Maia FERRAND
Co-Head of External Multi-Management
Candriam World Alternative Alphamax
Fund details
AUM - 31 JAN 2025
EUR 121.840.615,23
Last NAV - 31 JAN 2025
EUR 1.908,62
Morningstar™ category
EAA Fund Multistrategy USD
Marketing Communication. Please refer to the prospectus of the fund and to the key investor information document before making any investment decision. The documents can be obtained free of charge.
Risks
Lower Risk
Potentially lower return
Higher Risk
Potentially higher return
1
2
3
4
5
6
7
Definition
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.
The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.
It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.;
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.<br>The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.<br> It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.
Legal documents
Download documents
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About this fund
Candriam World Alternative Alphamax (hereafter "the fund"), a sub-fund of the Candriam World Alternative sicav acts a fund of funds and invests its assets in a diversified and multi-strategy portfolio of target funds, essentially aiming to achieve "absolute yield" (also called "Alpha strategies"). The sub-fund focuses on strategies such as market neutral, long/short equity, event driven (merger arbitrage, etc.), global macro, quantitative strategies, and fixed-income arbitrage. A suitable combination of these strategies aims to offer investors an investment with a lower volatility than that of traditional markets. The fund seeks to achieve capital growth over the recommended investment period of 3 years. Controlled volatility and decorrelation from traditional markets is a fundamental objective of the Alphamax sub-fund. The fund partly or fully hedges the risk linked to USD in EUR by means of swaps, foreign exchange contracts, options, etc. The Sub-Fund is not managed with reference to any index, it is actively managed on a discretionary basis .The Fund does not have a sustainable investment objective and does not specifically promote environmental and/or social characteristics. The fund may use derivative products both for investment and hedging purpose (please refer to the prospectus for more information). For more information please consult the fund’s key information document (KID).
Principal assets traded:
Investment fund pursuing strategies of all types, for example fixed-income securities arbitrage, convertible bond arbitrage, market neutrality, equity hedging, global macro, managed futures.
Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded over the recommended investment period.
Within the limits of the fund’s investment objective and policy, the management team makes discretionary investment choices in the portfolio based on its analyses of the characteristics and growth prospects of the assets traded. The fund seeks to combine the pursued strategies in a suitable way. To boost yield, these alternative funds may engage in short buying and selling and/or use very high leverage on occasion.
The fund's principal objective is to achieve controlled volatility and decorrelation from the traditional markets. The fund partly or fully hedges the risk linked to USD in EUR by means of swaps, foreign exchange contracts, options, etc. For more information on the strategies used and the diversification criteria, please refer to the prospectus. The fund does not have sustainable investment as its objective and does not specifically promote environmental and/or social characteristics.
The fund may make use of derivative products for both investment and hedging purposes (to protect against future unfavourable financial events).
Benchmark: /.
Investment fund pursuing strategies of all types, for example fixed-income securities arbitrage, convertible bond arbitrage, market neutrality, equity hedging, global macro, managed futures.
Investment strategy:
The fund seeks to achieve capital growth by investing in the principal assets traded over the recommended investment period.
Within the limits of the fund’s investment objective and policy, the management team makes discretionary investment choices in the portfolio based on its analyses of the characteristics and growth prospects of the assets traded. The fund seeks to combine the pursued strategies in a suitable way. To boost yield, these alternative funds may engage in short buying and selling and/or use very high leverage on occasion.
The fund's principal objective is to achieve controlled volatility and decorrelation from the traditional markets. The fund partly or fully hedges the risk linked to USD in EUR by means of swaps, foreign exchange contracts, options, etc. For more information on the strategies used and the diversification criteria, please refer to the prospectus. The fund does not have sustainable investment as its objective and does not specifically promote environmental and/or social characteristics.
The fund may make use of derivative products for both investment and hedging purposes (to protect against future unfavourable financial events).
Benchmark: /.
Investment Team
Annual return
This chart shows the fund’s performance as the percentage loss or gain per year over the last 10 years.
It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
The index composition may change over time. The performance reported may therefore differ from the performance of the relevant index before its change. Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change. If for one year, there is no performance information, it is because there is no data or the data is insufficient to provide investors with useful or reliable indications on this performance.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Fund | 2,51 % | 2,51 % | -2,03 % | 3,39 % | -2,54 % | 4,04 % | -0,54 % | 4,68 % | 2,81 % | 2,65 % |
| Benchmark | ||||||||||
| Difference |
Additional information
The returns listed above are provided on the basis of the Net Asset Value (NAV), net of commissions and reinvested income. All management fees and commissions are included in the calculation of past performance except for any entry and exit charges. Taxes are not included in the calculation of returns. The value or price converted into euros may be reduced or increased depending on fluctuations in the exchange rate. The fund is not a guaranteed investment. The NAVs are net of fees and are provided by the accounting department and the benchmark by the official providers.
