H2O has six of the top 10 Global Macro funds of the past year

All, Press
June 2023

The embattled firm’s funds are leading performance wise in Alternative Ucits – Global Macro. Here’s a closer look at the strategies.

Bond house H2O Asset Management started the year with a record €75m fine imposed by the French regulator, but its funds are outperforming despite the overarching challenges for the firm.

That is at least with regards to performance in Alternative Ucits – Global Macro, as six of the firm’s strategies sit in the top 10 over the past 12 months to April, according to Citywire data.

The €277m H2O Multistrategies fund, which is managed by Stephane Gaillard, leads the league table with a 38.9% return compared to an average of 0.6%. This fund was launched in October 2020 and is for sale in Belgium, France, Italy and Switzerland.

The full article available here

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Credits : Agence SAND

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financial loss;
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Handling complaints

Complaints may be sent by post, telephone and/or e-mail, or may be provided via the client’s usual point of contact.

By Telephone: The Client’s usual point of contact
By Post:
- H2O Asset Management L.L.P.: 9th Floor, 33 Cavendish Square, W1G 0PW, London, United Kingdom
- H2O AM Europe SAS : 5^th Floor, 39 avenue Pierre 1er de Serbie 750008 Paris, France
- H20 Monaco : 24, BD PRINCESSE CHARLOTTE ET 1, IMPASSE DE LA FONTAINE 10 ETG N° B10 – 98000 MONACO – MC PRINCIPAUTE DE MONACO
- H2O AM ASIA PTE. : 12 Marina Boulevard #17-01 – Marina Bay Financial Centre Tower 3 – Singapore 018982
- H2O AM SWITZERLAND SA : rue Cornavin 11, c/o DYN Genève SA (CHE 372.076.788) – 1201 Genève
By Email: The Client’s usual point of contact AND/OR complaints@h2o-am.com

Processing deadlines

H2o AM Group entities are required to acknowledge receipt of all complaints within the timeline of 5 business days. H2O AM Europe has the same objective but this timeline can be expanded to 10 days from the date on which the written complaint is sent.
Respond to any complaints within a maximum period of eight weeks following their receipt or 2 months for H2O AM Europe from the date on which the written complaint is sent. H2O AM will collate all the information, documentation and comments relevant to your complaint.
If our investigation is going to take longer than eight weeks or two months for H2O AM Europe, we will write to you again to explain why and let you know when we expect to be able to conclude matters. When we have completed our investigation we will let you know the outcome in writing.

Ombudsman
As a last resort and if you are not happy with our final response you may refer your request, free of charge, to the Ombudsman according to jurisdiction where complaints shall be addressed. The Ombudsman must be referred to within a year of the complaint submitted to H2O AM and only after all the internal remedies mentioned above have been used.

United Kingdom:

The Financial Ombudsman Service can be contacted in a number of ways:

By post: Financial Ombudsman Service Exchange Tower, Harbour Exchange Square London, E14 9SR
By telephone: +44 (0) 800 023 4567
By email: complaint.info@financial- ombudsman.org.uk
By website: financial-ombudsman.org.uk

France:

The AMF Ombudsman Service can be contacted in a number of ways:

By post: Ombudsman – Autorité des Marchés Financiers, 17 place de la Bourse – 75082 Paris cedex 02.
By Fax: +33 (0)1 5345 5960
By website : https://www.amf-france.org/en_US/Le-mediateur-de-l-AMF/Le-mediateur-mode-d-emploi/Modes-de-saisine

Monaco :

The Ombudsman Service can be contacted

by website : https://en.service-public-particuliers.gouv.mc/You-and-The-Administration/Ombudsman-service/Mediation

Singapore:

The Financial Industry Disputes Resolution Centre Ltd (FIDReC) is an independent and impartial institution that resolves consumer financial disputes through mediation and adjudication. It can be contacted in a number of ways:

By Post : 36, #15-01 Robinson Rd, City House, Singapore 068877
By phone : +65 6327 8878
By website : https://www.fidrec.com.sg/website/index.html

Switzerland:

Association Finanzombudsstelle Schweiz (FINOS) is a neutral institution to develop consensual solutions for all parties within the framework of mediation and thus avoid costly legal disputes. Their ombudsman service deals with questions and complaints from clients of our affiliated financial services providers.

By post : Talstrasse 20 CH-8001 Zürich

By website : Info@finos.ch

Data Protection

According to Data Protection Act (DPA) and General Data Protection Regulation (GDPR), H2O AM is required to retain Personal Data for as long as is necessary for the purpose for which it has been collected. Where Personal Data is no longer required this will be disposed of securely in accordance with H2O AM’s Data protection and Privacy Policy.

Record Keeping

When complaint has been settled, the complaint record and associated correspondence will be retained the records for at least five years from the date the complaint was received. The date on which the complaint was resolved will be recorded. All complaints records, even in relation to minor complaints and those complaints resolved within one business day will be maintained for 5 years in relation to MiFID business.

Reporting to the FCA

Twice a year H2O AM will provide the FCA with a complete report concerning complaints received from eligible complainants including those settled within 3 business days.

Nature of commitment to the UK Stewardship Code

Under the Financial Conduct Authority’s (FCA) Conduct of Business Sourcebook Rule 2.2.3, H2O Asset Management LLP (H2O) is required to make a public disclosure on its website in relation to its commitment to the Financial Reporting Council’s (FRC) Stewardship Code (hereafter, the Code).

In October 2019, a substantially revised and strengthened UK Stewardship Code was published and took effect on 1 January 2020. The revised version comprises a set of twelve Principles, implemented on an ‘apply and explain’ basis. These Principles apply to asset managers and asset owners, with a separate set of six Principles applying to service providers. The revised Code defines stewardship as “the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries leading to sustainable benefits for the economy, the environment and society.”

Whilst H2O strongly endorses this definition of stewardship and the purpose of the Code, we are currently not a signatory due to the nature of our investment approach, which is essentially top-down and global macro.

H2O’s investment strategy is driven by views on the government bond, credit and currency markets, with the majority of positions taken through derivative contracts such as futures, and with limited allocation to individual equity securities and corporate bonds. We are currently exploring possible approaches to exercising stewardship activities across our investment universe, notably by incorporating ESG criteria into our investment decisions (Principle 7). We will therefore review our approach to the Code in the future and update this disclosure accordingly.

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