LIOR GP (the “SICAV”) is a Luxembourg open-end investment company composed of several separate sub-funds (each, a “Sub-Fund”).
The SICAV’s objective is to provide investors with access to diversified investment expertise through a range of separate sub-funds, each with its own investment objective and policy.
The SICAV qualifies as a UCITS under Part I of the Luxembourg Law of December 17, 2010, on undertakings for collective investment, as amended from time to time (the “2010 Law”).
The SICAV has entered into contracts with various providers as follows:
The LIOR GP – Alpha Fund’s investment objective is to generate a positive return under any market conditions by investing in fixed income, equities, and currency markets on a global basis (absolute return strategy).
Specifically, the LIOR GP – Alpha Fund aims to outperform the euro short-term rate (€STR) Index (compounded daily) over any 3-year holding period, while offering controlled risk exposure. For illustrative purposes, given the risk profile, the return is expected to exceed (before applicable fees) €STR +4% per annum after the deduction of operating and management fees.
As part of the asset selection process, the fund aims to consistently outperform the ESG score of the dynamic strategic asset allocation through responsible allocation.
The LIOR GP – Proxima Fund’s investment objective is to achieve a positive return under any market conditions by investing in fixed-income and currency markets on a global basis (absolute return strategy).
Specifically, the LIOR GP – Proxima Fund aims to outperform the euro short-term rate (€STR) Index (compounded daily) over any 3-year holding period, while offering controlled risk exposure. For illustrative purposes, given the risk profile, the return is expected to exceed (before applicable fees) €STR +0.5% per annum after the deduction of operating and management fees.
As part of the asset selection process, the fund aims to consistently outperform the ESG score of the dynamic strategic asset allocation through responsible allocation.
LIOR GP Prospectus January 2025
KIID – LIOR GP – Alpha Fund – N/A (EUR) LU2263803962
KIID – LIOR GP – Alpha Fund – I/A (EUR) LU2263804002
KIID – LIOR GP – Alpha Fund – I/A (GBP) hgd LU2263804184
KIID – LIOR GP – Alpha Fund – I/A (USD) LU2263804267
KIID – LIOR GP – Alpha Fund – I/A (USD) hdg LU2636416559
KIID – LIOR GP – Alpha Fund – I/A (CHF) hgd LU2629394722
LIOR GP Prospectus January 2025
LIOR GP – Alpha Fund – Summary of Sustainability-Related Disclosures
LIOR GP – Alpha Fund – Sustainability-related disclosure
LIOR GP – Alpha Fund – Monthly Report
The Sub-Fund’s investment objective is to generate a positive return in any market conditions by investing in fixed income, equities, and currency markets on a global basis (absolute return strategy).
Specifically, the Sub-Fund aims to outperform the euro short-term rate (€STR) Index (compounded daily) over any 3-year holding period, while maintaining controlled risk exposure.
The Investment Manager actively manages the Sub-Fund and will select multiple investments that it believes are undervalued or overvalued, or that offer a more attractive valuation than other similar investments, with the expectation that these investments will generate future returns. When selecting these investments, the Investment Manager will consider a number of factors, including macroeconomic and microeconomic conditions, capital flows, interest rate movements, valuations, as well as the performance of the relevant financial markets and whether particular markets exhibit certain investment trends that offer opportunities to generate a profit.
The Sub-Fund may invest up to 100% of its assets directly in bonds and money market instruments issued or guaranteed by governments and companies. These investments may be investment-grade, non-investment-grade, and/or unrated. Where an investment is unrated, the Investment Manager may assign a rating. Within this framework, the Sub-Fund may invest: up to 20% of its assets in convertible debt obligations, including CoCos; and/or up to 30% of its assets in Chinese sovereign bonds traded on the China Interbank Bond Market or Bond Connect. The portion of non-OECD unrated investments shall not exceed 10% of the Sub-Fund’s assets.
The Sub-Fund will seek to actively manage the portfolio’s exposure to global bond risk (modified duration) through directional strategies across the four main OECD government bond markets (the United States for the dollar zone, Germany for the eurozone, the United Kingdom, and Japan). The Sub-Fund will also employ relative value strategies (buying modified duration in certain markets and selling modified duration in others).
The Sub-Fund may also invest up to 30% in equity securities (including up to 10% of net assets in China A-shares and China B-shares) and up to 20% of its assets in investment-grade bonds backed by other investments. These are bonds, referred to as ABS or MBS, which represent a pool of assets, and whose value and income payments depend on the pool of relevant assets.
