Ethna-AKTIV
Applies, among others, to the share class Ethna-AKTIV (A).
As of: 30.09.2024
Out of 6 036 „EUR Cautious Allocation - Global“ funds as of 31.08.2024.
Based on 93.49% eligible corporate AUM and 100% of eligible sovereign AUM. Data is based on long positions only.
Applies, among others, to the share class Ethna-AKTIV (A).
As of: 30.09.2024
Out of 6 036 „EUR Cautious Allocation - Global“ funds as of 31.08.2024
Based on 93.49% eligible corporate AUM and 100% of eligible sovereign AUM. Data is based on long positions only.
Fund profile
The Ethna-AKTIV, our flagship fund, is an actively managed, flexible, multi-asset fund that does not follow any benchmarks. With a focus on asset allocation - it has the greatest degree of freedom in this respect among the Ethna Funds - the Ethna-AKTIV spreads its investment between bonds, equities, currencies and commodities. The fund’s core investment is a high-quality fixed income portfolio of corporate and government bonds, in which the duration and credit risk are managed flexibly and independently from the individual bonds.
In addition, the Ethna-AKTIV can have an equity allocation of up to 49%. This exposure is based on a stable core portfolio. Depending on market conditions, this portfolio can be augmented by an overlay of liquid futures and exchange-traded options. To diversify its portfolio further, the fund can also include up to 20% in gold and/or other commodities.
The top-down approach in the Ethna-AKTIV
The experienced Portfolio Management Team uses a top-down approach with rigorous macro-economic and financial market analysis to determine in which asset classes, regions and sectors to invest. This, together with the use of liquid index derivatives (also known as a dynamic overlay strategy), enables the Portfolio Managers to optimise the fund’s risk/return profile. Within the aforementioned top-down framework, the selection of the bonds is carried out via a rigorous bottom up fundamental analysis.
The Ethna-AKTIV as a risk-controlled base investment
Following a flexible, multi-asset allocation approach, the Ethna-AKTIV’s aims are capital preservation and achieving attractive positive returns over a mid-term (3 – 5 years) investment horizon. The fund is therefore suitable as a base investment for investors who want risk-controlled access to macroeconomic developments on the global fixed income, equity, currency, and commodity markets.
Investment philosophy
Active. Macroeconomic Focus
Prices up, prices down - the global markets can be quite turbulent. This is precisely where active portfolio and risk management pays off. Capital preservation and the achievement of stable long-term returns are key components of our investment philosophy. All potential risks and prevailing macroeconomic conditions are considered in every investment decision.
Flexible. More freedom offers more opportunity
The Ethna-AKTIV does not measure itself against a benchmark or even another fund. This gives the fund management maximum freedom to successfully implement the asset allocation according to its evaluation and opinion.
Capital preserving. Profiting from opportunities in individual asset classes
Our goal is not to achieve the highest possible return, but to achieve a positive return over the long term while limiting losses in weak market phases. The investment approach of the Ethna-AKTIV aims for attractive risk-adjusted returns, because this is the prerequisite for long-term success.
Track Record
The Ethna-AKTIV, a pioneer among multi-asset funds with a positive 20-year track record
Especially in unclear stock market times, it is difficult to find the right investment strategy. A mixed fund such as the Ethna-AKTIV is characterized above all by its ability to adapt quickly to new situations. Over the past 20 years, the Ethna-AKTIV, as a multi-asset fund, has been able to master a variety of crisis situations, such as the first half of 2022, thanks to the right mix of asset classes. The fund proved that it is suitable as a basic investment for investors who want a risk-controlled access to the capital markets.
Portfolio Managers
An experienced team consisting of the investment experts Jörg Held, Luca Pesarini and Michael Blümke
"We launched Ethna-AKTIV with the aim of providing investors a controlled access to the capital markets. Through its high flexibility and fine-tuned risk management, we aim to generate positive returns for our investors, while respecting their respective risk comfort zones. That is our ambition."
Luca Pesarini, one of the founders of the Ethna Funds
Luca Pesarini and Arnoldo Valsangiacomo pursued a revolutionary idea 20 years ago with their multi-asset approach, which is why the Ethna-AKTIV is considered a pioneer in this segment. To this day, fund and company founder Luca Pesarini stands behind the fund and, together with Jörg Held and Michael Blümke, he follows the developments of the capital markets on a daily basis for the benefit of our investors.
ESG
ESG – taking environmental, social and governance criteria into account
Our aim is to offer clients responsible investment solutions with a competitive and sustainable return, as reflected in our investment guidelines and processes. The Ethna-AKTIV pursues an ESG strategy that complies with Article 8 of the EU’s Sustainable Finance Disclosure Regulation (2019/2088). In its bond and equity investments, the fund therefore gives preference to companies that have low exposure in terms of significant ESG risks, as well as companies that actively manage and thus reduce the ESG risks inevitably associated with their business activities. In addition, the sustainability approach taken by the Ethna-AKTIV is underscored by comprehensive exclusions:
- Investments in companies with a core activity in armaments, tobacco, pornography, speculation in basic foodstuffs and/or the mining/distribution of coal are prohibited.
