FIM GEM DEBT FUND UPDATE
“ TRUMPED BY THE EM’S – THE US DOLLAR’S WANING REIGN”
Wednesday 28th May 2025 10:00 AM BST / 11:00 AM CEST
FIM GEM Debt Fund has been launched on the Aristea SICAV platform on October 1st, 2020.
BACKGROUND
SUB-FUND INVESTMENT
MANAGER
BANOR
UNIVERSE
PLATFORM
§ FIM Partners is a Specialist EM Frontier Investment Manager with offices in London, Dubai, Riyadh and Muscat.
§ Established in 2008 as a boutique, institutional asset manager in the emerging and frontier market space with over 30 experienced investment, finance and operations professionals.
§ Fundamental approach, with the objective of producing uncorrelated, strong returns. Leveraging extensive on the ground network of industry leaders, policy makers, economists, banks and academics.
§ FIM Partners is a UNPRI signatory and ESG is an integral part of its investment process.
§ Banor Capital Ltd is a London-based asset management company with over 20 professionals managing over €1.7bn* in a variety of asset classes and strategies, including responsibility for the Aristea SICAV platform.
§ It is part of the “Banor Universe” – one of the largest independent wealth managers in Italy - with almost €13bn Assets Under Supervision and 170 people in six offices across Europe.
§ Aristea SICAV is a Luxemburg UCITS V umbrella fund regulated by CSSF since March 2015. FIM GEM Debt is one of five strategies currently under the Aristea SICAV.
§ Aristea SICAV is authorised for distribution in the major European markets.
*Source: Banor. Data as at 31/12/2024.
FIM PARTNERS INVESTMENT TEAM
FRANCESC BALCELLS
CIO of Global Emerging Markets Debt for FIM Partners.
Previously:
MARTEN BRESSEL, CFA
Fund Manager and Trader for FIM Partners
Previously:
§ Executive Vice President at PIMCO
§ Head of EM for Rogge Capital Partners
§ Harvard Management Company responsible for EM portfolio
§ Economist at the IMF in Washington DC.
§ Sovereign analyst at Moody's Investors Service in New York
§ Portfolio Manager and Fixed Income Trader at Vanguard
§ Senior Portfolio
Associate at PIMCO for the EM and Global teams
§ MSc in Finance, specializing in Financial Engineering and Risk Management and CFA Charter holder
CHARLIE ROBERTSON
Head of Macro Strategy for FIM Partners
Previously:
§ Global Chief Economist at Renaissance Capital
§ Head of EEMEA Research and Chief EEMEA Economist at ING.
§ Author of the Time Travelling Economist (2022).
USMAN AHMED, CFA
Fund Manager at FIM Partners, responsible for MENA & Frontier Investments
Previously:
§ Head of Investments at Emirates NBD Asset Management
§ Director at Mashreq Capital
§ TCH Miami, in charge of the research team
§ BSc degree in Economics from London School of Economics and Political Science
§ MBA from University of Miami, CFA Charter holder
KIA WILLIAMS, CFA
Fund Manager at FIM Partners, responsive for research and analytics
Previously:
§ Emirates NBD Asset Management, managed regional fixed income and responsive for credit research
§ Bachelor’s degree in Investment Management from the University of Pretoria and CFA Charter holder
KIRILL NUSHTAEV, CFA
Senior Analyst at FIM Partners, responsible for research and analytics.
Previously:
§ Family Office Septema, where he managed global fixed income and provided macro coverage
§ Before that, Emirates NBD Asset Management, managed regional fixed income and responsible for credit research
§ MSc in International Banking and Finance from Durham University Business School in the UK
BIG PICTURE
Source: FIM Partners.
DOLLAR WEAKNESS IS EM STRENGTH
Source: FIM Partners.
EM LOCAL BONDS OUTPERFORM THEIR G10 COUNTERPARTS
Source: FIM Partners.
EM SPREADS – ATTRACTIVE RELATIVE TO GLOBAL CREDIT
Source: FIM Partners.
ATTRACTIVE CARRY, AND MORE SO ADJUSTED BY VOL
Source: FIM Partners.
EMD BETTER PREPARED FOR RECESSION RISK
Source: FIM Partners.
EM CYCLICAL MACRO THEMES – LOOKING UP
EM OUTPERFORMING
Source: FIM Partners.
A DEFENSIVE PORTFOLIO
Source: FIM Partners.
BEST EXPRESSION OF RISK
– MAXIMIZING THE OPPORTUNITY SET
ARGENTINA – A VIEW ON MILEI’S SUCCESS
Source: FIM Partners.
Source: FIM Partners.