It is not intended that any of the Sub-Fund’s assets be invested in other UCIs; however, in the event that the Sub-Fund does invest in other UCIs (for example, for cash management purposes), such investments will not exceed 10% of the Sub-Fund’s assets.
The Investment Manager will use derivatives for investment purposes. The Sub-Fund may invest indirectly in bonds, money market instruments, equity securities, and currencies through the use of derivatives in order to take “short” positions (where the Investment Manager believes that the value of the underlying asset will decrease, it may sell the asset in the belief that it can be repurchased at a later date at a lower price) and “long” positions (where the Investment Manager believes that the value of the underlying asset will increase, it may elect to hold onto the asset as a result).
Derivatives may also be used for hedging purposes and/or for EPM purposes. For example, the Investment Manager may use currency futures and forwards when seeking exposure to assets denominated in currencies other than the euro to reduce the risk of losses resulting from currency fluctuations. Such derivatives may also include, but are not limited to, swaps and credit-linked instruments.
In addition, the Sub-Fund may also invest in equity-linked derivatives such as futures and options linked to one or more indices and/or contracts for difference (“CFDs”). The Sub-Fund’s long or short positions may not exceed 30% of its value. Investments in bonds, money market instruments, and currency-related derivatives may result in an exposure of more than 100% of the SICAV’s value being long or short.
Derivatives will consist primarily of exchange-traded derivatives, but the Sub-Fund may also use over-the-counter (OTC) derivatives such as credit default swaps (CDS) and foreign exchange (Forex) options. The Sub-Fund may gain exposure to Chinese indices primarily through the use of futures.
In the event of exceptional or adverse market conditions, instead of investing in accordance with the limits set out above, the Investment Manager may invest up to 100% of the Sub-Fund’s assets in cash or cash equivalents. The Investment Manager will only invest in this manner if it believes that doing so is necessary to protect the Sub-Fund from any risks and/or losses that could arise from such market conditions. It is not expected that the Investment Manager will do so for extended periods. In the event that the Investment Manager takes this action, the Sub-Fund may not achieve its investment objective. As part of its cash management, the Sub-Fund may invest up to 10% of its assets in corporate commercial paper with a maturity of 3 months or less or in similar assets.
The Investment Manager may invest the Sub-Fund’s assets in any country, sector, and currency, which may include emerging market countries.
The modified duration of the Sub-Fund's portfolio may range from -8 to +8.
| Minimum | Maximum | ||
| Sensitivity to interest rate changes | -8 | +8 | |
| Geographical area of the issuer (as a percentage of net assets) | OECD Member States (government) | 0% | 100% |
| OECD investment grade (corporate) | 0% | 100% | |
| Non-OECD Member States (government and corporate) | 0% | 75% | |
| Non-OECD, non-investment grade | 0% | 15% | |
| Non-OECD emerging markets | 0% | 15% | |
| Base currencies of the securities | G10 & European currencies outside the EMU | ||
| Permitted exchange rate risk | 0% | 300% | |
| Active management of the range of exposure to equity securities | -30% | +30% | |
| Fees for Share Transactions | Annual Fees | |||||||||||
| Name | ISIN Code | Currency | Currency hedging | Distribution Policy | Minimum initial investment and holding (i) | Sales expense (ii) (% max.) | Redemption fee (% max.) | Management Fee (% max.) (v) | Administration Fee (vi) (% max.) (v) | Depositary Fee (% max.) (v) | Performance Fee (% max.) | Reference Indicator |
| Lior GP – Alpha Fund N/A (EUR) | LU2263803962 | EUR | No | Accumulation | 100,000.- | 4.5 | 1 | 1.50 (iii) | 0.5 | 0.50 (vii) | 20 | €STR (daily compounded) index |
| Lior GP – Alpha Fund I/A (EUR) | LU2263804002 | EUR | No | Accumulation | 1,000,000.- | 2.5 | 1 | 1.15 (iv) | 0.5 | 0.50 (vii) | 20 | €STR (daily compounded) index |
| Lior GP – Alpha Fund I/A (GBP) H | LU2263804184 | GBP | Yes | Accumulation | 1,000,000.- | 2.5 | 1 | 1.15 (iv) | 0.5 | 0.50 (vii) | 20 | €STR (daily compounded) index |
| Lior GP – Alpha Fund I/A (USD) | LU2263804267 | USD | No | Accumulation | 1,000,000.- | 2.5 | 1 | 1.15 (iv) | 0.5 | 0.50 (vii) | 20 | €STR (daily compounded) index |
(i) Denominated in the Sub-Fund’s base currency or the equivalent amount in other available currencies.
