1. Documents and reports
- KIID, Alpha Fund, N/A (EUR) LU2263803962
- KIID, Alpha Fund, I/A (EUR) LU2263804002
- KIID, Alpha Fund, I/A (GBP) hgd LU2263804184
- KIID, Alpha Fund, I/A (USD) LU2263804267
- KIID, Alpha Fund, I/A (USD) hdg LU2636416559
- KIID, Alpha Fund, I/A (CHF) hgd LU2629394722
- Prospectus LIOR GP January 2025
- Sustainability-related disclosure and summary
- Monthly report and historical NAVs
2.1 Objective
The Sub-Fund’s investment objective is to achieve a positive return in any type of market condition by investing across fixed income, equities and currency markets on a global basis (absolute return strategy). It seeks to outperform the €STR (compounded daily) index over any 3 year holding period, while offering controlled risk exposure.
2.2 Investment and strategy
The Investment Manager actively manages the Sub-Fund and selects investments believed to be under or over-valued, or to offer a more attractive valuation than comparable investments. Selection considers macroeconomy, microeconomy, capital flows, interest rate movements, valuations and market trends.
The Sub-Fund may invest up to 100% of its assets directly in bonds and money market instruments issued or guaranteed by governments and companies, whether investment grade, non-investment grade or non-rated. Within this framework it may invest up to 20% in convertible debt obligations, including CoCos, and up to 30% in Chinese sovereign bonds traded on the China Interbank Bond Market or Bond Connect. Non-OECD unrated investments may not exceed 10% of assets.
Exposure to global bond risk (modified duration) is managed through directional strategies among the four main OECD government bond markets (United States, Germany, United Kingdom and Japan), complemented by relative value strategies.
The Sub-Fund may also invest up to 30% in equity securities (including up to 10% of net assets in China A and B shares) and up to 20% in investment grade asset-backed or mortgage-backed bonds. Investments in other UCIs will not exceed 10% of assets.
Derivatives are used for investment, hedging and efficient portfolio management purposes, mostly exchange-traded, with recourse to OTC instruments such as CDS and forex options. In exceptional or adverse market conditions, the Investment Manager may hold up to 100% in cash or cash equivalents.
Risk framework
| Parameter | Minimum | Maximum |
| Sensitivity to interest rates (modified duration) | -8 | +8 |
| OECD member states (government) | 0% | 100% |
| OECD investment grade (corporate) | 0% | 100% |
| Non-OECD member states (government and corporate) | 0% | 75% |
| Non-OECD non investment grade | 0% | 15% |
| Non-OECD emerging markets | 0% | 15% |
| Exchange rate risk permitted (G10 and Europe ex-EMU) | 0% | 300% |
| Active exposure to equity securities | -30% | +30% |
3. Share classes available
| Name | ISIN | Currency | Hedging | Distribution | Minimum investment (i) | Sales charge (ii) | Redemption charge | Management fee | Performance fee |
| Alpha Fund N/A (EUR) | LU2263803962 | EUR | No | Accumulation | 100,000 | 4.5% | 1% | 1.50% (iii) | 20% |
| Alpha Fund I/A (EUR) | LU2263804002 | EUR | No | Accumulation | 1,000,000 | 2.5% | 1% | 1.15% (iv) | 20% |
| Alpha Fund I/A (GBP) H | LU2263804184 | GBP | Yes | Accumulation | 1,000,000 | 2.5% | 1% | 1.15% (iv) | 20% |
| Alpha Fund I/A (USD) | LU2263804267 | USD | No | Accumulation | 1,000,000 | 2.5% | 1% | 1.15% (iv) | 20% |
(i) Denominated in the base currency of the Sub-Fund or the same amount in other available currencies. (ii) The Sub-Fund does not currently apply a sales charge. Sales agents may decide to apply one, up to a maximum of 1%. (iii) Investment Manager Fee: 1.10%; Management Company Fee: 0.40%. (iv) Investment Manager Fee: 0.75%; Management Company Fee: 0.40%. These fees are mentioned subject to applicable minima pursuant to the relevant agreement. The Administration Fee encompasses fund administration, transfer agency, domiciliation and reporting. The Depositary also charges transaction fees related to the purchase and sale of assets.
Reference indicator: €STR (compounded daily) index. The crystallisation date for the Sub-Fund is 31 December; the performance fee measurement period runs from 1 January to 31 December of the same year.
3.1 Availability of share classes
- N/A (EUR) is available to French, Luxembourg and Monaco based retail investors.
- I/A (EUR), I/A (GBP) hgd and I/A (USD) are available to Luxembourg and Monaco based institutional investors.
- I/A (GBP) hgd is available to UK institutional investors, I/A (EUR) to French institutional investors.
3.3 Transaction cycle
| Step | Timing |
| NAV date | D |
| Valuation point | D+1 at 5 pm Luxembourg time |
| NAV publication | D+1 business day at 1.30 pm Luxembourg time |
| Subscription / redemption cut-off | D at 12 pm (noon) Luxembourg time |
| Pre-advice to fund manager | D at 2 pm Luxembourg time |
| Confirmation | D+1 at 5 pm Luxembourg time |
| Payment settlement date | D+2 business days at COB |
| FX valuation point | D at 5 pm Luxembourg time |
3.4 Subscription
For any information regarding subscription to LIOR GP, Alpha Fund, please email contact@lior-gp.com or CACEIS at FDS-investor-services@caceis.com.
