Eleva Absolute Return Europe

Investment Objective

The Eleva Absolute Return Europe Fund seeks to achieve a positive absolute return over the medium term through capital growth by investing primarily in listed European equities and equity-related securities on both a long and short basis.

Latest Meeting Note

Meeting 07 Dec 2021

Eleva Absolute Return Europe is an equity long short European focussed strategy that seeks to identify long and short ideas by combining bottom-up and top-down views. Nearly all of Eleva’s long positions fall under four thematic headings... Read more

Eleva Absolute Return Europe is an equity long short European focussed strategy that seeks to identify long and short ideas by combining bottom-up and top-down views. Nearly all of Eleva’s long positions fall under four thematic headings: family or foundation owned companies, differentiated business models in mature industries, equities that are mispriced relative to their credit, and firms undergoing change. The family/foundation owned component represents the bulk of the long portfolio (c. 50%) as the PM Eric Bendahan believes that these companies (and management team) by taking a long-term view on value creation are most aligned with investors interests. The short book has been a strong source of absolute returns and is typically very well diversified, with positions rarely exceeding 2.5% of NAV, with structural themes often running through the book. Overall there is no structural bias to styles or factors, apart from a slight tilt to SMID growth, based on the PMs preference for SMID to access growth while using large caps for value or cyclical plays. The strategy is run with a conservative net exposure, ranging between –10% to +50%.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2021 0.2 0.9 0.4 0.5 0.5 0.6 0.3 0.5 0.3 0.7 0.8 0.6 0.2
2020 0.3 0.3 0.3 1.0 0.4 0.8 0.8 0.4 0.6 0.8 1.0 0.3 0.8

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Close Current Site Absolute Hedge is a market leading UCITS research database providing proprietary research on funds, themes and strategies in the UCITS space. Kepler Trust Intelligence is produced by the investment companies team at Kepler Partners and is the UK’s premier source of detailed qualitative research on investment trusts. Kepler Liquid Strategies is a Dublin domiciled UCITS fund platform featuring a number of best-of-breed fund managers. Kepler Partners is a corporate advisory and asset raising boutique specialising in the regulated funds market in Europe and investment trusts in the UK.