Eleva Absolute Return Europe

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%.