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 main objective of TreeTop Convertible International is to achieve a long-term capital gain on the capital invested. The fund will endeavour to achieve its objective by investing in a portfolio composed chiefly of convertible bonds which may be denominated in different currencies, without limitation. The return generation stems from long term fundamentally driven views the manager takes on underlying stocks. Protection against downside risk is achieved through the asymmetry in the pay-off structure provided by the convertible bonds. The manager conducts quantitatively based scenario analysis at the portfolio level to maintain an optimal risk/reward profile. The share classes are hedged to the extent that an efficient exchange market in the relevant currency exists
Benchmark
  • MSCI AC World
Investment style
No data available.
Investment method
No data available.
Quick stats
1 Year return
-10.2%
1 Year rank in sector
89/90
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
£548m
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.
97
Top in this sector
Fund name1 Year
SEI GblMtiAtInc22.8%
HSBC Pfl World Seltn 122.3%
SEI Core13%
Towry A455012.2%
Ashmore SICV3EmgMktsMulti-Ast11.8%
...more in FO Mixed Asset - Cautious

Performance snapshot

Holdings snapshot

  • China21.8%
    India21%
    Money Market15.5%
    Belgium13.7%
    USA12%
  • Financials21%
    Money Market15.5%
    Materials14.6%
    Consumer Discretionary14%
    Technology13.6%
  • Convertibles37.4%
    International Equities16.8%
    Money Market15.5%
    Warrants15.3%
    Options15.1%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund3%-4%-1.8%-10.2%4.1%41.8%
Sector-0.5%-1.5%1.1%1.7%6.7%17.2%
Rank within sector2 / 9487 / 9487 / 9289 / 9052 / 666 / 55
Quartile1st4th4th4th4th1st
Calendar performance
 YTD - 20162015201420132012
Fund-9%1.6%9.2%20%19.2%
Sector2.3%-0.7%4.3%4.2%6.1%
Rank within sector89 / 9022 / 837 / 672 / 624 / 55
Quartile4th2nd1st1st1st
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.
-3.41
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.
2.38
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%.
10.83
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.
8.21
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.
-0.13
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.
0.64
Price movement
52 week high306.24
52 week low252.21
Current bid price-
Current offer price-
Current mid price274.08
Region
1China21.8%
2India21%
3Money Market15.5%
4Belgium13.7%
5USA12%
6Korea4.6%
7UK4.3%
8France3.8%
9Canada3.4%
Industry sector
1Financials21%
2Money Market15.5%
3Materials14.6%
4Consumer Discretionary14%
5Technology13.6%
6Industrials8.1%
7Health Care5.3%
8Utilities4.6%
9Consumer Staples3.4%
Asset type
1Convertibles37.4%
2International Equities16.8%
3Money Market15.5%
4Warrants15.3%
5Options15.1%
Individual holdings
1VIPSHOP HLDGS LTD 1.5% CNV BDS 15/03/19 USD200010.3%
2FUFENG GROUP 3% CNV BDS 27/11/18 CNY1000000 REG S10%
3ALLIANCE DATA SYSTEMS CORP9.4%
4FORTFINLUX SA FLTG RATE CNV BDS 7/2049 EUR250000 REG`S7.4%
5FORTIS BANK SA CNV SUBORD FLTG RATE NTS(FORTIS) EUR6.3%
6UBS AG LONDON BRANCH STRU PRD206160 02/12/16(KEPCO)4.6%
7REGUS PLC4.3%
8INDIABULLS HOUSING 19/01/17 OPTION (JPM)3.7%
9MERRILL-CW19 INDIABULLS HO3.5%
Management
Fund manager group
TreeTop Asset Management
Fund manager company
TreeTop Asset Management SA
Fund type
Offshore Fund
Fund objective
The main objective of TreeTop Convertible International is to achieve a long-term capital gain on the capital invested. The fund will endeavour to achieve its objective by investing in a portfolio composed chiefly of convertible bonds which may be denominated in different currencies, without limitation. The return generation stems from long term fundamentally driven views the manager takes on underlying stocks. Protection against downside risk is achieved through the asymmetry in the pay-off structure provided by the convertible bonds. The manager conducts quantitatively based scenario analysis at the portfolio level to maintain an optimal risk/reward profile. The share classes are hedged to the extent that an efficient exchange market in the relevant currency exists
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)1.55%
Bid price-
Offer price-
Mid price274.08
CurrencyEUR
Price updated06/12/2016
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)1.55%
Bid price-
Offer price-
Mid price356.06
CurrencyUSD
Price updated06/12/2016
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)1.55%
Bid price-
Offer price-
Mid price117.13
CurrencyGBP
Price updated06/12/2016
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)1.55%
Bid price-
Offer price-
Mid price246.33
CurrencyEUR
Price updated06/12/2016
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeFQJ3
Data provided by

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