Marketing communication · Professional investors and eligible counterparties only
Fixed income · Cash plus · Short-term bonds · UCITS · Art. 8
QSF – Quaestio Global Enhanced Cash
Quaestio Capital Management · Milan
The fund invests in a diversified portfolio of short-term bonds, mainly investment-grade bonds and sovereign bonds, predominantly issued in euro. It aims to protect capital, generating a stable return with a moderate credit risk, very limited duration risk and minimising drawdowns.
UCITSSFDR Art. 8Max. average duration 2 yearsDaily liquidityAllfundsInversis
★★★★★ Morningstar · Citywire AAA credit managers
An active approach to credit investing rooted in fundamental analysis: the team combines a broad screening of opportunities with in-depth analysis capabilities.
Why we represent this fund
01A clear objective within rigorous guidelines. Investment guidelines set a maximum average duration of two years, a minimum average rating of BBB-, a maximum of 4% per single non-sovereign issuer, a maximum of 30% in high yield, up to 20% in ABS/MBS, at least 90% euro exposure, and no investment in CCC or defaulted securities.
02A low-volatility fund by construction. To achieve low volatility levels, the manager’s first priority has been managing the fund with an effective low duration and spread duration through the years.
03An eclectic and opportunistic approach. The investment universe covers the entire range of short-term credit and fixed-income markets; the manager seeks out the best opportunities for relative value by identifying securities whose price does not reflect their true intrinsic risk. The short-end nature and conservative style of the strategy allow it to capture market disruptions and corrections, funded from the stable, core component of the portfolio.
04Core-satellite portfolio construction. A core portfolio of government bonds and investment-grade corporate bonds, complemented by satellites in subordinated financials, corporate hybrids, high yield, emerging markets, structured credit and inflation-linked securities; the portfolio may allocate up to 40% in credit instruments such as high yield, including EM, securitised credit and subordinated bonds. Allocation is dynamic as the opportunity set varies over time.
05Always good, sometimes great, never terrible. A diligent and repeatable investment process is the foundation of the mission to deliver consistent returns; the team never swings for the fences and takes no unnecessary risks to turbo-charge returns. The focus is risk control in negative years: even in the worst-case scenario the outcome should be coherent with the risk profile of the fund.
Principal risks
01Capital is not guaranteed. The value of investments and the income from them may increase as well as decrease and, at the time of repayment, the investor may not receive the amount originally invested.
02Targets are not guaranteed. Forecasts, projections and targets are indicative only and are not guaranteed in any way.
03Risk management does not imply low risk. Each financial instrument involves an element of risk. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
04Exchange-rate risk for non-euro investors. If the currency in which returns are expressed differs from the currency of the investor’s country of residence, the investor could be penalised by fluctuations in exchange rates at the time of any conversion.
Marketing communication. This is not investment advice, a recommendation, or an offer or solicitation to buy or sell any financial instrument. Addressed exclusively to professional investors and eligible counterparties as defined in Directive 2014/65/EU (MiFID II); it is not intended for retail clients. Capital is at risk: the value of investments may fall as well as rise, is not guaranteed, and you may get back less than you invested. Past performance is not a reliable indicator of future results. Any forward-looking statements reflect the manager’s opinion at the date of publication, are not guaranteed and may change. Costs and charges reduce returns and are set out in the KID and the prospectus, which together with the summary of investor rights are available from the management company and from us on request; read them before investing. Sustainability-related information is set out in the fund’s SFDR pre-contractual disclosures; an SFDR article classification is a disclosure regime, not a quality rating or a label. Tax treatment depends on each investor’s individual circumstances and may change; this is not tax advice. The management company may decide to terminate marketing arrangements. South Hub Investments, S.L. is a tied agent of Ursus-3 Capital, A.V., S.A. (CNMV reg. no. 251), acting in its name and under its responsibility; no investment advice or discretionary portfolio management services are provided.
Marketing communication · Professional investors and eligible counterparties only
Fixed income · European high yield · UCITS · Art. 8
QSF – Quaestio European High Yield Bond
Quaestio Capital Management · Milan
An actively managed exposure to European high yield. The fund invests in the European high yield bond market through a discretionary, high-conviction portfolio, without any particular tracking-error constraints.
UCITSSFDR Art. 8High convictionAllfundsInversis
★★★★★ Morningstar · Citywire AAA credit managers
The portfolio adopts a predominantly quality style, favouring exposure to companies operating in sectors with highly stable revenues and margins and, where possible, with moderate financial leverage.
Why we represent this fund
01High-conviction active management. A truly active approach: portfolios are constructed based on what the team likes fundamentally and/or for pricing reasons, and the fund is actively managed with reference to the benchmark with great discretion over the composition of the portfolio, both in terms of constituents and allocation.
02Credit selection to minimise defaults. The key to success is to minimise defaults by combining a value tilt with a specific focus on collateral assets: a conservative approach that aims to minimise defaults, with low turnover and therefore low trading costs, and a focus on credit selection for alpha generation.
03Eclectic and flexible. The team constantly looks for opportunities beyond the benchmark bounds (floaters, AT1s, unrated bonds) and, following large price drops, is always willing to reconsider a credit previously discarded.
04A lean and nimble team. The team believes in having better control over a subset of the market by focusing on the essentials; a nimble team promotes ongoing discussion of best ideas, and the portfolio management team performs 100% of its research internally.
05A countercyclical risk posture. When risk premiums are compressed the team favours quality issuers, higher ratings and more conservative choices; as spreads widen its appetite for risk tends to increase together with portfolio beta.
Principal risks
01Capital loss. The value of investments and the income from them may increase as well as decrease and, at the time of repayment, the investor may not receive the amount originally invested.
02Large active positions. The high-conviction approach can sometimes lead to large active positions at both sector and issuer level.
03Underperformance in strong bull markets. The strategy could underperform in a strong bull-market trend characterised by very low levels of default, particularly in a market where CCCs significantly outperform.
04Violent, low-liquidity corrections. Corrections in the high yield market are increasingly violent and characterised by low liquidity.
Marketing communication. This is not investment advice, a recommendation, or an offer or solicitation to buy or sell any financial instrument. Addressed exclusively to professional investors and eligible counterparties as defined in Directive 2014/65/EU (MiFID II); it is not intended for retail clients. Capital is at risk: the value of investments may fall as well as rise, is not guaranteed, and you may get back less than you invested. Past performance is not a reliable indicator of future results. Any forward-looking statements reflect the manager’s opinion at the date of publication, are not guaranteed and may change. Costs and charges reduce returns and are set out in the KID and the prospectus, which together with the summary of investor rights are available from the management company and from us on request; read them before investing. Sustainability-related information is set out in the fund’s SFDR pre-contractual disclosures; an SFDR article classification is a disclosure regime, not a quality rating or a label. Tax treatment depends on each investor’s individual circumstances and may change; this is not tax advice. The management company may decide to terminate marketing arrangements. South Hub Investments, S.L. is a tied agent of Ursus-3 Capital, A.V., S.A. (CNMV reg. no. 251), acting in its name and under its responsibility; no investment advice or discretionary portfolio management services are provided.
