Aperture Credit Opportunities
Fund Manager
Simon Thorp
CIO UK and Fund Manager
Simon Thorp is the Chief Investment Officer, UK, based in Aperture’s London office. Simon is a career credit investor, with over 30 years experience in fixed income markets as well as an investing track record spanning over 15 years, most recently serving as the director of KKR Credit. His experience spans broking, investment banking and fund management.
Fund Facts
The objective of the Fund is to implement an absolute return strategy to achieve income and capital growth by investing, either directly or indirectly, through the use of exchange-traded and OTC financial derivative instruments, in a portfolio of different asset classes with a focus on debt securities. We also recommend inserting the following elements to the fund facts: life of the fund and recommended holding period (if any).
The management company is Generali Investments Luxembourg S.A. who appointed Aperture Investors as investment manager.
Management Company and Investments Manager
SICAV UCITS
Structure
Luxembourg
Domicile
$625 M (as of end of March 2021)
AuM
August 5th, 2019
Inception date
Daily
Liquidity
USD
Fund Currency
LU1958553072
ISIN (I USD Acc.)
LU1958553239
ISIN (I Eur Hedged Acc.)
Secured Overnight Financing Rate (SOFR) +2%
Benchmark
0,39%
Management fees
30% > benchmark
Performance fees
Risks: Interest rate risk; The Sub-fund may invest in securities rated below Investment Grade, which present greater risk of loss to principal and interest than higher-quality securities; Credit risk; Credit default swaps; Emerging markets; Derivatives.
Long/Short Credit strategy with the objective of generating a return on SOFR +2% p.a. while maintaining low correlation with the credit market.
The strategy is implemented through cash bonds, CDS, indices and other credit derivatives.
Average portfolio rating around BB, average duration between 3 and 5 years. Net exposure (risk adjusted) between -33% and 50%.
Global approach, with exposure to US and Europe at around 80%.
Simon Thorp, co-portfolio manager, has 16+ year track record running similar strategies through numerous credit cycles. Former portfolio manager of Avoca Capital and former head of L/S Credit strategies at KKR.
Following the Aperture Investors philosophy, the fees structure aligns the interests of portfolio managers with those of investors.
Key Features
31/03/2021
Past Net Performance of the sub-fund
There can be no assurance that the investment objective will be achieved or that there will be a return on capital.
MTD
YTD
1y
3ys Ann.
5ys Ann.
SI Cum.
As of 31 March, 2021
0,43%
1,75%
11,00%
n/a
n/a
6,43%
Sub-fund (USD I Acc.)
0,17%
0,50%
2,05%
–
–
2,66%
Benchmark
Important information: Investments involve risks. Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. No express or implied liability or guarantee is assumed that the future performance will correspond to the performance described above. The value of and income from fund units or sub-fund units (“Units”) may fluctuate, rise or fall, so you may have a gain or a loss when the Units are sold. Source: Aperture Investors, data as of 31 March 2021. The performance of and income from the Units have to be reduced by costs and taxes. Current performance may be higher or lower than the quoted and no guarantee can be assumed that the investment objectives of the fund/sub-fund will be achieved. Benchmark = United States Secured Overnight Financing Rate (SOFR) + 2%. The Credit Opportunities Fund charges a management fee of 0.39% and a performance fee that is equal to 30% of the over performance of the Net Asset Value of the Class of Share over the applicable performance fee benchmark
Awards
Alt Credit European Performance Awards 2020
Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. No express or implied liability or guarantee is assumed that the future performance will correspond to the performance described above. For more information on the award, please click here
Related Documents
Monthly Facthsheet
Aperture is part of Generali Investments’ multi-boutique platform.
Aperture Investors, based in New York, is a global asset manager founded in 2018 by a partnership between Generali Group and Mr Peter Kraus, former Chairman and CEO of AllianceBernstein. Aperture operates with an unconstrained investment approach and a unique fee model that aligns the company’s profitability with that of its clients. The company charges low, ETF-like fees when performance is at or below stated benchmarks. When and only when returns are generated in excess of a strategy’s benchmark, Aperture Investors charges a performance-linked fee, and as such, investment teams are compensated primarily on outperformance.
Marketing communication relating to Aperture Investors SICAV (the “Fund”) and its compartment Credit Opportunities Fund (the “Sub-Fund”). Only for professional investors AT, ES, FR, GB, IT, LU. It is not addressed to retail investors or to any US Person. The Fund is an open-ended investment company with variable share capital (SICAV) under Luxembourg Law, qualifying as an undertaking for collective investment in transferable securities (UCITS). Generali Investments Luxembourg S.A., a public limited liability company (société anonyme) under Luxembourg Law, the Management Company. It is authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF). This communication is issued by the Management Company. Before making any investment decision you should read the KIID, Prospectus, annual and semi-annual reports. These are available in English free of charge from Generali Investments Luxembourg S.A., 4 Rue Jean Monnet, L-2180 Luxembourg, Grand Duchy of Luxembourg or at the following e-mail address:GILfundInfo@generali-invest.com. France: Centralising agent : BNP Paribas, 3 Rue d’ Antin, 75002 Paris. Italy: Allfunds Bank S.A.U. Spain: CNMV Number: 1797. United Kingdom: This communication is a financial promotion and has been approved for the purposes of Section 21 of the Financial Services and Markets Act 2000, for professional Clients in the United Kingdom. The Sub-Fund is a Recognised scheme in the United Kingdom under the Financial Services and Markets Act 2000. This publication may not be reproduced (in whole or in part), transmitted, modified, or used for any public or commercial purpose without the prior written permission of Aperture. Any opinions or forecasts provided, they are as of the dates indicated, subject to change without notice, may not be accurate and do not represent a recommendation or offer of any investment. Data contained herein should not be relied upon as the basis for any investment decision. For further information on potential risks related to an investment in the Fund, please refer to the prospectus. The value of an investment and any income from it can go down as well as up and investors may not get back the original amount invested. The fact of such registration or approval, however, does not mean that any regulator has determined the suitability of the product(s) for all investors. Investors should carefully consider the terms of the investment and seek professional legal, financial or tax advice where necessary before taking any decision to invest in any fund(s). Past performance of the Fund is no guarantee for future performance. Any performance presented herein is for illustrative purposes only.
