A propos

A propos de H2O AM

Cofondée par quatre associés en 2010, H2O se positionne autour des valeurs fondamentales de performance, liquidité et transparence
1

Employés

1

Gérants

1 mds EUR

Actifs sous gestion au 31/03/2021

1

ans d'expérience en asset management

Historique

Une équipe global macro expérimentée.

H2O Asset Management LLP («H2O») est une société de gestion global macro lancée en août 2010. Outre son siège social à Londres, H2O a ouvert des bureaux à Monaco (H2O Monaco), à Singapour (H2O AM Asia) et à Paris (H2O AM Europe).

Dès le lancement, H2O a conclu un triple partenariat avec Natixis Investment Managers («NIM» (*)): capitalistique car NIM détient 50,01% des actions et les partenaires de H2O les 49,99% restants; opérationnel car les gérants des fonds H2O ont intégré leurs systèmes de front-office, back-office et de suivi des risques du Groupe; commercial car NIM est le distributeur des UCITS gérés par H2O.

(*) Natixis Investment Managers propose aux professionnels de la finance des moyens plus efficients pour construire des portefeuilles. Propulsés par l’expertise de 26 gestionnaires d’investissement spécialisés, ils appliquent des solutions d’active thinking pour fournir des solutions proactives qui aident les clients à obtenir de meilleurs résultats sur  les marchés financiers.

un affilié de

ADN H2O

Nos valeurs

Philosophie

Une approche à long terme, top down, principalement  en valeur relative, et sans contrainte.

La perception du marché par les investisseurs et les biais de gestion constituent une source de performance robuste.

Style

Des décisions d’investissement discrétionnaires agrémentées d’une solide ingénierie.

Stratégies long / short déterminées par l’analyse de facteurs de marché.

Processus

Focus sur la construction de portefeuille: diversification par horizon, classes d’actifs et instruments.

Focus sur la construction de portefeuille: diversification par horizon, classes d’actifs et instruments. Cohérence totale entre l’établissement des vues, l’allocation de risques et l’attribution de performance.

Sustainable Finance Disclosures​

At present, H2O Asset Management and its affiliates do not integrate sustainability risks* in the investment decision making process or financial advice at a firm level and for the products we offer to clients. Equally, we currently do not perform principal adverse impact assessment at both the firm and product levels on sustainability factors**. However, we are constantly looking at ways to enhance our commitment to ESG and our policies and procedures will be reviewed accordingly as the opportunities to incorporate sustainability risks and impact of our business on sustainability factors arise.

At H2O we believe that environmental, social and/or governance (ESG) issues have an impact on our culture and performance. We embrace ESG as a corporate objective and it is part of both our strategy and culture. It is the aim of H2O to minimise the impact of our operations and services on the environment. We promote sustainability and environmental awareness at all levels of the organisation and implement the following in an effort to reduce/offset our footprint:

–      Incorporate energy and water efficiency measures within our office, including the use of energy efficient lighting, computer monitors and electric appliances

–      Promote efficient use of resources in all areas of business activity

–      Implement waste management strategies that promote waste minimisation, including removal of plastic and paper cups, recycling programme across the office premises, use of reusable cups, water bottles and cutlery. H2O’s aim is to ensure that our waste is disposed of in a way that minimises its impact on the environment.

–      Seek to manage and reduce travel where possible by using video/teleconference meetings, as well as promote use of eco friendly transportation.

o   Promoting cycle-to-work scheme internally

o   78% of our staff commute to work an environment-friendly way (walking, running, cycling, taking the underground).

–      Take into account the environmental impact of products we use (carbon neutral paper, recycled office stationary and other office supplies).

–      Ensure that our staff is aware of the environmental impacts of their work activities and encourage them through awareness raising and training to minimise those impacts.

–      Pursue a programme of continuous improvement of our procedures and practices.

At the investment decision making level, given the style of H2O’s investment process, ESG and sustainability topics have a limited application to the management of our product range. H2O’s investment approach is top-down and global macro. As such, the primary criteria used when making investment decisions relate to macroeconomic themes, market data and broad asset risk considerations rather than a bottom-up analysis of individual corporations and sectors.

  • The majority of H2O’s positions are taken through derivatives contracts such as futures, as H2O’s aim is for the funds to be as liquid as possible;
  • At present, there is limited exposure to credit within H2O’s portfolios;
  • A number of H2O’s products have no exposure to equities, however, even for those pooled funds in H2O’s product range that do have equity exposure, the stock picking element in the portfolio is small as we implement a top down investment approach across all asset classes. Most of our equity exposure in such funds is through futures on indices and CFDs.

As a result, H2O does not have a systematic procedure in place regarding ESG analysis and integration in the management of the entire range of funds. Having said that, as H2O has continued to develop its business and created more market access products, including credit focused portfolios, the company has considered integrating the ESG factors into the investment process for some of the portfolios.

At the broad H2O level, H2O applies a systematic exclusion based on regulatory requirements, client specific request, and wider Natixis group policies across all funds.

Finally, where the funds do invest into individual equity securities, H2O is committed to engagement on ESG matters with the management of the companies by exercising our proxy voting rights. H2O is working on setting up a process to utilise the advice of ISS in its proxy voting considerations

*“Sustainability risk” means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment according to SFDR.

**“Sustainability factors” mean environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters according to SFDR.

 

Protection contre la dilution

Swing Pricing Policy

Soucieuse de préserver les intérêts de ses détenteurs à long terme, H2O Asset Management a mis en place depuis 2017 un mécanisme de swing pricing basé sur la méthodologie préconisée par la charte de l’AFG. L’introduction du swing pricing concerne uniquement les fonds UCITS suivants:

  • H2O Adagio FCP
  • H2O Moderato FCP
  • H2O MultiBonds FCP
  • H2O MultiStrategies FCP
  • H2O Vivace FCP
  • H2O Allegro FCP
  • H2O EuroAggregate
  • H2O MultiEquities FCP
  • H2O Largo
  • H2O MultiAggregate Fund
  • H2O Multi Emerging Debt Fund
  • H2O Allegretto
  • H2O EuroSovereign
  • H2O EuroSovereign 3-5 years