Plenisfer Destination Value Total Return

Investment Objective

Destination Value Total Return Fund is a multi-asset, multi-strategy portfolio built with a specific goal. As an internal expected target we aimed at achieving of 8% ann. in USD terms, gross, with <75% of equity volatility across the cycle (>5 years). The portfolio has a benchmark-free, high conviction approach to security selection anchored in fundamental valuations. Allocating to proprietary strategies rather than asset classes, the portfolio focuses on identifying idiosyncratic opportunities across a global opportunity set of traditional and alternative asset  classes.

Latest Meeting Note

Meeting 05 Jun 2023

Plenisfer Investments is a boutique investment manager established in 2019 by four founding partners (Giordano Lombardo, Mauro Ratto, Diego Franzin and Robert Richardson; ex Amundi, Pioneer) in partnership with Generali Investments. The ...

Plenisfer Investments is a boutique investment manager established in 2019 by four founding partners (Giordano Lombardo, Mauro Ratto, Diego Franzin and Robert Richardson; ex Amundi, Pioneer) in partnership with Generali Investments. The team is headquartered in Milan with offices in London and Dublin, and employ an unconstrained, goal-oriented, global multi-strategy approach focused on investing by strategies/outcomes rather than by asset classes. At any time, the portfolio is invested across 5 proprietary investment strategies (Income, Compounders, Macro, Special Situations and Alternative Assets) with the relative weighting between them determined by risk-reward, bottom-up considerations. The Income sleeve is designed to build a stable source of carry for the portfolio, through investment in cash flow generating assets (equities, credit, real estate). The Compounders bucket comprises high quality companies that can grow and compound earnings over several years. Macro aims to exploit opportunities across equity markets, rates, currencies, countries and sectors that may arise through economic cycles. Within Special Situations, the team focuses on company specific opportunities (M&A, distressed assets, etc.) with the aim to provide uncorrelated returns to the portfolio. The Alternative assets sleeve typically invest across gold, real assets, volatility and commodities and is expected to do well during periods of market disruption. The final portfolio is complemented by a hedging overlay (convexity optimization). The fund target 8% annualised returns (gross) with less than 75% of equity volatility across a full market cycle.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.6 0.0 0.6 0.4 0.2 0.2 1.0 1.0 0.1 0.6 0.4 0.8 0.8
2022 0.9 0.8 0.7 0.4 0.9 0.1 0.6 0.2 0.6 0.1 0.8 0.8 0.5

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