• ACPI Balanced UCITS Fund
  • ACPI Horizon UCITS Fund
  • Q-ACPI India Equity UCITS Fund
  • Bespoke Solutions
  • Rubrics Asset Management
    • The ACPI Balanced UCITS Fund is a global asset allocation vehicle, oscillating between equities and bonds over a classic capital market cycle (~5yrs) via collective investment schemes. As investors we are allocators of capital, we are not primarily fund selectors. We therefore aim to marry two key aspects in multi-manager investing. (1) Active manager capability and selection, married with (2) Implementation of a robust internal asset allocation framework.

      ACPI Balanced UCITS Fund

      • Best of breed

        There is an abundant array of talent out there, we aim to unearth and encapsulate that talent into an asset class and geographically diversified portfolio.

      • A global reach

        Experience and travel have shown that it is often the smaller, less publicly known, dedicated investment boutiques which consistently outperform their respective benchmarks over time. It is these investment opportunities that we seek to identify while avoiding the benchmark-hugging, mediocre, asset-gathering offerings present on many  wealth managers platforms.

      • Longevity

        Having managed multi-manager solutions for over a decade and through two full market cycles, ACPI has been internationally recognised by a number of the fund industry's leading rating agencies.

      • Questioning the cycle

        By bringing a selection of the very finest active fund managers across all asset classes into a blended fund of fund portfolio, the ACPI Balanced UCITS Fund aims to navigate the ever changing market cycle.

      Overview and Strategy

      • Backing conviction

        Our approach favours forming a relatively concentrated portfolio of 10-15 specialist investment boutiques with a solid and often repeatable investment process over the market cycle. Generally, such firms tend to operate with a smaller asset base where performance is the primary objective.

      • Challenging consensual thinking

        We believe that large asset bases are a structural impediment to longer-term consistent outperformance. We also believe that managers within larger organisations are often restricted by tracking error limitations and often refrain from backing ‘high conviction’ calls as a result of ‘career risk’.

      • Proprietary & evolutionary screening processes

        We carry out a rigorous initial manager selection process combining both qualitative and quantitative assessments of both the manager’s investment pedigree and strategy guidelines. The on-going monitoring of invested managers is a continuous process and utilises our proprietary manager portfolio valuation screening methodology throughout . Our process is evolutionary, ensuring that we remain at the forefront of product innovation given the ever changing dynamics of the investment world.

      • Quantifying returns over the long term

        Equity managers implementing a high return on invested capital investment philosophy form the core of the equity composition over the cycle.  We believe that companies with above market ‘quality’ ratios (High ROIC, ROE, sustainable operating margins and attractive dividend yields) compound over the long-term and provide investors with downside protection due to their inherent ‘franchise’ qualities and resilient business models. However certain styles are likely to provide compelling risk-reward opportunities at certain points in the cycle, we aim to capitalise from such opportunities when they arise.

      Documents

      • ACPI Select UCITS Plc - Prospectus

      • ACPI Select UCITS Plc - M&A (Incorporation)

      • ACPI Select UCITS Funds Annual Report and Accounts

      • ACPI Select UCITS Funds Semi-Annual Report and Accounts

      • ACPI Select UCITS Plc UK Reporting Funds Status (2016)

      Factsheets

      • ACPI Balanced UCITS Fund (R USD)

      • ACPI Balanced UCITS Fund (R EUR)

      • ACPI Balanced UCITS Fund (R GBP)

      • ACPI Balanced UCITS Fund (I USD)

      • ACPI Balanced UCITS Fund (I EUR)

      • ACPI Balanced UCITS Fund (I GBP)

      Latest Quarterly Commentary

      • ACPI Balanced UCITS Fund Commentary Q2 2017

      KIIDS

      • ACPI Balanced Fund KIID (R USD)

      • ACPI Balanced Fund KIID (R EUR)

      • ACPI Balanced Fund KIID (R GBP)

      • ACPI Balanced Fund KIID (I USD)

      • ACPI Balanced Fund KIID (I EUR)

      • ACPI Balanced Fund KIID (I GBP)

      Gli investitori Italiani

      • Elenco Collocatori

      • Prospetto

      • Modulo di Sottoscrizione

      • ACPI Select UCITS Funds Report and Accounts

      • Memorandum & Articles of Association

      • ACPI Balanced Fund KIID (R USD)

      • ACPI Balanced Fund KIID (R EUR)

      • ACPI Balanced Fund KIID (I USD)

      • ACPI Balanced Fund KIID (I EUR)

      The ACPI Horizon UCITS Fund is an open-ended investment fund incorporated in Ireland. The investment objective of the fund is to achieve above average investment returns over the business cycle with an acceptable level of risk. The fund invests in different asset classes, such as equities, bonds, currencies and other eligible funds.

      Investment Process

      • Overview

        Our investment process combines thorough top-down macro analysis with fundamental security research and dynamic risk management

      • Analysis

        Starting from a blank sheet, firstly, we determine the portfolio structure which is primarily driven by the relative attractiveness (return/risk profile) of equities versus fixed income. We also decide on liquidity levels and the amount of exposure to alternatives. Secondly, the individual teams determine the composition of each asset class portfolio in a bottom-up research-driven process following the guidelines from our macro analysis.

