Fact sheet: TreeTop Convertible Intl

Fund information
Fund name
TreeTop Convertible International A EUR
Fund manager company
TreeTop Asset Management SA
Fund type
Offshore Fund
Fund managers
  • Jacques Berghmanssince 29/06/1988
  • Hubert d'Ansembourgsince 29/06/1988
Fund objective
The sub-fund aims to increase the value of your investment over the long term. Under normal market conditions, the main part of the portfolio is invested in convertible bonds and/or other fixed income securities, bank deposits and warrants or call options on shares. The sub-fund may also invest in shares or other instruments equivalent to shares and use derivatives for investment purposes or to reduce investment risks (hedging). The fund manager selects - based on criteria such as product innovation, quality of management, sector leadership, valuation - companies around the world that appear to offer solid growth prospects or whose securities seem to him undervalued. The sub-fund invests in a concentrated portfolio made of shares of these companies and/or in financial instruments convertible in shares or entitling the sub-fund to acquire shares of these companies. The main part of the portfolio is managed in an endeavour to replicate the financial behaviour of a convertible bonds portfolio. To this end, the fund manager ensures that (i) at least 50% of the portfolio is invested in bonds or other fixed income instruments and (ii) the global exposure of the sub-fund to the equity market, through shares and other financial instruments whose value is linked to shares, shall not exceed 100% of the sub-fund’s net asset. Most of the sub-fund's exposure to foreign exchange risk is hedged back into the reference currency of the share class.
Benchmark
  • MSCI AC World
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
0.9%
1 Year rank in sector
88/92
Sector
FO Mixed Asset - Cautious
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.55%
Fund size
£467m
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
98
Top in this sector
Fund name1 Year
SEI GblMtiAtInc28.8%
HSBC Pfl World Seltn 126.2%
Ashmore SICV3EmgMktMlt-Ast25.1%
Polar Capital IncmOpps23.6%
Towry A455023.3%
...more in FO Mixed Asset - Cautious

