Our investment process is, above all, in keeping with our raison d'être: independence and expertise at the service of your investments. Above all, it is based on a dual approach: top-down and bottom-up, which allows us to optimize the performance of our UCIs.
Our top-down approach covers macroeconomic research. It makes it possible to establish the main axes of the investment strategy, in particular, the type of sectors or geographies to be favoured, the acceptable duration risk, the orders of magnitude of the returns to be sought, the market hedges to be put in place work. It also makes it possible to highlight certain risks or uncertainties to be integrated into day-to-day management.
Our bottom-up approach essentially encompasses, on the one hand, fundamental and prospective analysis of the credit quality of companies and, on the other, our very detailed knowledge of the bond markets. We derive our investment universe and the types of products that we wish to favour.
Our macroeconomic analysis is proprietary and independent.
It is provided by Catherine Huguel (PhD in Economics, analyst and member of the National Association for Business Economics – NABE in the United States) and Valérie Rizk (Economist graduated from HEC Paris). In particular, they follow the economies of the United States and the Euro Zone and are responsible for interest rate forecasts for the major economic zones in which we are invested (primarily the Euro Zone, but also the United States , UK, Japan). Our interest rate forecasts are published every six months in our Investment Strategy document, which is drafted jointly by economists and the management team. Finally, the work of economists serves as the basis for asset allocation.
The corporate culture is strong at Hugau Gestion.
We carry out our credit analyzes internally in order to establish the universe of issuers eligible for our funds. As such, we have set up our own internal credit rating procedure in accordance with the terms of the CRA Directive and the European Regulation on money market funds. Overall, we favor European issuers of good credit quality (investment grade ratings).
Once the investment universe has been defined, the selection of bonds (types, maturities, currencies – mainly the Euro but others are possible and fully covered when authorized by the KIID of the UCI) and the constitution of wallets can start.
Line assembly is carried out by our two managers. It is a real work of "grocery" to succeed in constituting important lines. Our size and our "boutique" aspect are an asset allowing us to select smaller stocks than those of our large group competitors (who are mainly positioned on banking and sovereign stocks). Our portfolios are therefore more diversified and often offer better returns.