Albemarle Target Italy Class A April 2021
About Albemarle Asset Management Fund Objective Albemarle Asset Management was founded in London in 2003. The Albemarle Target Italy is a sub-fund of Albemarle Funds Plc company provides both individual and collective management services for an open-ended investment company with variable capital private and institutional investors, financial and capital management incorporated in Ireland. The investment objective of the sub- consultancy, and managed investment solutions. Our services cover global fund is to achieve long term capital appreciation by investing financial markets and our expertise enables us to offer diverse set of in the Italian equity market. investment instruments and strategies.
Performance Fund Information YTD 1M 3YR 5YR Inception Company Albemarle Funds Plc Fund 18.62% 1.04% 11.40% 53.22% 49.15% Investment Manager Albemarle Asset Management Ltd Benchmark 8.35% -1.24% 3.66% 29.46% -31.08% Best Mth Worst Mth CAGR Vol Sharpe R. Bloomberg ATRGITA ID Fund 22.00% -24.11% 2.86% 26.61% 2.62 ISIN IE00B1V6R242 Benchmark 20.10% -20.09% -2.59% 27.56% 1.81 Inception 23/04/2007 Chart Performance Currency EUR Fund Manager Albemarle Asset Management Ltd
160 Management Fees 1.80% p.a. 140 120 Performance Fees 25% of the value which exceeds the benchmark 100 80 60 NAV Daily 40 20 Cut-Off T-1 before 1pm Irish Time Stlmt date for sub. T+2 Irish Business Days Stlmt date for red. T+2 Irish Business Days
Domicile Ireland
31/03/2011
31/03/2017 31/03/2021
31/03/2013 31/03/2015
31/03/2018
31/03/2016
31/03/2014
31/03/2010
29/03/2019
30/03/2012 31/03/2020
31/03/2008 31/03/2009 23/04/2007 Auditors Grant Thornton Albemarle Target Italy A Benchmark Depositary Northern Trust Fiduciary Services Returns (Ireland) Ltd
Albemarle Target Italy A Benchmark Category UCITS V
50% 46.2% 40% Ratings and Awards 26.7% 28.1% Premio Alto Rendimento 2015 30% 24.7% 22.6% 17.4% 8.4%18.6% 20% 15.9% 15.6% Premio Alto Rendimento 2016 12.2% 13.8% 10% 6.9% Important Information 0% The information contained within this document is for the use -0.3% -6.7% -10% -4.8% -4.5% -3.8% of Institutional and Professional Investors only
-20% -14.7% * Data source: Bloomberg -19.3% -30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD
Albemarle Asset Management Limited, 21 Upper Brook Street, London W1K 7PY
Tel: +44(0)2072907730 - www.albemarleasset.com - [email protected] Albemarle Target Italy Class A April 2021
Sector Breakdown Net Exposure (%) Top Holdings
Industrials 33 Esprinet 8.17% Information Technology 15 Consumer Discretionary 14 Fila 7.83% Materials 8 Pirelli 6.65% Communication Services 6 Piovan 5.84% Health Care 5 El.En. 4.93% Financials 3 Consumer Staples 2 Total 33.42% Cash 14
Asset Allocation Exposure Investment Policy
Albemarle Target Italy is a long-only equity fund that invests at Equity 86% least 80% of its assets in equities with particular focus on 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.
Cash 14%
Commentary The Fund performed positively also in April, outperforming the benchmark - which instead posted a negative performance - by over 150bps. The main positive contributors to the Fund performance had been Esprinet, Cementir, Tinexta, Longhi and Danieli. Esprinet rose as the outlook continued to be positive for the group, moreover the CEO and the Chairman decided not to sell any of the shares they received with the 2018-2020 Long Term Incentive Plan. All the other names posted positive performances on the back of positive business outlook for 2021. The main detractors to the Fund performance during the month had been Fila, Pirelli, CNH Industrial, Piovan and La Doria. Fila underperformed as the dramatic Covid-19 situation in India - one of the main markets for the company - is darkening the outlook for a 2021 recovery. Pirelli declined together with the entire Auto&Parts sector on the back of increasing worries regarding the passenger cars supply chain and the availability of semiconductors. CNH Industrial underperformed as the company announced the termination of the discussions with the Chinese group FAW with regard to the sale of the business. During the month the main trades executed had been the sale of Digital Bros and Tinexta, and the purchase of Brembo, Datalogic, Banca Mediolanum and Enav.
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 - www.albemarleasset.com - [email protected]