Albemarle Target Italy Class I January 2019
About Albemarle Asset Management Fund Objective Albemarle Asset Management was founded in London in 2003. The company Albemarle Target Italy is a sub-fund of Albemarle Funds provides both individual and collective management services for private and Plc an open-ended investment company with variable institutional investors, financial and capital management consultancy, and capital incorporated in Ireland. The investment objective managed investment solutions. Our services cover global financial markets of the sub-fund is to achieve long term capital and our expertise enables us to offer diverse set of investment instruments appreciation by investing in the Italian equity market. and strategies.
Performance Fund Information YTD 1M 3YR 5YR Inception Company Albemarle Funds Plc Fund 8.22% 8.22% 27.07% 47.94% 91.74% Investment Manager Albemarle Asset Management Ltd Benchmark 7.22% 7.22% 8.66% 10.00% 4.05% Best Month Worst Month CAGR Volatility Sharpe Ratio Bloomberg ATRGITI ID Fund 14.43% -14.48% 8.30% 15.14% -1.14 ISIN IE00B57Z8L94 Benchmark 12.93% -13.97% 0.54% 13.92% -0.89 Inception 13/01/2011 Chart Performance Currency EUR Fund Manager Albemarle Asset Management Ltd 260 Management Fees 0.90% p.a. 240 Benchmark BCI Comit Globale Index (90%) 220 Performance Fees 25% of the value which exceeds 200 the benchmark return of 90% of 180 Italy Stock Market BCI Comit Globale Index 160 140 NAV Daily 120 Cut-Off T-1 before 1pm Irish Time 100 Settlement date for sub. T+2 Irish Business Days 80 60 Settlement date for red. T+2 Irish Business Days
Domicile Ireland
2011
2012 2017
2013 2015
2018
2016 2019 2014 Albemarle Target Italy I Benchmark Auditors Deloitte Depositary Northern Trust Fiduciary Services Returns (Ireland) Ltd Category UCITS V Albemarle Target Italy I Benchmark AUM (umbrella level) € 47.01 Million 50% 47.1%
40% Ratings and Awards
30% 27.5% 28.6% Premio Alto Rendimento 2015 16.6% 17.4% 15.6% 20% 13.0% 13.9% 8.2% Premio Alto Rendimento 2016 10% 7.5% 7.2% Important Information 0% The information contained within this document is for the -0.3% -4.1% use of Institutional and Professional Investors only -10% -6.9% -14.7% * Data source: Bloomberg -20% -18.6% 2012 2013 2014 2015 2016 2017 2018 YTD
Albemarle Asset Management Limited, 21 Upper Brook Street, London W1K 7PY
Tel: +44(0)2072907730 - Fax: +44(0)2073990705 - www.albemarleasset.com - [email protected] Albemarle Target Italy Class I January 2019
* Please note data is at month-end
Sector Breakdown % * Top Holdings *
Consumer Discretionary 18 Information Technology 16 Cementir Holdings 9.85% Industrials 15 Saes Getters 8.23% Financials 14 Esprinet 7.41% Materials 14 Fiat Chrysler Automobiles 6.70% Cash 11 Energy 5 Aeffe 6.54% Consumer Staples 4 Total 38.73% Communication Services 4
Asset Allocation * Investment Policy *
Cash 11% Albemarle Target Italy is a long-only equity fund that invests at least 80% of its assets in equities with particular focus on Albemarle Asset Management Ltd Italian small-mid caps. The net exposure will be between 80% and 100% of the asset allocation. The fund adopts a bottom-up approach combined with a top-down overlay.
Equity 89% Equity Cash
Commentary The Fund posted a strong performance in January outperforming the benchmark thanks to the strong performances registered by the top holdings. The main positive contributors to the performance were Cementir, Fiat Chrysler Automobiles, Aeffe, Saes Getters and Esprinet. Cementir trended higher on the back of the recovery experienced by the entire building materials sector. FCA gained as it benefitted from the sector recovery and the positive outlook release by GM for the North American market. Esprinet rebounded thanks to the release of preliminary numbers which were above expectations on an underlying basis. The sole detractors to the Fund performance during the month were Mondadori, Caltagirone and Mediobanca, all of which posted only minor declines. Mondadori registered some profit taking after the strong performance posted at the end of 2018. During the month the main trades executed had been the sales of Enav, Mondadori and FCA, and the purchases of CNH Industrial, Autogrill, Pirelli and Mediobanca.
Disclaimer This information is being communicated by Albemarle Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority. This material is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. It is only directed and may only be distributed to persons who are Professional Clients or Eligible Counterparties and is not, under any circumstances, intended for distribution to the general public. With investment, your capital is at risk and the value of an investment and the income from it can go up as well as down, it may be affected by exchange rate variations and you may not get back the amount invested. Past performance is not necessarily a guide to future performance. We do not represent that this information, including any third party information, is accurate or complete and it should not be relied upon as such. Opinions expressed herein reflect the opinion of Albemarle Asset Management Limited and are subject to change without notice. No part of this document may be reproduced in any manner without the written permission of Albemarle Asset Management Limited, however recipients may pass on this document but only to others falling within this category. This information should be read in conjunction with the relevant fund documentation which may include the prospectus, simplified prospectus or supplement documentation and if you are unsure if any of the products and portfolios featured are the right choice for you, please seek independent financial advice provided by regulated third parties.
Albemarle Asset Management Limited, 21 Upper Brook Street, London W1K 7PY
Tel: +44(0)2072907730 - Fax: +44(0)2073990705 - www.albemarleasset.com - [email protected]