- Furthermore, we do not invest in companies that have been found to be in serious breach of the principles of the UN Global Compact and have no convincing plan in place to remedy the situation.
- In the case of sovereign issuers, we exclude investments in countries that have been designated as “Not Free” in the annual analysis carried out by Freedom House.
Opportunities & Risks
All financial investments are associated with opportunities and risks. Below you will find a compact overview of the opportunities and risks of the Ethna-AKTIV:
Opportunities
- A professional Portfolio Management team with many years’ experience.
- Reduction in value fluctuations due to combination of multiple asset classes and spread of invested capital across a variety of individual securities (diversification).
- Active risk management and hedging transactions (emphasis on capital preservation).
- Active portfolio management with the aim of delivering positive returns, even in weak market phases.
- Stability and continuity through a focus on fixed income securities.
- Participation in positive performance on equity and bond markets.
Risks
- Market, sector, and company-related price losses in the fund’s equity and bond investments; also as a result of a general rise in yields and/or increase in yield premiums for specific bond issuers.
- General, geographical and geopolitical country risks: these include the risk that an issuer of a bond, despite being solvent, cannot fulfil its obligations due to an inability or unwillingness on the part of a particular country to transfer funds to another country.
- Issuer, counterparty credit and default risk due to investing in bonds, equities and hedging trades: this includes the risk of insolvency due to issuer or counterparty debt overload or illiquidity. A total loss of the affected investment instrument is possible.
- Exchange rate risks through investing in foreign currencies or in equities and bonds denominated in a foreign currency.
- The investor suffers a loss if they sell the fund units at less than the acquisition price.
For detailed information on the opportunities and risks of investing in the Fund, please refer to the sales prospectus.
Ethna-AKTIV | Our multi-asset flagship fund with a balanced portfolio
Flexibility and active management have been hallmarks of the Ethna-AKTIV since its launch in 2002. Today, 20 years later, the fund is still popular among investors for its balanced risk profile. Take a look at our video to discover which criteria form the basis of the fund's success.
Risk notice regarding an error in the calculation of the net asset value, in the event of violations of the applicable investment regulations and other errors The process of calculating the net asset value (“NAV”) of a fund is not an exact science and the result of this calculation can therefore only represent the greatest possible approximation to the actual total value of the Fund. Accordingly, despite the greatest possible care, it cannot be ruled out that inaccuracies or errors occur in the calculation of the NAV. Should an inaccuracy and/or an error in the calculation of the NAV cause damage to the final beneficiary investors (“end investors”), this shall be replaced in accordance with the provisions of CSSF Circular 24/856. In the event that shares have been subscribed through a financial intermediary (e.g. credit institutions or asset managers), the rights of end investors in relation to compensation payments may be affected. For end investors who subscribe to (sub-)fund shares through financial intermediaries, there is therefore the risk in the event of an incorrect calculation of the NAV in the above-mentioned sense of not receiving compensation. The end investors shall always be compensated for an error in the NAV calculation, in the event of violations of the applicable investment regulations and other errors in accordance with the provisions of CSSF Circular 24/856. With regard to end investors who no longer hold shares in the (sub-)fund, but who are entitled to compensation and are no longer to be determined, the compensation shall be deposited with the Caisse de consignation of the Luxembourg Financial Administration. An incorrect calculation of the NAV or other errors may also be made in favour of the end investors and at the expense of the Fund/sub-funds. 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For detailed information on the opportunities and risks associated with our products, please refer to the current sales prospectus. The statutory sales documents (sales prospectus, key information documents (PRIIPs-KIDs), semi-annual and annual reports), which provide detailed information on the purchase of units and the associated risks, form the sole authoritative and binding basis for the purchase of units. The aforementioned sales documents in German (as well as in unofficial translations in other languages) can be found at www.ethenea.com and are available free of charge from the investment company ETHENEA Independent Investors S.A. and the custodian bank, as well as from the respective national paying or information agents and from the representative in Switzerland. The paying or information agents for the funds Ethna-AKTIV, Ethna-DEFENSIV and Ethna-DYNAMISCH are the following: Austria, Belgium, Germany, Liechtenstein, Luxembourg: DZ PRIVATBANK S.A., 4, rue Thomas Edison, L-1445 Strassen, Luxembourg; France: CACEIS Bank France, 1-3 place Valhubert, F-75013 Paris; Italy: State Street Bank International – Succursale Italia, Via Ferrante Aporti, 10, IT-20125 Milano; Société Génerale Securities Services, Via Benigno Crespi, 19/A - MAC 2, IT-20123 Milano; Banca Sella Holding S.p.A., Piazza Gaudenzio Sella 1, IT-13900 Biella; Allfunds Bank S.A.U – Succursale di Milano, Via Bocchetto 6, IT-20123 Milano; Spain: ALLFUNDS BANK, S.A., C/ Estafeta, 6 (la Moraleja), Edificio 3 – Complejo Plaza de la Fuente, ES-28109 Alcobendas (Madrid); Switzerland: Representative: IPConcept (Schweiz) AG, Münsterhof 12, Postfach, CH-8022 Zürich; Paying Agent: DZ PRIVATBANK (Schweiz) AG, Münsterhof 12, CH-8022 Zürich. 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