(ii) The Sub-Fund does not currently charge a sales fee. Sales agents may decide to charge a sales fee. The maximum sales fee that may be charged by sales agents is 1%.
(iii) Investment Manager Fee: 1.10%; Management Company Fee: 0.40%.
(iv) Investment Manager Fee: 0.75%; Management Company Fee: 0.40%.
(v) These fees are subject to applicable minimum amounts as set forth in the relevant agreement.
(vi) The Administration Fee covers the fees related to fund administration, transfer agency services, domiciliation, and reporting.
(vii) The Depositary will also charge transaction fees related to the purchase and sale of assets (including middle and back office activities).
The valuation date for the Sub-Fund is December 31. The performance fee measurement period for the Sub-Fund begins on January 1 and ends on December 31 of the same year; it is understood that new Share Classes introduced after the initial subscription period may have a performance fee measurement period that begins on a different date.
Early-bird investor offer:
For investors subscribing to I/A (EUR), I/A (GBP), and I/A (USD) shares until the sub-fund reaches EUR 50 million:
For investors subscribing for N/A (EUR) shares until the sub-fund reaches EUR 50 million, the minimum initial investment and holding amount is reduced to EUR 25,000.
The Sub-Fund will not invest in issuers located in the following countries: North Korea, Crimea, Cuba, Iran, Syria, Belarus, Myanmar, Eritrea, Iraq, Lebanon, Libya, Central African Republic, Democratic Republic of the Congo, Somalia, Sudan, South Sudan, Venezuela, Yemen, Zimbabwe, Afghanistan, Bosnia and Herzegovina, Laos, Guyana, Uganda, Pakistan, Trinidad and Tobago, Vanuatu, the Bahamas, Botswana, Ghana, Nicaragua, American Samoa, Guam, Saudi Arabia, Puerto Rico, Panama, Nigeria, the U.S. Virgin Islands, Cambodia, Mongolia, Iceland, Albania, Barbados, Jamaica, Mauritius, the Seychelles, the Cayman Islands, and Palau.
| NAV Date: | D |
| Valuation Point: | Day 2 at 5 p.m. Luxembourg time |
| NAV Publication: | D+1 Business Day at 1:30 p.m. Luxembourg time |
| Subscription / Redemption: | Deadline: 12 p.m. (noon) Luxembourg time |
| Advance notice to the fund manager: | At 2 p.m. Luxembourg time |
| Confirmation: | Day 2 at 5 p.m. Luxembourg time |
| Payment settlement date: | 2 business days from the close of business |
| FX Valuation Point: | At 5 p.m. Luxembourg time |
For any information regarding subscriptions to the LIOR GP – Alpha Fund, please send an email to LIOR GLOBAL PARTNERS at contact@lior-gp.com or to CACEIS at FDS-investor-services@caceis.com
For early birds, please go to the Fund section – Early Bird
KIID – LIOR GP – Proxima Fund – N/A (EUR) LU2501797588
KIID – LIOR GP – Proxima Fund – I/A (EUR) LU2501797661
KIID – LIOR GP – Proxima Fund – I/A (USD) hgd LU2517102104
KIID – LIOR GP – Proxima Fund – I/D (EUR) LU2517102799
KIID – LIOR GP – Proxima Fund – I/A (CHF) hgd LU2629394649
LIOR GP Prospectus January 2025
LIOR GP – Proxima Fund – Summary of Sustainability-Related Disclosures
LIOR GP – Proxima Fund – Sustainability-related disclosure
LIOR GP – Proxima Fund – Monthly Report
The Sub-Fund’s investment objective is to generate income primarily through dynamic exposure to the global fixed-income market.
Specifically, the Sub-Fund aims to outperform the euro short-term rate (€STR) Index (compounded daily) over any 3-year holding period, while maintaining controlled risk exposure.
The Investment Manager actively manages the Sub-Fund and will select multiple investments that it believes are undervalued or overvalued, or that offer a more attractive valuation than other similar investments, with the expectation that these investments will generate future returns. When selecting these investments, the Investment Manager will consider a number of factors, including macroeconomic and microeconomic conditions, capital flows, interest rate movements, valuations, as well as the performance of the relevant financial markets and whether particular markets exhibit certain investment trends that offer opportunities to generate a profit.
The Sub-Fund may invest up to 100% of its assets (excluding derivatives) directly in bonds and money market instruments issued or guaranteed by governments and companies. These investments may be investment-grade, non-investment-grade, and/or unrated. Where an investment is unrated, the Investment Manager may assign a rating. Within this framework, the Sub-Fund may invest: up to 20% of its assets in convertible debt obligations, including CoCos or hybrid debt; and/or up to 30% of its assets in Chinese sovereign bonds traded on the China Interbank Bond Market or Bond Connect.
