real return fund
performance

Eonia + 400
volatility

4-6%
Portfolio composition

Global, Multiactive
Investment style

Multistrategy
“15 years of absolute performance with low volatility”
Investment philosophy
The Real Return Strategy is a defensive, global and multistrategy portfolio with an absolute performance objective of Eonia + 400 basis points.
Combines traditional assets such as stocks, bonds and currencies with an active hedge management to reduce market risk, preserve capital and offer liquidity to investors in any market scenario.
The investment philosophy is based on a global and pragmatic interpretation of the financial markets. History shows that there is not any asset, market or economy in isolation can offer an stable profile of risk-return over time. An attractive and sustainable return with moderate volatility on liquid assets can just be achieved through a real diversification and risk dynamic control management.
The main stocks strategy in this portfolio is Quality Alpha, a concentrated stock selection with potential growth and solid fundamentals.
Combines two investment processes as a result of years of internal investigation:
- A stock selection process based on fundamentals factors analysis with 5 stages (Fundamentals growth, Barriers of Entry, Financial Consistency, Valuation and Momentum)
- A global dynamic risk control layer to reduce portfolio´s sensitivity to market moves. The strategy Real Return seeks to obtain an attractive return in the long run from sources of real growth without asset, regional or sectorial restrictions.
PERFORMANCE

Investment vehicle
Sigma Fund is a Luxembourg registered Sicav which was set up in April 1995. It is registered in the list established in article 72 (1) of the Luxembourg Law dated 30th of March 1998 concerning collective investment institutions and is submitted to the second part of the aforementioned law.
Sigma Fund Sicav operates as an umbrella structure comprising different compartments with a different portfolio composition each.
- Investment Manager: Altex Partners Gestión, SGIIC, SAU
- Custodian: Quintet Private Bank
- Administrator: European Fund Administration
- Auditor: KPMG
- Daily Liquidity
- Listed in: Luxembourg Stock Exchange
Investor documents

- Performance
Eonia + 400 basis points - Volatility
4-6% - Portfolio Composition
Multiactive (stocks, bonds, forex, derivatives, funds,ETFs) - Investment Style
Global, Multistrategy, Flexible. - Sensibility to market
Medium. Maximize stability. - Risk profile
Moderate

- Performance
Eonia + 600 basis points - Volatility
5-10% - Portfolio Composition
Multiactive (stocks, bonds, forex, derivatives) - Investment style
Global, Growth. Equity hedged between 30% and 100%. - Sensibility to market
Medium. Maximize alpha capture versus market beta. - Risk profile
Moderate

- Performance
Long-term capital appreciation - Volatility
+ 10% - Portfolio Composition
Stocks - Investment style
Global, Growth, Unhedge - Sensibility to market
High. Maximizes long term growth. - Risk profile
Very Tolerant

- Performance
Eonia + 400 basis points - Volatility
4-6% - Portfolio Composition
- Multiactive (stocks, bonds, forex, derivatives, funds, ETFs)
- Investment Style
Global, Multistrategy, Flexible. - Sensibility to market
Moderate. Maximize stability. - Risk profile
Moderate

- Performance
Eonia + 600 basis points - Volatility
5-10% - Portfolio Composition
Multiactive (stocks, bonds, forex, derivatives) - Investment style
Global, Growth. Equity hedged between 30% and 100%. - Sensibility to market
Low. Maximize alpha capture versus market beta. - Risk profile
Tolerant

- Performance
Long-term capital appreciation - Volatility
+ 10% - Portfolio Composition
Stocks - Investment Style
Global, Growth, Unhedge. - Sensibility to market
High. Maximizes long term growth. - Risk profile
Very Tolerant
C/ María de Molina 5
28006 – Madrid – Spain
Email: info@altexpartners.com
Telf: 00 34 91 383 61 30
Fax: 00 34 91 302 70 17
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