This new, actively managed fund incorporated under Irish law complements H2O AM’s absolute return fund range, with a moderate level of risk (VaR below 10%).
Based on a global macro and top-down approach, the company’s expertise developed over more than 30 years, Generative Global Fixed Income forms part of the company’s fixed income and multi-currency range, whose risk profiles range from a maximum VaR of 2.5% to 20%. The fund is thus positioned between H2O Adagio FCP (5% VaR) and H2O Allegro FCP / H2O MultiBonds (20% VaR). With a recommended investment horizon of three years (PRIIPS SRI risk indicator 4), it is aimed at investors with a moderate risk profile.
“With Generative Global Fixed Income, we wanted to adapt a proven strategy to the needs expressed by some of our partners: to replicate the management approach of H2O Allegro FCP (PRIIPS SRI 5), whilst offering a more measured risk profile within an Irish-registered vehicle. This launch reflects our commitment to developing our offering to align as closely as possible with our clients’ expectations,” says Babak Abrar, Chief Sales and Marketing Officer of the H2O AM Group.
He added: “Against a backdrop of growing divergence in economic and political cycles across countries and regions, the Generative Fixed Income Fund aims to capitalise on the opportunities arising from these divergences by investing globally in fixed-income and currency markets, primarily through relative value strategies. The fund thus offers an accessible entry point to our long-standing expertise in these markets, whilst incorporating the latest developments in our investment process, notably the use of generative AI.”
An investment process enhanced by the formalised and documented use of generative AI
Following Generative Global Macro Fund, launched in December 2025, Generative Global Fixed Income is the second fund in the Generative range, characterised by the use of generative AI as an integral part of the investment process. Generative Global Fixed Income is not a thematic fund dedicated to artificial intelligence and does not invest in equities.
The internal Generative AI tools (the Sensor and the Mirror) developed by H2O AM are not intended to generate signals, transactions or portfolio allocations, but rather to support the management team’s reflection and analysis, without ever replacing human decisions. More specifically, these tools address two key aspects of the portfolio management process:
• Broadening external research, via the Sensor, which facilitates the analysis of vast volumes of comments, research and macroeconomic publications in order to quickly identify dominant themes and reasoning, potential blind spots and market consensus dynamics.
• Identifying internal behavioural biases, via the Mirror, by studying H2O AM’s macro and market meetings. Its value lies in its objective ability to challenge convictions, enrich internal debate and improve the quality of decisions, acting as a behavioural mirror for discretionary management.
Source: H2O AM, as at 30 June 2026.
N/A: as the fund has been in existence for less than one year, annualised performance and volatility are not shown, in accordance with current regulations. The performances shown relate to the funds’ benchmark units and are calculated net of fees. Past performance is not a reliable indicator of future performance. The management company of the Irish Collective Asset-management Vehicle (ICAV), Gateway Fund Services Limited (56 Fitzwilliam Square, Dublin D02 X224, Ireland), is authorised and regulated by the Central Bank of Ireland under reference number C183076. The Bank of Ireland’s register is available at https://registers.centralbank.ie/.
Press contacts
Mélodie Blondel – H2O AM
Email: melodie.blondel@h2o-am.com | Tel: +33 6 78 63 98 30
Kristell Le Nadan – CDR Grayling
Email: kristell.lenadan@cdrgrayling.com | Tel: +33 6 98 49 22 27
About H2O AM
Founded in 2010 and with offices in Paris, Monaco, London, Geneva and Singapore, H2O AM is an independent asset management company, mainly specialising in Global Macro strategies.
Based on an investment process developed over more than thirty years and employing proprietary quantitative engineering, the team implements a discretionary investment process based on a Top-Down and Value approach.
Through relative value strategies in bonds, currencies and equities, H2O AM offers its clients the benefits of diversified alpha with assumed and controlled risk over a defined time horizon.
Disclaimer
This document has been prepared by H2O AM Europe.
Generative Global Fixed Income is a sub-fund of H2O Global Strategies ICAV (Irish Collective Asset Management Vehicle), managed by H2O AM Europe. The management company of the Irish Collective Asset-management Vehicle (ICAV), Gateway Fund Services Limited (56 Fitzwilliam Square, Dublin D02 X224, Ireland), is authorised and regulated by the Central Bank of Ireland under reference number C183076. The Central Bank of Ireland’s register can be accessed at https://registers.centralbank.ie/.
H2O AM Europe is authorised and regulated by the Autorité des Marchés Financiers (AMF) under reference number GP-19000011. The AMF register can be consulted at the following link: https://www.amf-france.org.
Company name and registered office: H2O AM Europe, 39 avenue Pierre 1er de Serbie, 75008 Paris, Company registration number: RCS Paris No. 843 082 538.