of a negative correlation between equity and bond markets means that a well-balanced portfolio can once again perform satisfactorily while cushioning market shocks. Over the longer term, the phase of economic normalisation calls for greater diversification of equity exposure beyond large technology companies with high concentration risk. In the bond markets, an allocation to the highest-quality sovereign bonds remains essential should economic activity disappoint. In Europe, the risk of rising yields is relatively low, given our expectations for growth and inflation, and we prefer a longer positioning on the curve. On the credit side, we expect continued high growth in the US and a slight recovery in Europe, with corporate bonds continuing to do well. Policy rate cuts, a cyclical recovery and tax cuts are a positive mix for equity markets in the short term. Finally, the monetary policy differential between the US and the rest of the world, which reflects a difference in growth dynamics, and Trump administration trade policies, should have a positive influence on the value of the US dollar in 2025.
We maintained the overweight exposure to US equity markets that we implemented after the US elections. We expect Republican policy to be positive for the asset class. Lower taxes, deregulation measures and more fiscal spending are expected to support domestic activity and company earnings in 2025. We increased our US mid-cap positions, which offer attractive potential for valuation catch-up in this environment. In the fixed income segment, we continued to be overweight on eurozone sovereign bonds. Inflation should continue to converge to the European Central Bank's target, with the bank having begun its easing cycle, which will likely last until the end of next year. We are more cautious on US Treasuries as higher tariffs and more fiscal spending will increase inflation expectations. We continue to hold dollar and gold positions to provide diversification against geopolitical risks and the risk of trade wars under Trump. Because of higher tariffs, we also remain cautious on China as fiscal stimulus is not really convincing at the moment, and Chinese growth will be negatively impacted if higher tariffs are implemented on exports.
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Mirabaud Multi Assets - Flexible A cap. EUR
Mirabaud Multi Assets - Flexible A cap. EUR
NAV adjusted in case of distribution
Source: Mirabaud Asset Management. Share class and benchmark performance displayed in EUR. 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, without implying any particular constraints to the Fund’s investments. Any entry, exit and other charges, commissions or fees, if applied, are excluded from the calculation. Past performance does not predict future returns.
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 Multi Assets - Flexible A cap. EUR
Head of Asset Allocation & Strategy
Pierre Pinel is the head of investment strategy at Mirabaud Asset Management in Switzerland and CIO for all asset allocation products since August 2012. He previously worked at BNP Paribas Switzerland as head of institutional investment management for Switzerland, in charge of fund management and equity investment advisory for high-net-worth clients, as head of discretionary investment management at BNP Private Banking, and then as head of asset management at BNP Paribas Wealth Management & Investment Services. Pierre Pinel holds a MSc from the HEC Lausanne and the Swiss CFPI financial analyst and wealth management diploma.
Portfolio Manager
Daniele Masciarelli, Portfolio Manager in the Asset Allocation team within Mirabaud Asset Management, has experience in the portfolio management industry since 2011. Prior to joining Mirabaud Asset Management in January 2013, Daniele worked in the portfolio management department of BNP Paribas Switzerland. Daniele Masciarelli is a former researcher at the EPFL and at the Massachusetts Institute of Technology. He is a CFA Charterholder and also holds a master’s degree in micro and nanotechnologies jointly awarded by the Swiss Federal Institute of Technology, the National Polytechnic Institute of Grenoble, and Politecnico of Turin, and a degree in corporate and engineering management.
Portfolio Manager
Andreas Waeger, Senior Portfolio Manager in the Asset Allocation team within Mirabaud Asset Management, takes part in the management of the range of Multi-Assets products. He started his career in the asset management industry in 1997. Prior to joining Mirabaud Asset Management in May 2017, Andreas worked 5 years at Bank J. Safra Sarasin AG as a senior portfolio manager and deputy head of the Institutional Balanced Team. From 2005 to 2012 Andreas was a senior portfolio manager at Swisscanto Asset Management where he was managing balanced funds and segregated mandates. Prior to that, Andreas held portfolio manager positions at Baloise Asset Management as well as ABN Amro Bank and worked at SIX Swiss Exchange within a project management position. Andreas Waeger holds a degree in Business and Economics from the University of Basel. He is a Certified European Financial Analyst.
Equities
Mirabaud Multi Assets - Flexible A cap. EUR
Luxembourg
FCP
Daily
Daily / Daily
1 Business Day / 4 Business Days
1 Business Day / 4 Business Days
27/01/2011
EUR
LU0562891944
Morningstar Category Avg. Flexible Alloc. Global Index EUR
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
Mirabaud Multi Assets - Flexible A cap. EUR
Mirabaud Funds
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