A Tailor-Made Wealth Fund for Clients of Network Firms
An educational overview of a conviction-based multi-asset fund designed to support a long-term wealth allocation.
In a financial universe where the range of diversified funds is particularly broad, the challenge is to select an investment that is consistent with each investor's objectives, investment horizon and risk tolerance. Global Convictions is a flexible multi-asset fund whose objective is to capture major market trends while seeking to optimise the risk-return profile.
Created on 22 December 2023 and managed by Mandarine Gestion, this flexible multi-asset fund is intended for investors with a recommended five-year investment horizon who wish to delegate a diversified allocation across asset classes and geographical regions.
Unlike funds whose allocation is fixed or driven by purely mechanical criteria, this vehicle benefits from active discretionary management, enabling the managers to allocate between geographical regions and asset classes and to adjust the portfolio's exposure. However, this management approach does not guarantee either returns or capital preservation.
As at 31 July 2026, the fund has delivered a cumulative return of +20.5% since inception, equivalent to an annualised return of +7.4%. It has gained +5.7% since the beginning of 2026 and +8.3% over one year. For reference, its annual returns were +6.9% in 2024 and +6.6% in 2025. In July 2026, the fund declined by 2.0%, while the MSCI ACWI, with dividends reinvested and expressed in euros, fell by 0.55% according to the management report.
A flexible multi-asset fund is not intended to replicate a global equity index. Its performance should be assessed in conjunction with the level of risk taken. Over one year, the fund's volatility was 7.3% and its Sharpe ratio was 0.9, based on indicators calculated weekly by the management company. The Sharpe ratio measures excess return relative to volatility; it does not predict future performance.
A flexible multi-asset fund should not be assessed in the same way as an equity fund. Its performance should be considered alongside its volatility, risk level and recommended investment horizon.
As at 31 July 2026, the fund's exposures reflected a predominantly bond-based allocation, complemented by equities, absolute-return strategies and cash. The flexible management approach enables the team to adjust these exposures; the monthly report notably shows significant changes in equity exposure since inception.
These figures represent exposures, not an accounting allocation that must necessarily add up to 100%. The report shows the use of futures contracts, particularly on European interest rates. Without further information on hedging positions and the exposure-calculation methodology, it would not be appropriate to infer a precise level of leverage or net exposure.
Bond exposure stands at 83.2%. Its main components are European bonds outside the specified subcategories (21.6%), European high-yield bonds (18.1%), emerging-market bonds (18.1%) and international aggregate bonds (10.7%). Equity exposure is 37.5%, compared with 6.4% in absolute-return strategies and 5.0% in money-market instruments and cash.
The monthly report dated 31 July 2026 does not disclose every portfolio holding. It does, however, provide the following breakdown of exposures by segment. The figures are reproduced as published; minor differences in totals may result from rounding.
| Asset class | Segment | Exposure |
|---|---|---|
| EQUITIES - 37.5% | ||
| Equities | Gold-mining or precious-metals companies | 1.3% |
| Equities | Europe small and mid caps | 4.4% |
| Equities | Europe large caps | 5.3% |
| Equities | US small and mid caps | 0.5% |
| Equities | US large caps | 4.8% |
| Equities | Japan large caps | 2.9% |
| Equities | China | 2.1% |
| Equities | Emerging-market large caps | 3.8% |
| Equities | European thematic equities | 6.9% |
| Equities | International and thematic equities | 5.5% |
| BONDS - 83.2% | ||
| Bonds | European High Yield - direct holdings | 2.0% |
| Bonds | European Investment Grade - direct holdings | 4.3% |
| Bonds | Europe | 21.6% |
| Bonds | European High Yield | 18.1% |
| Bonds | European Aggregate | 5.5% |
| Bonds | United States | 2.8% |
| Bonds | Emerging markets | 18.1% |
| Bonds | International Aggregate | 10.7% |
| ABSOLUTE RETURN - 6.4% | ||
| Absolute return | Premia | 6.4% |
| MONEY MARKET AND CASH - 5.0% | ||
| Money market and cash | Cash | 5.0% |
| CURRENCIES - 0.0% | ||
| Currencies | Currency exposure | 0.0% |
In July, the principal published contributors were the Amundi Euro Stoxx Banks ETF (+0.2 percentage points) and SPDR Europe Small Cap Value (+0.1 percentage points). The principal detractors were Polar Capital Smart Energy (-0.6 percentage points), the September 2026 Euro-Bund future (-0.2 percentage points) and the September 2026 Euro-BTP future (-0.2 percentage points). These monthly contributions are not indicative of future results.