High-yield securities may not exceed 50% of the Sub-Fund’s net assets and must be systematically rated by at least one recognized official rating agency, or deemed equivalent by the rating agency or by the Investment Manager team.
The Sub-Fund may be exposed to emerging markets up to 75% of its net assets.
Securities and issuers from “non-OECD” countries (including emerging markets) may not exceed 75% of the Sub-Fund’s net assets, and at least 80% of the “non-OECD and emerging markets” portion must consist of securities rated investment grade by at least one recognized official rating agency, or deemed equivalent by the Management Company.
The assessment of the default risk of an issue or its issuer is based on the Management Company’s analysis in accordance with its proprietary credit risk assessment methodology.
In the event of multiple rating sources, a median rating will be calculated taking into account the ratings of official agencies and the Management Company’s internal rating. In this specific case, the Management Company’s internal rating carries the same weight as that of the rating agencies.
If decided by the Management Company, the Management Company’s internal rating may, however, replace the median rating. Thus, decisions to invest in or sell credit instruments are not automatically and exclusively based on the criteria of recognized agencies but are also based on an internal analysis of the credit or market risk conducted by the Management Company.
The Sub-Fund will seek to actively manage the portfolio’s exposure to global bond risk (modified duration) through directional strategies across the four main OECD government bond markets (the United States for the dollar zone, Germany for the eurozone, the United Kingdom, and Japan). The Sub-Fund will also employ relative value strategies (buying modified duration in certain markets and selling modified duration in others).
It is not intended that any of the Sub-Fund’s assets be invested in other UCIs; however, in the event that the Sub-Fund does invest in other UCIs (for example, for cash management purposes), such investments will not exceed 10% of the Sub-Fund’s assets.
The Investment Manager will use derivatives for investment purposes. The Sub-Fund may invest indirectly in bonds, money market instruments, and currencies through the use of derivatives in order to take “short” positions (where the Investment Manager believes that the value of the underlying asset will decrease, it may sell the asset in the belief that it can be repurchased at a later date at a lower price) and “long” positions (where the Investment Manager believes that the value of the underlying asset will increase, it may elect to hold on to the asset as a result).
Derivatives may also be used for hedging purposes and/or for EPM purposes. For example, the Investment Manager may use currency futures and forwards when seeking exposure to assets denominated in currencies other than the euro to reduce the risk of losses resulting from currency fluctuations. Such derivatives may also include, but are not limited to, swaps and credit-linked instruments.
All of these transactions involving derivatives are conducted within the limit of a maximum commitment of 100% of the Sub-Fund’s net assets.
The Sub-Fund is permanently invested in EUR or in other currencies such as G10 currencies, non-EMU European currencies, BRL, ZAR, MXN, CLP, COP, ILS, TRY, CNH, INR, IDR, KRW, SGD, MYR, TWD, HKD, PHP, PEN, ISK…
The Sub-Fund may be exposed to currency risk up to a limit of 10% of its net assets in the base currency (EUR).
Investments in bonds, money market instruments, and currency-related derivatives may result in a long or short position exceeding 100% of the Sub-Fund’s value.
Derivatives will consist primarily of exchange-traded derivatives, but the Sub-Fund may also use over-the-counter (OTC) derivatives such as credit default swaps (CDS) and foreign exchange options. The Sub-Fund may gain exposure to Chinese indices primarily through the use of futures.
In the event of exceptional or adverse market conditions, instead of investing in accordance with the limits set out above, the Investment Manager may invest up to 100% of the Sub-Fund’s assets in cash or cash equivalents. The Investment Manager will only invest in this manner if it believes that doing so is necessary to protect the Sub-Fund from any risks and/or losses that could arise from such market conditions. It is not expected that the Investment Manager will do so for extended periods. In the event that the Investment Manager takes this action, the Sub-Fund may not achieve its investment objective. As part of its cash management, the Sub-Fund may invest up to 10% of its assets in corporate commercial paper with a maturity of 3 months or less or in similar assets.
The Investment Manager may invest the Sub-Fund’s assets in any country, sector, and currency, which may include emerging market countries.