Market developments (currency conversion, coupon, split, …) have an influence on the chart. This graph is provided for information purposes only and does not precisely illustrate the evolution of the fund's net assets. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses
Risk And Reward Indicators
Lower Risk
Potentially lower return
Higher Risk
Potentially higher return
1
2
3
4
5
6
7
Definition
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.<br>The summary risk indicator ("SRI") is a guide to the level of risk of this product compared to other products.<br> It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.- SRI Value
- 4
Main Risks
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Arbitrage risk
Arbitrage is a technique which consists in benefiting from the differences in prices recorded (or anticipated) between markets and/or sectors and/or securities and/or currencies and/or instruments. If such arbitrage transactions perform unfavourably (a rise in sell transactions and/or fall in buy transactions), the funds net asset value may fall.
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Commodity risk
Commodities namely energy, metals and agricultural products, could have more closely correlated trends that may differ from traditional securities trends. Unfavourable trends on these markets may cause the net asset value of a sub-fund to fall.
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Counterparty Risk
When the fund carry out over-the-counter transactions (i.e. involving instruments not listed on the markets), they are exposed to a risk of default by the counterparty to the transaction.
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Credit risk
It constitutes the risk that an issuer or a counterparty default. This risk includes the risk of changes in credit spreads and default risk. The level of credit risk is usually evaluated by using “ratings” representing a comparative assessment of the credit quality (solvency level) of an issuer, issuer or portfolio. “High Yield” investments present the lowest rating levels and therefore a high credit risk.
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Currency risk
Funds may hold exposure to a currency different from its valuation currency. Changes in the exchange rate of this currency may negatively affect the value of assets in the portfolio.
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Derivative risk
Derivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Sub-Fund to lose more money than it would have lost had it invested in the underlying instrument. Using derivatives may result in a higher portfolio volatility related to this underlying asset and an increase of the counterparty risk.
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Emerging market risk
These markets are characterized by higher volatility issues and a lower liquidity because of legal, political and structural matters. Market movements can be stronger and faster on emerging markets than on “developed markets”, which can lead to a substantial decline in the net asset value in the event of the adverse movements relative to the positions taken.
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Equity Risk
Some funds may be exposed to equity market risk through direct investment (through transferable securities and/or derivative products), meaning submitted to the positive or negative evolution of stock exchanges. These evolutions can be huge and be mainly driven by expectations relative to macro-economy and company results, speculation and irrational factors (including trends, opinions or rumours).
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Interest rate risk
A change in interest rates, resulting notably from inflation, may cause a risk of losses and reduce the net asset value of the fund.
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Leverage risk
The use of Leverage tend to magnify returns on underlying assets, both on the upside and downside. Consequently, a minor trend on the market can lead to substantial gains or losses. In some cases, the entire investment can be wiped out.
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Liquidity risk
lt occurs when a portfolio position cannot be sold, liquidated or closed at a limited cost and within a sufficiently short time, which jeopardizing the fund's ability to comply at any time with its obligations to redeem the shares of investors at their request.
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Model risk
Fund management process relies on establishing a model which is used to identify signals based on past statistical results. Models full efficiency and internally developed strategies may represent a risk.
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Risk of loss of capital
Investors are advised that any capital they invest is not guaranteed and that they may therefore not receive back the full amount invested. They may thus suffer a loss.
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Sustainability Risk
The sustainability risk refers to any environmental, social or governance event or condition that could affect the performance and / or the reputation of issuers in the portfolio. It may be issuer specific, in line with their activities and practices, but may also be due to external factors.
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Volatility risk
A fund may be exposed (taking directional positions or using arbitrage strategies for example) to market volatility risk and could therefore, based on its exposure, suffer losses in the event of changes in the volatility level of these markets.
Other Risks
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ESG Investment Risk
ESG investment risk refers to the risks arising from the inclusion of ESG factors in the management process, such as the exclusion of activities or issuers and the inclusion of sustainability risks in the selection and/or allocation of issuers in the portfolio.
Risk And Reward Indicators
Companies
Other Controversial Activity Exclusion
Candriam's Controversial Activities Analysis excludes companies involved in harmful or controversial activities. Involvement is assessed using activity-specific revenuebased threshold levels.
Fund Characteristics
- Fund name
- Candriam World Alternative Alphamax
- Benchmark
- Effective Federal Funds Rate Capitalized
- SICAV Name
- Candriam World Alternative
- Currency
- EUR
- Legal Form
- Sub-fund of a SICAV under Luxembourg law
- Legal status
- AIF
- Creation Date
- Domicile Country
- Luxembourg
- Management company, having its registered office in Luxembourg
- CANDRIAM, management Company having its registered office in Luxembourg.
