GREIFF "special situations" Fund -I-
Status: 04/24/2024
Fund profile
| ISIN | LU1287772450 |
|---|---|
| WKN | A14ZX7 |
| Inception date | |
| Total fund assets | 40.4 M EUR |
| Fund currency | EUR |
| Current issue price | EUR55.78 (04/24/2024) |
| Current return price | EUR53.12 (04/24/2024) |
| Annual high (redemption price) | EUR54.15 (01/05/2024) |
| Annual low (redemption price) | EUR53.06 (04/12/2024) |
| Performance current year | -1.50 % (04/24/2024) |
| ø Performance
Since launch p.a. |
0.95 % (04/24/2024) |
| Issue charge | 5.00 % |
| Redemption charge | 0.00 % |
| End of fiscal year | Jun 30 |
| Dividend | Payout |
| Total expense ratio | 1.12 % p.a. |
| Management fee | therefrom 0.80 % p.a. |
| Custodian fee | therefrom 0.04 % p.a. |
| Capital accumulation benefits capable | no |
| Savings plan | no |
| Single payment | yes (min EUR10,000,000.00) |
| Conformity | yes |
| Registered for distribution | DE , FR , LU , AT |
Key figures
| Duration of loss in days | 974 |
|---|---|
| Sharpe ratio | -1.04 |
| Volatility | 3.7 % |
| Max. drawdown | -10.2 % |
| Number of negative months | 18 |
| Number of positive months | 18 |
| Share of positive months | 50 % |
| Worst month | -2.23 % |
| Best month | 1.6 % |
Comment
Dirk Sammüller
With regard to announced mergers and acquisitions in the domestic sphere, the month under review was subdued. The focus was on wind and solar park operators. After operationally difficult months, valuations appear to have reached a price level that is attractive for M&A players. A consortium led by KKR is offering EUR 17.50 per Encavis share. Before the takeover rumors emerged, the share price was just at EUR 11.50. In the area of endgames, the shares of Aves One were derecognised after the squeeze-out was entered in the commercial register. The review of the appropriateness of the cash compensation in the so called "Spruchverfahren" is mandatory. The shareholders of Aareal Bank are to be compensated with only the legal minimum price. Aareon, the group's software pearl, will be for sale in 2024 - and at valuations that tend to be significantly higher. A rogue who thinks evil. Since the share is only trading marginally above the settlement price anyway and in view of a valuation report that is once again more than worthy of discussion, the appraisal process should bring with it a good chance of a subsequent improvement. It remains to be seen that there are almost no limits to the creativity of experts in the "small calculation" of the company's values, which is once again demonstrated by the determination of the exchange ratio in the planned merger of Vitesco Technologies with Schäffler AG.
03/28/2024
Opportunities
Exploiting opportunities for growth in the bond and equities markets.
Generating interest income from current yield. Additional income may be earned as a result of rating upgrades
Active interest, currency and risk management. When investing in assets denominated in foreign currencies, the fund unit value may be positively affected by changes in exchange rates.
Hedging opportunities through the possible use of derivatives.
Risks
Prices may be negatively affected by the issuers' country, default and liquidity risks, as well as exchange rate risks. In the case of thinly traded securities, there is also a risk that selling the asset will not be possible or will be possible only at a substantial discount.
Share prices may fluctuate sharply due to market conditions, and prices may fall at any time.
When investing in foreign currencies, the fund's unit value may be negatively affected by changes in exchange rates.
If derivatives are used, it is possible that the value of the fund will be affected more negatively than would have been the case if the assets were purchased without using derivatives. This may in turn increase the fund's risk of loss and volatility (fluctuation in value).
- Information on further risks can be found in the key information document and the sales prospectus to the fund composition and the possible use of derivatives, the share price shows increased fluctuation
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