Aperture European Innovation
Reimagining Europe, innovation is everywhere
Anis is a Chief Investment Officer based in Aperture’s London office. Prior to joining Aperture, Anis spent 20 years with J.P. Morgan where he was a managing director and a senior investor. For 14 years he managed unconstrained European equities funds with a primary focus on broad technology strategy, long-only and long/short.
Anis has developed a passion for all technology-oriented trends and spends his time researching disruption with broad, global implications. He is a CFA Charterholder and received his Master’s degree in Business and Economics from ESSEC in Paris.
The objective of the Fund is to generate superior long-term risk-adjusted returns in excess of the MSCI Europe Net Total Return EUR Index by investing in a portfolio exposed essentially to European equities and equity-related instruments. 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
€ 271 M
December 17th, 2019
I EUR Dist.
MSCI Europe Net Total Return EUR Index
30% > benchmark
Risks: Sustainable finance risk, Market risk, Volatility risk, Equity, Investment in smaller companies, Foreign exchange, Short exposure risk, Derivatives, OTC financial derivative instruments, Rule 144A and/or Regulation S securities.
A concentrated portfolio of European equities viewed through the lens of innovation and positive Environmental, Societal, Governance (ESG) impact.
Why European Innovation?
The strategy focuses on innovation within European companies, where we believe are based some of the most innovative companies in the world – even if are often overlooked or undervalued due to the dynamics of the European equity market. Smaller size and reduced market efficiency create stock-picking opportunities along the innovation adoption curve which can generate potential alpha
There can be no assurance that the investment objective will be achieved or that there will be a return on capital.
Number of holdings: 30-50 Long / 0-20 Short
Gross Exposure: 90- 130% Long / 0-30% Short
Tracking Error vs Benchmark: 5-10%
ESG approach and framework
Innovation ESG opportunity associated with improving well being (e.g. life longevity, a greener environment and enhanced productivity)
Qualitative Analysis, focus on innovation duality:
How is the technology being used?
What impact is it having? How does company behaviour respond to it?
Quantifying Materiality Independent 3rd party scoring: assists in quantitatively monitoring the materiality / evolution of ESG considerations.
Full Integration Key component of our bottom up risk and opportunity approach
Aperture Group subscribes to the principles of UN PRI*, UN Global Compact and the Investor Stewardship Group
Performance of the sub-fund
As of 31 March 2021
Sub-fund (Eur I Dist)
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. The European Innovation Fund charges a management fee of 0.30% and a performance fee that is equal to 30% of the over performance of the Net Asset Value of the share class over the applicable performance fee benchmark. The overall fee will be adjusted to reflect the impact of share class hedging and distribution fees, where applicable.
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 European Innovation Fund (the “Sub-Fund”). Only for professional investors in AT,DE, ES, FR, GB, IT, LU, SG. 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. Singapore: The Sub-Fund is not authorised or recognised by the Monetary Authority of Singapore (“MAS”) and the shares are not allowed to be offered to the retail public in Singapore. The Sub-Fund is a restricted scheme under the Sixth Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulationsof Singapore.This document can be transmitted only (i) to“institutional investors” pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the “Act”), (ii) to “relevant persons” pursuant to Section 305(1) of the Act, (iii) to persons who meet the requirements of an offer made pursuant to Section 305(2) of the Act, or (iv) pursuant to, and in accordance with the conditions of, other applicable exemption provisions of the Act. MSCI: The information obtained from MSCI included in this marketing document may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used to create any financial instruments or products or any indices. The MSCI information and that of other data providers is provided on an ‘as is’ basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling or creating any MSCI information (collectively, the “MSCI Parties”) and other data providers, expressly disclaim all warranties (including, without limitation any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party or other data provider have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.