      • Equities

        Within our macro-driven investment framework we look for undervalued companies with strong balance sheets, defensible business models, high and sustainable free cash flows, run by strong management teams in attractive markets.

        Valuation is part of risk management, buying expensively locks in a permanent loss of capital. We have a long-term investment horizon and, in addition to quantitative measures, attach great importance to confidence in individual ideas.

        We focus on refreshing the bottom quartile of the portfolio with new ideas as we believe the better is the enemy of the good. The key to making money is not losing it; we disproportionately focus on risks and cut losers early before they inflict lasting damage.

      • Fixed Income

        Our investment universe in sovereign and credit markets is focused on OECD countries and hard-currency issuers in addition to tactical opportunities outside that scope. We are conscious that we are operating at the tail end of a 30+ years bull market in fixed income and only invest if we see compelling value.

        We focus on the generation of total returns in fixed income, i.e. a combination of core holdings with tactical opportunities exploiting certain dislocations in markets. We carefully chose the risks we want to take and focus on those where we get sufficiently compensated for accepting them. We minimise all residual risks by diversification, hedging or avoidance.

      • Third-party managers

        We invest in long-only and hedge funds, leveraging on the research process applied to our fund-of-fund mandates.
        Our investment process for long-only equity funds comprises the steps below. We use a similar process for fixed income and hedge funds.

      • Diversification and focus

        We believe in sensible diversification but also understand its limitations. We feel that high-conviction ideas should have a meaningful enough position in a portfolio to make an impact. We will always stick to our core competencies - areas we understand. We avoid diworsification.

        “A lot of companies have gotten into other businesses that were away from their basic businesses, something I call ‘diworsification.’” - Peter Lynch

      DOCUMENTS

      • ACPI Select UCITS Plc - Prospectus

      • ACPI Select UCITS Plc - M&A (Incorporation)

      • ACPI Select UCITS Funds Annual Report and Accounts

      • ACPI Select UCITS Funds Semi-Annual Report and Accounts

      • ACPI Select UCITS Plc UK Reporting Funds Status (2016)

      FACTSHEETS

      • ACPI Horizon UCITS Fund (USD)

      • ACPI Horizon UCITS Fund (I EUR)

      • ACPI Horizon UCITS Fund (I GBP)

      • ACPI Horizon UCITS Fund (I+ USD)

      • ACPI Horizon UCITS Fund (R EUR)

      KIIDs

      • ACPI Horizon Fund KIID (USD)

      • ACPI Horizon Fund KIID (I EUR)

      • ACPI Horizon Fund KIID (I GBP)

      • ACPI Horizon Fund KIID (I+ USD)

      • ACPI Horizon Fund KIID (R EUR)

      Gli investitori Italiani

      • Elenco Collocatori

      • Prospetto

      • Modulo di Sottoscrizione

      • ACPI Select UCITS Funds Report and Accounts

      • Memorandum & Articles of Association

      • ACPI Horizon Fund KIID (R EUR)

      • ACPI Horizon Fund KIID (R USD)

      • ACPI Horizon Fund KIID (I USD)

      • ACPI Horizon Fund KIID (I EUR)

      The Q-ACPI India Equity UCITS Fund is an open-ended investment fund incorporated in Dublin, Ireland – but importantly, it is managed locally out of Mumbai, India, by Quantum Advisors.

      The investment objective of the fund is to achieve capital appreciation via a diversified portfolio of listed Indian equities. The fund’s constituent shares are issued by those Indian companies that Quantum believes will benefit from the long-term structural growth & development forecast for the Indian economy (by organisations like the International Monetary Fund & the World Bank).

      QUANTUM ADVISORS

      • WHY QUANTUM?

        Quantum Advisors is a multi-asset investment manager focused solely upon India.

        Quantum has many years of experience as an Indian equity & fixed income investor, across multiple market cycles. Quantum now manages more than US$2bn in Indian equities for its clients via funds and segregated mandates.

        Quantum was founded by Ajit Dayal in 1990, as India’s first equity research company.

      • RISK MANAGEMENT

        Investors are attracted to India because of the higher levels of economic growth that the region offers.

        However, Quantum is acutely aware that investors also assume an inherently higher level of risk when investing in India.

        Quantum therefore believes that one of its most important responsibilities is the analysis, allocation and monitoring of investment risk.

      • QUANTUM'S AIM

        Over the longer-term, Quantum seeks to provide consistent, positive returns for its clients by following a disciplined investment approach, coupled with diversification.

        Such an approach is designed to avoid the dangers for investors that arise from either excessive valuations or an over-exposure to single-stocks or sectors.

      • QUANTUM'S INVESTMENT PHILOSOPHY

        Quantum utilises a bottom-up, value-biased investment process, believing that such an approach optimises the balance between risk and reward for its investors.

        Quantum views itself as an asset manager, not an asset gatherer – and seeks to build long-term relationships with its investors.

        Quantum places a significant emphasis on its three corporate pillars of honesty, integrity and transparency in everything that it does.

