Alternative investment fund founded and based in Amsterdam, Netherlands.

The Fund's investment activities are intended for high net worth individuals who are considered to be sophisticated investors that are looking for a fund that aims to protect the capital invested whilst at the same time generating above average returns.

















Attention! This investment falls outside AFM supervision. No license and no prospectus required for this activity.

Our approach

This will be achieved through investments in public and corporate stocks and bonds, financial instruments, including futures and options, and certain types of real estate, although this type of investment will not represent anything other than a small percentage of the total investment fund. The nature of this alternative investment fund is that it is able to react swiftly to ever changing possibilities and risks in the markets and as such it

is assumed that other asset classes will be traded in the future if this is seen as being beneficial to the investors by the Fund managers. In addition, new sister Funds may be established in the future that will have a more specific investment focus if this is required by investors.

FULL DETAILS OF THE INVESTMENT POLICY CAN BE VIEWED DIRECTLY

Why us?

Whilst the Fund aims to generate above average returns for Investors, the main priority of the Fund is primarily the safety of the funds that have been entrusted to us by our clients. It is for this reason that one of the main targets for investment is in Europe's largest firms. In addition, the priority given to debt instruments and, where appropriate, real estate is also considered to be an important element of the investment portfolio. At the same time we do not forget that in addition to minimizing the risk for our investors, we need to maximise the value of the investments made by our clients, and repay the trust demonstrated in us to manage these conflicting forces on their behalf.

For the purpose of maximising returns made by the Fund our managers and analysts constantly monitor the market situation in all the markets in which the Fund operates and any possible new markets. With the constant flow of informed market intelligence, decisions are made and assets traded between all the markets in order to ensure the best investment profile to maximise return and minimise risk. This technique ensures the maximum possible growth of the value of the assets but also makes it possible to hedge the possible risks of changes in market prices.

Our team

Our team consists of professionals with extensive experience in the Russian and global stock and commodity markets. Most have worked in large investment houses and our analysts are included in the TOP10 according to Bloomberg. With this extensive experience the team at Capital Pi aim to surpass your expectations and achieve good but safe returns on your investments through us.

Alexey Shternshis

Joint Managing Director

Kevin R Smith

Joint Managing Director

Aleksey Zaskalov

Co-founder

Denis Sokolov

Chief Trader

  • Global markets
  • Eurobonds leverage
  • CURVE SPREADS

The strategy is based on operation in debt markets of the G20 countries. Funds are invested in highly liquid, supranational, sovereign, municipal and corporate debt securities with an investment grade credit rating (at least BBB-) according to the key credit rating agencies (Moody’s, Standard &Poor’s, Fitch).

STRATEGY CHARACTERISTICS

Expected return (year)
7% per annum in EURO
Benchmark
BCOR Bloomberg Global Investment Grade Corporate Index
Risk of loss (VaR 95%)
5%
Investment
EUR, USD, GBR, CHF, CNY
Allocation geography
G20 countries
Investment instruments
Bonds with the
investment grade rating
Investment horizon
1 year and longer
Portfolio share
no higher than 75%

The investment instrument in this strategy is eurobonds from a limited range of issuers. In the selection of issuers to be included in the portfolio, the key factors are its balance across economic sectors and across the credit quality of issuers. The share of one investment instrument can be up to 25% of the overall portfolio. The key factor enhancing the expected return of this investment product is the opportunity to raise funds against securities in the portfolio at market rates. Thus, the expected return at portfolio maturity can be higher if borrowed funds are used.

Eurobonds leverage

Expected return (year)
11% per annum in EURO
Benchmark
The Bloomberg Barclays Emerging Markets Hard Currency Aggregate Index
Risk of loss (VaR 95%)
6%
Investment
EUR, USD, RUR
Allocation geography
EURO, BRICS
Investment instruments
federal, subfederal and corporate bonds
with a credit rating of at least ВВВ-
Investment horizon
1 year
Portfolio share
no higher than 25%

This strategy is based on expectations of the Russian government bond curve. Normally, the yield curve is a monotone increasing upward-convex curve. It means that, first of all, the yield grows with time (positive slope) and, second, the rate of yield change decreases in time (tends to zero).

CURVE SPREADS

Expected return (year)
7-8.8% per annum in EURO
Benchmark
US TREASURY 10Y
Risk of loss (VaR 95%)
3%
Investment
EUR, USD, RUR
Allocation geography
WORLD
Investment instruments
sovereign, municipal,
corporate bonds with a credit rating of at least ВВВ-
Investment maturity
1 year
Portfolio share
no higher than 10%

Sovereign bonds of Italy, Netherlands, New Zealand

Sovereign bonds of Italy, Netherlands, New Zealand

Sovereign bonds of Japan, USA, Germany

Sovereign bonds of Japan, USA, Germany

Russian sovereign bond curve (Federal Loan Bonds)

Russian sovereign bond curve (Federal Loan Bonds)

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