FRONTIER EM – A COMPLEMENT TO EMFX
Source: FIM Partners.
EM RATES – GOOD VALUE PROPOSITION
Source: FIM Partners.
APPENDIX
PACKAGE
FUND INFORMATION
INVESTMENT STRATEGY
INITIATOR
SUB-FUND INVESTMENT MANAGER
MANAGEMENT COMPANY
SWAP COUNTERPARTY
CUSTODIAN BANK, ADMINISTRATOR AND LISTING AGENT
AUDITORS
WEBSITE
INCEPTION DATE
NAV CALCULATION AND REDEMPTION
Global Emerging Market Debt
Banor Capital Limited, London, authorised and regulated by the Financial Conduct Authority
FIM Partners UK Ltd, London, authorised and regulated by the Financial Conduct Authority
Altum Management Company (Luxembourg) S.A.
HSBC & Goldman Sachs
BNP Paribas Securities Services (Lux)
Deloitte S.A.
www.aristeasicav.com
05/10/2020 (EUR classes) 09/10/2020 (USD classes)
Daily with T+3 settlement on subscriptions and redemptions
BASE CURRENCY USD
DISCLAIMER
Marketing communication
Please consult the Prospectus and the Key Information Document (KID) before making a final investment decision, which are available on the website aristeasicav.com and at the placement agents also in paper form. The Prospectus and the KID are available in English. A summary of investors' rights is available in English at manco.altumgroup.com. Returns are shown net of expenses charged to the sub-fund and before tax. Past returns are not indicative of future returns. The investment concerns the acquisition of shares in the Sub-Fund and not a specific underlying asset which remains the property of the Sub-Fund and involves a component of risk; consequently, the capital originally invested may not be recovered in full or in part. Exchange rate fluctuations may affect the value of the investment and costs when expressed in a currency other than the investor's reference currency. Information on the specifics of the Sub-Fund and the general sustainability aspects (ESG) pursuant to Regulation (EU) 2019/2088 can be found at aristeasicav.com/docs/esg-disclosures/ESG_Analysis_Aristea_Sicav.pdf and in the Prospectus. In the case of marketing in countries other than the country of origin, the manager has the right to terminate the marketing arrangements in accordance with the notification withdrawal process provided for in Directive 2009/65/EC. The information and opinions contained herein do not constitute an offer to the public, nor a personal recommendation, are not contractual in nature, are not prepared pursuant to any legislative provision, are not sufficient to make an investment decision and are not directed to persons residing in the United States or to other persons residing in countries where the SubFund is not authorised for marketing. The information and data are believed to be correct, complete and accurate. However, no representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the data and information and, where it has been compiled or derived from third parties, no responsibility is assumed for the accuracy, completeness, fairness or adequacy of such data and information, even if sources believed to be reliable are used. Data, information and opinions, unless otherwise indicated, are current as of the date of writing and are subject to change without notice or subsequent communication. Any citations, summaries or reproductions of the information, data or opinions provided herein by FIM Partners must not alter the original meaning, nor can they be used for commercial purposes and must cite the source and the website aristeasicav.com. The quotation, reproduction and otherwise use of data and information from third party sources must be made, where permitted, in full respect of the rights of the respective owners. This document has been prepared by the investment manager of the SICAV, FIM Partners UK Ltd., a company authorised and regulated by the Financial Conduct Authority (FCA).
SWITZERLAND
1. The State of the origin of the Fund is Luxembourg. 2. This Fund may only be distributed in or from Switzerland to qualified investors within the meaning of Art. 10 Para. 3 and 3ter CISA. 3. In Switzerland, the Representative is Waystone Fund Services (Switzerland) SA, Av. Villamont 17, 1005 Lausanne, whilst the Paying agent is Helvetische Bank AG, Seefeldstrasse 215, CH-8008 Zurich.
4. In respect of the units distributed in Switzerland, the competent Courts shall be at the registered office of the Representative in Switzerland, or at the registered office or domicile of the investor. 5. The Basic documents of the Fund as defined in Art. 13a CISO as well as the annual and semi-annual reports may be obtained free of charge at the office of the Swiss Representative. 6. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming shares. 7. Past Performance is No Guarantee of Future Results. 8. The current document is intended for information purposes only and shall not to be used as an offer to buy and/or sell shares. 9. Data sources - Performance figures are sourced from: BNP Paribas, Luxembourg Branch & Bloomberg. Fund statistics and holdings data are sourced from: FIM Partners UK Ltd., Bloomberg & BNP Paribas, Luxembourg Branch.
LUXEMBOURG
19-21, route d’Arlon
Luxembourg L-8009 Strassen
Tel: +352 27 726 100
www.aristeasicav.com