Line Up Capital Management
Custodian / Bank
BDO British Virgin Islands
Share A : VGG5504A1003
Up to 3% *
Up to 3% *
14.38 M EUR
1047.24 EUR 04/07/2018
27th of March 2014
Net Asset Value
Performance since inception
Asset Under Management
* flat for our private clients
Line Up 30 Capital is an actively managed fund in which we are free in terms of investment choices and strategic allocation. As a result, we do not track any benchmark.
By the way, to compare our performance relative to the market, we have built a reference index. This index represent the straightforward strategy of a balanced fund with 30% of risky assets.
As a global multi-assets fund, we chose MSCI World and MSCI Emerging Markets to represent our global allocation on equities and the Stoxx 600 to take into account our bias in European markets. The Bloomberg Commodity Index is also present to reflect potential exposure to commodities.
The safe allocation consists of EONIA Capitalized to represent the cash held, corporate bonds indexes in the US, Europe and Emerging Markets for fixed income.
You will find below the exact composition of our reference index.
EONIA Capitalized 30%
BBG IG Europe Corp Bond Index 15%
BBG US Corp Bond Index 15%
MSCI World USD 12%
BBG USD EM Corp Bond Index 10%
STOXX 600 6%
MSCI Emerging Markets 6%
Bloomberg Commodity Index 6%
The fund invests in the following asset classes in respect of his mandate to keep its risky allocation below 30%, which helps preserve the capital while taking advantage of stock market opportunities.
Fixed-Income Securities : 0 to 100%
To fulfill diversification and taking into account the specific low rates period due to aggressive monetary policies around the world, we choose bond funds rather than single or individual bonds.
We have selected specialized asset management partners whether for their experience in specific type of securities and their responsiveness to changes in bonds markets or whether for their dedicated analyst teams with high-skill support around the world.
We are then implementing our strategies monitoring the know-how of these respective managers.
Our main strategy for this asset class is to minimize the risk while securing a satisfactory yield associates. We are not running after high yield assets which could damageable in terms of capital lose. In special market situations, we can adopt more sophisticated strategies to take advantage of opportunities during short periods: adjust the duration and the portfolio sensitivity, analyze and monitor the yield curve through exposure to various maturities, favor or totally exclude a geographical area or a determined sector.
Equities : 0 to 30%
We combine both philosophy to build our equity allocation.
The first one, which might be called “top-down”, leads us to a macroeconomic and geographic analysis. From this work, we identify the major issues and generate an allocation accordingly. We focus on geographic areas that we understand with the most upside potential and the sectors that will create more future benefits or possible surprise in the results.
To implement the strategies that flow from this analysis, we select by quantitative method, among our partners, the most suitable and best-performing funds. When portions of investment allocation are simple and to optimize management costs, we also use Exchange Traded Funds (ETF) with the most liquidity and managed by the largest investment companies in the US and worldwide.
The second, “bottom-up” or “stock-picking” strategy, is to conduct our own analysis on companies which seem undervalued (value-oriented companies) or when we discern significant potential of increase in the medium-term resulting from company fundamentals and its expected growth (growth-oriented companies).
These companies are usually located in Europe or the US, two markets where we have an advanced knowledge, and often stay for several years in our portfolio to achieve our targets.
Money Market and Currencies
This asset class is actually present in our portfolio for exceptional occasions:
portfolio risk reduction,
exposure over the long-term to a national economy seeking its currency
improvement of our global yield through diversification with emerging
This asset class is not intended to be permanently present in our portfolio. When economic fundamentals are disturbed and we identify commodities unfairly priced, we may take a short-term exposure.
Gold may be added to the portfolio as an insurance against systemic risk. It could be the case when the volatility is up and the tension on the markets appears or when we have done a good performance during a period of time and wish to protect this performance even if downwards occur.
We may also use gold with growing inflation.
Energy & Agricultural Commodities are subject to an investment when prices do not reflect a normal situation. Global demand and production levels are less important in the long-term than the fact that these commodities will be exhausted. The evaluation of geopolitical tensions in production areas is also a factor that we consider to put in perspective the observed price. In case of significant and unjustified decline considering these two factors, we take an exposure to this asset class.