The modified duration of the Sub-Fund’s portfolio may range from -2 to +4.
| Minimum | Maximum | ||
| Sensitivity to interest rate changes | -2 | +4 | |
| Geographical area of the issuer (as a percentage of net assets) | OECD Member States (government) | 0% | 100% |
| OECD investment grade (corporate) | 0% | 100% | |
| Non-OECD Member States (government and corporate) | 0% | 75% | |
| Non-OECD, non-investment grade | 0% | 15% | |
| Base currencies of the securities | G10 & Europe (excluding the EMU) & EM Currencies | ||
| Permitted exchange rate risk | -10% | +10% | |
| Fees for Share Transactions | Annual Fees | |||||||||||
| Name | ISIN Code | Currency | Currency hedging | Distribution Policy | Minimum initial investment and holding (i) | Sales expense (ii) (% max.) | Redemption fee (% max.) | Management Fee (% max.) (vi) | Administration Fee (vii) (% max.) | Depositary Fee (viii) (% max.) | Performance Fee (% max.) | Reference Indicator |
| Lior GP – Proxima Fund N/A (EUR) | LU2501797588 | EUR | No | Accumulation | 100,000.- | 4.5 | 1 | 1.50 (iii) | 0.5 | 0.50 | 20 | €STR (daily compounded) index |
| Lior GP – Proxima Fund I/A (EUR) | LU2501797661 | EUR | No | Accumulation | 1,000,000.- | 2.5 | 1 | 1.15 (iv) | 0.5 | 0.50 | 20 | €STR (daily compounded) index |
| Lior GP – Proxima Fund I/A (USD) H | LU2517102104 | USD | Yes | Accumulation | 1,000,000.- | 2.5 | 1 | 1.15 (iv) | 0.5 | 0.50 | 20 | €STR (daily compounded) index |
| Lior GP – Proxima Fund SI/A (USD) H | LU2517102286 | USD | Yes | Accumulation | 20,000,000.- | 2.5 | 1 | 1.00 (v) | 0.5 | 0.50 | 20 | €STR (daily compounded) index |
(i) Denominated in the Sub-Fund’s base currency or the equivalent amount in other available currencies.
(ii) The Sub-Fund does not currently charge a sales fee. Sales agents may decide to charge a sales fee. The maximum sales fee that may be charged by sales agents is 1%.
(iii) Investment Manager Fee: 1.10%; Management Company Fee: 0.40%.
(iv) Investment Manager Fee: 0.75%; Management Company Fee: 0.40%.
(v) Investment Manager Fee: 0.60%; Management Company Fee: 0.40%.
(vi) These fees are subject to applicable minimum amounts as set forth in the relevant agreement.
(vii) The Administration Fee covers the fees related to fund administration, transfer agency, domiciliation, and reporting.
(viii) The Depositary will also charge transaction fees related to the purchase and sale of assets (including middle and back office activities).
The performance fee measurement period for the Sub-Fund begins on November 30. The performance fee measurement period for the Sub-Fund begins on December 1 and ends on November 30 of the following year; it is understood that new Share Classes introduced after the initial subscription period may have a performance fee measurement period that begins on a different date. The first crystallization date is November 30, 2023, and the first performance fee measurement period began on December 1, 2022, and will end on November 30, 2023.
The Sub-Fund will not invest in issuers located in the following countries: North Korea, Crimea, Cuba, Iran, Syria, Belarus, Myanmar, Eritrea, Iraq, Lebanon, Libya, Central African Republic, Democratic Republic of the Congo, Somalia, Sudan, South Sudan, Venezuela, Yemen, Zimbabwe, Afghanistan, Bosnia and Herzegovina, Laos, Guyana, Uganda, Pakistan, Trinidad and Tobago, Vanuatu, the Bahamas, Botswana, Ghana, Nicaragua, American Samoa, Guam, Saudi Arabia, Puerto Rico, Panama, Nigeria, the U.S. Virgin Islands, Cambodia, Mongolia, Iceland, Albania, Barbados, Jamaica, Mauritius, the Seychelles, the Cayman Islands, and Palau.
| NAV Date: | D |
| Valuation Point: | Day 2 at 5 p.m. Luxembourg time |
| NAV Publication: | D+1 Business Day at 1:30 p.m. Luxembourg time |
| Subscription / Redemption: | Deadline: 12 p.m. (noon) Luxembourg time |
| Advance notice to the fund manager: | At 2 p.m. Luxembourg time |
| Confirmation: | Day 2 at 5 p.m. Luxembourg time |
| Payment settlement date: | 2 business days from the close of business |
| FX Valuation Point: | At 5 p.m. Luxembourg time |
For any information regarding subscriptions to the LIOR GP – Proxima Fund, please send an email to LIOR GLOBAL PARTNERS at contact@lior-gp.com or to CACEIS at FDS-investor-services@caceis.com
LIOR GLOBAL PARTNERS
20 Boulevard de Suisse,
Le Saint André
98000 Monaco
