KIS KEY

KIS KEY

KIS KEY (Kairos Equity Yield) is a flexible equity fund that invests in regulated and semi-regulated businesses, mainly in utilities, transport infrastructure, telecommunications and real estate. These are infrastructure companies with stable cash flows – mostly inflation-protected – and predictable over time, with an important focus on dividend growth. It combines bottom-up fundamental analysis based mainly on proprietary research with top-down macroeconomic analysis thus also identifying sector trends.

The investment universe is European with opportunities for global opportunistic choices.

The portfolio includes a long core part invested in a long-term perspective of around 30-40 stocks, with a high level of concentration. The short positions, built both on indices and on single names, have on the one hand the purpose of hedging and on the other of investment, looking for a market catalyst, such as regulatory or management changes, which can contribute to the profitability of the portfolio.

The stock-picking activity represents the main performance driver. It is a solution comparable to equity for potential returns and similar to bonds for the visibility of the cash flows of the companies in which it invests.

The main objective of management is capital appreciation in the medium to long term.


Recording date September 2019

Identity card

  • Category

    Sector/infrastructure equity fund

  • Management style

    Long/short, long-biased management style combining bottom-up analyses of fundamentals and top-down analyses to identify sector trends

  • Investment universe

    Focused on global equity markets and, in particular, regulated and semi-regulated companies. It mainly invests in global energy, transport and TLC infrastructures, with a specific focus on Europe. It may invest in companies operating in non-reproducible goods, such as monopolies or concessions

  • Objective

    Appreciate capital in the medium to long term

  • Level of risk
    • 1
    • 2
    • 3
    • 4
    • 5
    • 6
    • 7

  • Factsheet

THE NEW
DIGITAL MAGAZINE STORAGE
IS ONLINE