The fund is managed by Mandarine Gestion, whose address is stated as 30 avenue Kléber, 75016 Paris, in the monthly report. It is a euro-denominated French mutual fund (FCP), valued daily, with Caceis acting as depositary.
The report dated 31 July 2026 presents a team of three fund managers:
The monthly report dated 31 July 2026 identifies Benjamin Huchet, Lucas Strojny and Damien Orliac as the fund's management team. The published allocation includes exposure to equities, bonds, absolute-return strategies and cash, as well as the use of interest-rate futures.
According to the management commentary, central banks remained a key focus in July. The US Federal Reserve and the European Central Bank kept their policy rates unchanged while leaving open the possibility of further tightening later in the year, with inflation still above their targets.
The management company also noted that oil prices had declined from their recent peaks, amid increased OPEC+ production and the partial reopening of the Strait of Hormuz. At the same time, it highlighted resilient activity and confidence data, improving PMI indices in the euro area, continued strength in US growth and encouraging corporate results.
Over the month, the portfolio was adversely affected by profit-taking in artificial-intelligence-related themes. Exposure to emerging markets, China and technology contributed negatively, as did bond positions amid rising interest rates. By contrast, European and banking equities, together with credit, proved more resilient.
In response to this volatility, the team stated that it had slightly reduced equity exposure in order to increase the portfolio's carry. This was a tactical adjustment observed at that date and does not guarantee protection in the event of a further market decline.
The fund has a risk level of 3 on the 1-to-7 scale published in the monthly report. Its observed one-year volatility was 7.3% as at 31 July 2026. This risk level does not rule out a capital loss: the fund provides no guarantee of returns or capital preservation.
Main risks
Risk of capital loss · Equity-market risk · Risk related to small and mid caps · Interest-rate and credit risks · Emerging-market risk · Counterparty and currency risks · Discretionary-management risk
Key characteristics
Recommended investment horizon: 5 years
Annual management fee: 1.50%
Performance fee: none
Subscription / redemption fees: 0%
Valuation: daily
Fully delegated management
You delegate asset selection, allocation and monitoring to the management team, within the objective and limits set out in the fund's regulatory documentation.
Immediate diversification
A single holding provides access to several asset classes and geographical regions. Diversification reduces certain specific risks but does not eliminate the risk of capital loss.
Advised access
Access to the fund depends on the distributor's marketing arrangements and on the investment's suitability for the investor's profile, objectives and investment horizon.
Availability through insurance policies
The fund's availability through a life-insurance policy must be checked against the list of unit-linked investments offered by the relevant policy. Investment in unit-linked funds carries a risk of capital loss.
Source of figures and management commentary: Mandarine Gestion, Global Convictions - Monthly Report as at 31 July 2026, EP unit, ISIN FR001400MCO1, report dated 31 July 2026.
Past performance is not a reliable indicator of future performance. Before making any investment decision, investors should consult the Key Information Document and the fund prospectus and assess whether the investment is appropriate for their personal circumstances.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute personalized investment advice within the meaning of MiFID II. Any figures or examples are illustrative and non-contractual. All investments involve risks, including the risk of capital loss. Past performance is not a reliable indicator of future performance. Credit conditions may vary depending on the borrower profile, custodian bank and market conditions. Please consult an authorized wealth management adviser before making any investment decision. Sapiens Invest is an independent advisory firm.