- Depository bank
- CACEIS Bank, Luxembourg Branch
- Transfer agent
- CACEIS Bank, Luxembourg Branch
- Term of fund
- The fund has no limited term
- Anti Dilution system
- no
Swing Pricing is a mechanism by which the net asset value is adjusted upwards (or downwards) if the change in liabilities is positive (or negative) in such a way as to reduce for existing investors the portfolio restructuring costs linked to subscription/ redemption movements in the fund. On valuation days where the difference between the amount of subscriptions and the amount of redemptions of a sub-fund (i.e. net transactions) exceeds a threshold set beforehand by the Board of Directors, the latter shall be entitled to:
- value the net asset value by adding to the assets (in the case of net subscriptions) or deducting from assets (at net redemptions) a fixed percentage of the fees corresponding to market practices and reflecting the fees and/or conditions of liquidity when buying or selling securities;
- value the securities portfolio on the basis of bid or ask prices;
- assess the net asset value by setting a level of spreads representative of the relevant market;
- The dilution mechanism must not exceed 2% of the net asset value, except in exceptional circumstances, as in the event of a sharp decrease in liquidity, which would then be detailed for the sub-fund concerned in the annual (semi-) annual report of the SICAV.
Instrument characteristics
- Share Class
- C - Cap
- Benchmark
- /
- Currency
- EUR
- First NAV Date
- 31/8/01
- ISIN
- LU0132841213
- Recommended investment horizon
- 3 years
- Bloomberg ticker
- DEXWLAE LX Equity
- Morningstar ticker
- FOUSA06BN3
- Marketing authorization
- Austria; France; Germany; Italy; Luxembourg; Netherlands; Spain; United Kingdom
Tax, Charges & Fees
- Management fees (max)
- 1.50 %
- Subscription
- 3.50 %
- Redemption
- 0.00 %
- Distribution Fees
- 0.00%
- Entry Costs
- 4.00%
- Exit Costs
- 0.00%
Transaction Fees
- Portfolio transaction costs
- 0.00%
Performance fees
- Performance fee value
- 15.00%
Ongoing cost
- Ongoing cost value
- 3.42%
Orders
Order Subscription
- Subscription cut off
- D-5 15:00
Order redemption
- Redemption cut off
- D-45 15:00
The corresponding time zone is the one associated with the fund's domicile.
NAV
Nav Specification
- Frequency valuation
- Monthly
- NAV date
- D
- NAV calculation Day
- D
Nav Aum
- Aum currency
- EUR
- Aum value
- 121.840.615,23
- Aum date
- 31/01/2025
Nav aum for share class
- Last nav date
- 31/01/2025
- Last nav value
- 1908,62
Legal documents - C Cap
Download all legal documentsAnnual and semi-annual reports
Download all annual documentsFactsheet and Fund Comments
Download all fact sheet documentsAwards
References to rankings, awards and/or ratings are not indicators of the future performance of the funds or the asset manager.
Other information
This is a marketing communication. Please refer to the prospectus of the funds and to the key information document before making any investment decision. This marketing communication does not constitute an offer to buy or sell financial instruments, nor does it represent an investment recommendation or confirm any kind of transaction, except where expressly agreed. Although Candriam selects carefully the data and sources within this document, errors or omissions cannot be excluded a priori. Candriam cannot be held liable for any direct or indirect losses as a result of the use of this document. The intellectual property rights of Candriam must be respected at all times, contents of this document may not be reproduced without prior written approval.
Warning: Past performance of a given financial instrument or index or an investment service or strategy, or simulations of past performance, or forecasts of future performance does not predict future returns. Gross performances may be impacted by commissions, fees and other expenses. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change.
In respect to money market funds, please be aware that an investment in a fund is different from an investment in deposits and that the investment’s principal is capable of fluctuation. The fund does not rely on external support for guaranteeing its liquidity or stabilizing its NAV per unit or share. The risk of loss of the principal is borne by the investor.
Candriam consistently recommends investors to consult via our website https://www.candriam.com the key information document, prospectus, and all other relevant information prior to investing in one of our funds, including the net asset value (“NAV) of the funds. Investor rights and complaints procedure, are accessible on Candriam’s dedicated regulatory webpages https://www.candriam.com/en/professional/legal-information/regulatory-information/. This information is available either in English or in local languages for each country where the fund’s marketing is approved.
According to the applicable laws and regulations, Candriam may decide to terminate the arrangements made for the marketing of a relevant fund at any time.
Information on sustainability-related aspects: the information on sustainability-related aspects contained in this communication are available on Candriam webpage https://www.candriam.com/en/professional/sfdr/. The decision to invest in the promoted product should take into account all the characteristics or objectives of the promoted product as described in its prospectus, or in the information documents which are to be disclosed to investors in accordance with the applicable law.