      OVERVIEW AND STRATEGY

      • LONG-TERM INVESTORS

        India offers a multi-year investment story that demands a long-term investment time horizon.

        Quantum correspondingly utilises a long-term investment process that has historically resulted in a portfolio turnover of around 20%, which suggests an average holding period per stock of approximately 5 years.

      • RESEARCH DRIVEN PROCESS

        Quantum’s investment management process is driven by detailed fundamental research, which aims to identify value opportunities across the Indian equity market amongst companies that demonstrate strong fundamentals.

        Quantum evaluates the business of the company, the environment in which it operates, the company’s management and the ability of that firm’s balance sheet and cash flow to support its longer-term goals.

        Quantum then assesses the valuation of the company based upon its fundamentals, with particular reference to its peer group (both locally and internationally), its history and the market in general.

        Quantum will only ever buy a share if the prevailing market price is at least 40% below Quantum’s calculation of the company’s long-term intrinsic value.

        Similarly, Quantum will sell a stock if the market price significantly exceeds that long-term value - or if there is a change of view with regards to the management of the company or the business environment in which the company operates.

      • LIQUIDITY

        Any portfolio that arises from this research driven process will be market-capitalisation and sector agnostic.

        However, history demonstrates that at times of market stress, liquidity is of upmost importance when it comes to protecting capital values. The fund therefore only invests in companies that have an average daily trading volume of more than US$ 1m.

        Quantum’s investible universe, therefore, mostly comprises those medium- to large-cap companies that are found in the broader BSE 200 Index.

      • UCITS

        The fund utilises a UCITS structure. The portfolio will aim to replicate the existing Q India Composite strategy, subject to any UCITS regulations.

        A UCITS structure allows the fund to hold up to 20% in cash. Quantum is prepared to utilise such an allocation in the short-run if it sees Indian equity valuations as ‘irrationally exuberant’.

      DOCUMENTS

      • ACPI Select UCITS Plc - Prospectus

      • ACPI Select UCITS Plc - M&A (Incorporation)

      • ACPI Select UCITS Funds Annual Report and Accounts

      • ACPI Select UCITS Funds Semi-Annual Report and Accounts

      FACTSHEETS

      • Q-ACPI India Equity UCITS Fund (I USD)

      • Q-ACPI India Equity UCITS Fund (I EUR)

      KIIDs

      • Q-ACPI India Equity UCITS Fund KIID (I USD)

      • Q-ACPI India Equity UCITS Fund KIID (I EUR)

      • Q-ACPI India Equity UCITS Fund KIID (R USD)

      • Q-ACPI India Equity UCITS Fund KIID (R EUR)

      Gli investitori Italiani

      • Elenco Collocatori

      • Prospetto

      • Modulo di Sottoscrizione

      • ACPI Select UCITS Funds Report and Accounts

      • Memorandum & Articles of Association

      • Q-ACPI India Equity KIID (I USD)

      • Q-ACPI India Equity KIID (I EUR)

      ACPI has grown to become a valued investment solutions provider to sophisticated financial institutions, family offices, corporations, charities, endowments and private investors across the world.

      Why Choose ACPI?

      • No compromise

        Some institutional investors and family offices feel that they must either take an ‘off-the-shelf’ product - which addresses only some of their complex investment needs - or engage in a series of external ‘best in class’ investment providers - which may be costly, complex, resource intensive and unwieldy to manage. Instead, ACPI listens to the specific individual needs of its clients and provides bespoke solutions across a wide range of asset classes and geographies, using a broad range of product providers.

      • Partnership

        ACPI works with all stake holders, including fund trustees and asset consultants, to generate a detailed understanding of the institution’s required investment outcome(s), overall risk tolerance and general macro-economic & geopolitical views and sensitivities.

      • Product agnostic

        ACPI’s detailed analysis of the best asset managers in their geographies and asset classes sits along-side direct investments and the use of low fee passive products. The latter are used where direct investments or professional managers are unlikely to deliver sustainable outperformance or be sufficiently liquid.

      • Risk management focus

        It is a deep understanding of both risk and its associated returns that allows us to deliver tailored investment returns for our clients across multiple asset classes. ACPI seeks risk-adjusted absolute returns for our investment partners i.e. returns that answer the particular needs of the individual investor whilst adding the least amount of risk to the overall portfolio as possible.

      • Client service culture

        ACPI combines institutional fee levels alongside the same attention to detail and individual service levels offered by the very best private wealth managers.

      • Experience counts

        ACPI’s Investment team has demonstrated outperformance and expertise in building and managing funds of funds. Many of our funds have a 10-year plus track record with portfolio managers who have seen at least two full market cycles.

      • Proven investment process

        Our process leverages off an extensive number of external manager meetings, industry contacts and insight from internal fixed income and equity trading teams. We create concentrated portfolios of strategies that can benefit from both rising and declining markets.

      Alternative Solutions

      We also offer bespoke alternative solutions that target the specific risk requirements of each individual client. These mandates will invest across a variety of hedge fund strategies including equity long short, global macro and credit as well as using an element of tactical allocation through long only positioning.