OVERVIEW

Mistral Long Short Equity is a European long/short equity fund with low volatility. It offers a  low-net exposure solution that invests in quality companies, capturing opportunities both in rising and falling markets by taking advantage of price dislocations driven by macroeconomic forecasts, company performance, or valuation divergences deemed inconsistent with fundamentals.

The Fund’s objective is to generate stable returns over the medium to long term while maintaining controlled volatility.

STRATEGY AND OBJECTIVES

The investable universe comprises approximately 300 companies, mostly European, operating in sectors such as luxury goods, energy, media, automotive, retail, defense, and construction.

The portfolio, built with a constant focus on cash flow generation and debt evolution, typically includes 40–60 long positions, mainly in defensive sectors (e.g. food and utilities, with attention to interest rates and inflation) and cyclical sectors (e.g. automotive and cement, supported by in-depth earnings revision analysis).

The short book, generally consisting of 30–50 positions, is the result of a qualitative assessment of business models and key market events.

Risk management relies on rigorous monitoring, with controls performed both ex-ante and ex-post. Alongside short-term market fluctuations, the Fund’s active, benchmark-free approach is designed to capture long-term opportunities, which may result in performance differing from broader equity markets during bullish phases. Additionally, the use of derivative instruments enhances portfolio flexibility, though it can introduce some volatility.

The Fund is compliant with Article 8 of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR).

Level risk

Marketing communication.

Please consult the Prospectus and the Key Information Document (KID) before making a final investment decision, which are available on the website banorsicav.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 banorsicav.com/docs/esg-disclosures/ESG_Analysis_Banor_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.