Performance snapshot

Holdings snapshot

  • China20.8%
    Money Market18.1%
    India14%
    Belgium13.8%
    USA13.7%
  • Financials22.6%
    Money Market18.1%
    Consumer Discretionary16.1%
    Materials14%
    Technology9.8%
  • Convertibles37.3%
    Money Market18.1%
    International Equities16.7%
    Options16.6%
    Warrants11.3%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund3.2%3.5%4.7%0.9%5.7%47.1%
Sector1.1%0.5%1.4%6.6%7.5%18.3%
Rank within sector4 / 994 / 9814 / 9688 / 9247 / 656 / 55
Quartile1st1st1st4th3rd1st
Calendar performance
 YTD - 20172016201520142013
Fund4.3%-9%1.6%9.2%20%
Sector0.7%3.6%-0.7%4.3%4.2%
Rank within sector1 / 9891 / 9222 / 817 / 652 / 61
Quartile1st4th2nd1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
-4.69
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
2.33
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
-0
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
10.79
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
8.18
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
-0.25
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.63
Price movement
52 week high287.48
52 week low252.21
Current bid price-
Current offer price-
Current mid price285.72
Region
1China20.8%
2Money Market18.1%
3India14%
4Belgium13.8%
5USA13.7%
6France5.2%
7Switzerland4.1%
8Korea3.8%
9Germany3.1%
Industry sector
1Financials22.6%
2Money Market18.1%
3Consumer Discretionary16.1%
4Materials14%
5Technology9.8%
6Industrials7.1%
7Health Care6.9%
8Utilities3.8%
9Consumer Staples1.5%
Asset type
1Convertibles37.3%
2Money Market18.1%
3International Equities16.7%
4Options16.6%
5Warrants11.3%
Individual holdings
1FUFENG GROUP 3% CNV BDS 27/11/18 CNY1000000 REG S9.7%
2VIPSHOP HLDGS LTD 1.5% CNV BDS 15/03/19 USD20009.7%
3FORTFINLUX SA FLTG RATE CNV BDS 7/2049 EUR250000 REG`S8.9%
4ALLIANCE DATA SYSTEMS CORP8.4%
5FORTIS BANK SA CNV SUBORD FLTG RATE NTS(FORTIS) EUR4.9%
6GLENMARK PHARMACEUTICALS 2% CNV BDS 28/06/22 USD2500004.1%
7IWG PLC4.1%
8UBS AG LONDON BRANCH STRU PRD224145 01/12/17(KEPCO)3.8%
9UPL-CLSA 14-193.4%
Management
Fund manager group
TreeTop Asset Management
Fund manager company
TreeTop Asset Management SA
Fund type
Offshore Fund
Fund objective
The sub-fund aims to increase the value of your investment over the long term. Under normal market conditions, the main part of the portfolio is invested in convertible bonds and/or other fixed income securities, bank deposits and warrants or call options on shares. The sub-fund may also invest in shares or other instruments equivalent to shares and use derivatives for investment purposes or to reduce investment risks (hedging). The fund manager selects - based on criteria such as product innovation, quality of management, sector leadership, valuation - companies around the world that appear to offer solid growth prospects or whose securities seem to him undervalued. The sub-fund invests in a concentrated portfolio made of shares of these companies and/or in financial instruments convertible in shares or entitling the sub-fund to acquire shares of these companies. The main part of the portfolio is managed in an endeavour to replicate the financial behaviour of a convertible bonds portfolio. To this end, the fund manager ensures that (i) at least 50% of the portfolio is invested in bonds or other fixed income instruments and (ii) the global exposure of the sub-fund to the equity market, through shares and other financial instruments whose value is linked to shares, shall not exceed 100% of the sub-fund’s net asset. Most of the sub-fund's exposure to foreign exchange risk is hedged back into the reference currency of the share class.
Benchmark
  • MSCI AC World
Investment style
No data available.
Investment method
No data available.
Fund managers
NameSinceBiography
Jacques Berghmans29/06/1988Jacques manages portfolios invested globally for over 25 years. He began his career in 1981 with Merrill Lynch International, with whom he will work as a financial advisor for 20 years in Amsterdam, Brussels and Luxembourg. For over 5 years, he was a member of Merrill Lynch Chairman’s Club and Eagle Club. In 1988 he created with Hubert d’Ansembourg the Star Convertible fund – today TreeTop Convertible International. In 2001, he joined Banque Degroof as fund manager. In 2005, he founded with Hubert d’Ansembourg TreeTop Asset Management.
Hubert d'Ansembourg29/06/1988Hubert worked in the field of portfolio management for over 30 years. He began his career at European Centre for Research on Investment in 1974 and thereafter as Managing Director of SECAFI, an independent portfolio management boutique. In 1992 SECAFI was merged with the brokerage firm Bonnewijn, Renwart Van Goethem & Co., where Hubert will serve as Head of Research and Portfolio Manager. In 2000, Hubert joined Banque Degroof following its acquisition of BRG. In 2005, he founded TreeTop Asset Management with Jacques Berghmans.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, Distributor Status, Reporting Fund Status, UCITS IV Compliant
Domicile
No data available.
Fund for sale in
Belgium, Spain, France, United Kingdom, Luxembourg, Netherlands, Offshore
TreeTop Convertible International A EUR
Initial charge3%
Annual charge1.2%
Min single investment£250
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.55%
Total expense ratio (TER)1.56%
Bid price-
Offer price-
Mid price285.72
CurrencyEUR
Price updated16/01/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFQJ0
TreeTop Convertible International B USD
Initial charge3%
Annual charge1.2%
Min single investment£250
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.55%
Total expense ratio (TER)1.56%
Bid price-
Offer price-
Mid price372.88
CurrencyUSD
Price updated16/01/2017
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeFQJ1
TreeTop Convertible International C GBP
Initial charge3%
Annual charge1.2%
Min single investment£250
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.54%
Total expense ratio (TER)1.56%
Bid price-
Offer price-
Mid price122.72
CurrencyGBP
Price updated16/01/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFQJ2
TreeTop Convertible International D EUR
Initial charge3%
Annual charge1.2%
Min single investment£250
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)1.56%
Bid price-
Offer price-
Mid price256.88
CurrencyEUR
Price updated16/01/2017
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFQJ3
Data provided by

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