ALPORA Innovation Europe
Fund size EUR 105.4 Mio.
Past performance is not a reliable indicator of future performance.
The investment process in the ALPORA Innovation Europe Fund to identify high-quality innovators consists of a four-step procedure. In the first step, we calculate an “Efficient Frontier of Innovation” by considering defined input and output metrics of the innovation process, using a mathematical optimization procedure. The optimization model allows multiple quantitative parameters on both the input and output sides to be dynamically calculated based on the investment universe. This provides an objective performance comparison of the companies. Each company is assigned an innovation score, measured within the context of the investment universe (Western Europe). In addition to our Innovation Factor model, the quality of the companies is measured using the long-established ARTICO model. Based on the Innovation Factor and the Quality Factors model, a combined Quality Innovation Score (including innovation, growth, profitability, balance sheet strength, valuation, and ESG) is calculated in the second step, with the Innovation Factor being the primary factor. In the third step, the investment team conducts a qualitative analysis of the innovators regarding their future viability and coverage of relevant market and technology trends. In the fourth and final step, portfolio construction takes place. Here, the Quality Innovation Scores of the companies are maximized using an optimization approach, while undesired risks are mitigated through relative weight constraints. The target portfolio size is 45 stocks. Valuation metrics are secondary in this selection, allowing companies in early growth stages to be included in the portfolio composition.
Portfolio Management
- Patrick Hofer
-
Investment Manager
Serafin Innovation Hub / Quality Swiss Equities - +41 (41) 726 71 76
Portfolio Management
- Patrick Hofer
-
Investment Manager
Serafin Innovation Hub / Quality Swiss Equities
Serafin Innovation Hub
- Dr. Julian Kauffeldt
-
Head of Innovation Investment Products
Serafin Innovation Hub
- Dr. Niklas Bayrle
-
Investment Manager
Serafin Innovation Hub - +41 (41) 726 71 71
Serafin Innovation Hub
- Dr. Julian Kauffeldt
-
Head of Innovation Investment Products
Serafin Innovation Hub
- Dr. Niklas Bayrle
-
Investment Manager
Serafin Innovation Hub
Learn more about the ESG fund classification
Sustainability / ESG
Brief profile:
ALPORA Innovation Europe
Invest in European innovation champions and rely on profitable innovation leaders!
Quality Innovation:
A compelling opportunity
Leveraging insights from the ALPORA Innovation Europe fund, we identify a noteworthy trend: Europe's innovation equities appear undervalued, reflecting a gap between market valuations and underlying fundamentals.
For additional insights, please watch our video update.
Publications
INNOVATION HUB INSIGHTS | AI
WHITE PAPER | QUALITY INNOVATION
WHITE PAPER | INFLATION
TWO PAGER | QUALITY INNOVATION
Breakdown by sectors
Breakdown by currencies
Breakdown by countries
Comment August 2024
The fund recorded losses at the beginning of the month, in line with the overall market. As the month progressed, share prices recovered and the ALPORA Innovation Europe Fund closed the month of August in slightly positive territory. However, it was unable to keep pace with the reference market.
Kemira OYJ has established itself as a leading provider of sustainable water and industrial chemicals through a clear strategic focus on renewable and digital solutions. Population growth, urbanization, and the resulting increase in water consumption are putting considerable pressure on the natural water cycle. A safe water supply and sustainable wastewater treatment can no longer be guaranteed without chemicals. The sale of the oil and gas portfolio and the expansion of the water treatment business have increased Kemira's focus on innovation. The company focuses on renewable technologies and has a robust position in the water treatment market, particularly in Europe and the USA. The integration of digital services and the entry into the activated carbon market underline the ability to create sustainable growth opportunities.
ESG implementation:
We take ESG aspects into account in the financial analysis and investment decision-making process, applying a combination of exclusion criteria and ESG integration approach in the investment process. The abbreviation ESG stands for "Environmental - Social - Governance".
For the analysis within the sustainability approach, we rely on data from selected third-party providers and, if necessary, on our own analyses. The analysts and portfolio management teams are responsible for both the financial analysis and the ESG analysis. In this way, we ensure that the assessment and implementation are carried out on a recurring basis by the decision-makers in the respective fund as part of a comprehensive and integrated investment process.
In our investment process, we do not per se exclude investments in companies with weaker ESG ratings: Companies that address the issue of sustainability convincingly and consistently can be interesting portfolio companies.
Latest ESG reporting:
- Classification with regard to U.N. Global Compact Ten Principles:
All portfolio companies in the fund comply with the U.N. Global Compact Ten Principles. - Current portfolio structure using the ESG Risk Rating (by Sustainalytics):
The above fund is a financial product within the meaning of Article 8 of Regulation (EU) 2019/2088 (Disclosure Regulation).
For more information on the fulfillment of environmental and/or social characteristics, please refer to the fund prospectus.
Sustainability-related disclosures
| Domicile of fund | Switzerland |
|---|---|
| Legal form | Contractual investment fund |
| Investment universe | Europe |
| Investment manager | Serafin Asset Management Ltd, Zug |
| Management company | LLB Swiss Investment Ltd, Zurich |
| Custodian bank | Bank J. Safra Sarasin Ltd, Basel |
| Launch date | 01.10.2014 |
| Recommended investment horizon | 5 years |
| Reference currency | EUR |
| ISIN / Bloomberg-Ticker (respective share class) | EUR A: CH0248877885 / ALPIEUR SW EUR B: CH0436491234 / ALPIEUB SW CHF-hedged: CH0302271066 / ALPICHF SW |
| Distributions | accumulating |
| Subscription and redemption | daily (cut-off 09.00 CET) |
| Tax transparency | CH, AT |
| Tax status Germany | Equity fund pursuant to InvStG with partial exemption |
| UK Tax Reporting Status | Tranche EUR A |
| Registered for public distribution | CH, DE; SGP (acccr. investors only) |
Gebührenstruktur
| Subscription and redemption fee | none |
|---|---|
| Management fee p.a. | Tranche EUR A: 1.00% Tranche EUR B: 1.50% Tranche CHF-hedged: 1.00% |
| MiFID fee for third party research p.a. | 0.04% |
| Total expense ratio p.a. (per 31.12.2023; TER) | Tranche EUR A: 1.26% Tranche EUR B: 1.75% Tranche CHF-hedged: 1.26% |
| Duration | Fund | MSCI Europe ETF |
|---|---|---|
| 1 month | -5.0% | -2.0% |
| 3 months | -5.7% | 0.7% |
| 12 months | 0.3% | 17.1% |
| 3 years p.a. | -5.4% | 7.8% |
| 5 years p.a. | 7.8% | 8.4% |
| since inception p.a. | 10.6% | 7.0% |
| Year | ||
| 2024 | -3.2% | 10.0% |
| 2023 | 8.6% | 15.7% |
| 2022 | -23.3% | -9.1% |
| 2021 | 31.4% | 24.9% |
| 2020 | 20.0% | -3.2% |
| since inception | 171.2% | 96.3% |
Risk ratios (rolling over the last 3 years)
| Volatility (p.a.) | 18.6% |
|---|---|
| Sharpe ratio (1.89% Risk free rate) | n/a |
| Beta (vs. MSCI Europe ETF) | 1.18 |
The gross performance takes into account the costs incurred at fund level (e.g. management fee) without including the costs incurred at investor level (e.g. front-end load and custody fees). The net performance also takes into account an initial sales charge of 0.00% in the first period under review.