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 landscape where "diversified" funds number in the thousands, true scarcity is not about quantity — it is about relevance. This multi-asset fund, exclusively accessible through the fourteen Convergence network firms in the PACA region, embodies a different investment philosophy: conviction-driven management, aligned with the client’s best interests.
Launched in December 2023 by Mandarine Gestion, a recognized independent asset management company based in Paris, this flexible multi-asset fund was designed as a core wealth management solution for clients with a long-term investment horizon, seeking to delegate their financial management to professionals with a comprehensive understanding of their overall situation.
Unlike “retail” funds with fixed allocations or mechanically driven strategies, this vehicle benefits from active discretionary management, capable of adapting to major market shifts, reallocating across geographies and asset classes, and protecting capital during periods of stress.
These figures must be viewed in context. Over the same period, the MSCI ACWI (global equity index) rose by 1.81% in January 2026 alone, pushing its annualized gains well above 10%. This highlights a fundamental difference in philosophy: a flexible wealth fund is not designed to replicate pure equity performance. Its objective is to deliver attractive returns with significantly lower volatility, enabling investors to remain fully invested without enduring the emotional swings of the markets.
A Sharpe ratio of 0.7 — meaning 0.70 units of return per unit of risk — is a solid indicator for a fund of this nature, particularly across a period marked by multiple turbulent phases (U.S. elections, complex geopolitical environment, major sector rotations).
A wealth fund is not a disguised equity fund. It is a navigation tool: it should allow you to remain invested in all conditions, without your portfolio’s volatility dictating your life decisions.
As of February 27, 2026, the fund’s portfolio reflects the management team’s macroeconomic convictions. The defining feature of flexible management is that this allocation evolves dynamically — the historical chart of equity exposure since inception shows significant variations, ranging from below 20% to above 60%, depending on identified opportunities and risks.
The total exceeds 100% — this is explained by the use of derivatives (equity index and interest rate futures), enabling the management team to adjust overall exposure without necessarily buying or selling underlying assets. This level of sophistication distinguishes institutional-grade funds from more basic products.
The high fixed income allocation (close to 73%) may seem surprising for a “growth-oriented” fund. In reality, it reflects a holistic wealth approach: bonds are not only used for stability, but also to generate returns — particularly through European high yield (19.9%) and emerging debt (15.7%), both of which offered attractive risk premiums in 2025–2026.
Transparency is a core value in discretionary asset management. Below is an overview of the fund’s main holdings as of February 27, 2026, categorized by asset class. This list highlights the diversity of instruments used — liquid ETFs, specialized funds, direct bond holdings, futures — and the depth of analysis required to select them.
| Instrument | Region / Strategy | Exposure |
|---|---|---|
| EQUITIES — 51.1% | ||
| ETF Europe Banks (Amundi Euro Stoxx Banks) | European Large Cap Equities | 1.93% |
| Renewable Energy ETF (Polar Capital Smart Energy) | Global Thematic | 3.29% |
| AI Infrastructure ETF (iShares AI Infrastructure) | Global Thematic | 2.98% |
| Emerging Markets Dividend ETF (VanEck Dev Mkt) | International | 4.47% |
| Emerging Markets Small Cap ETF (SPDR EM Small Cap) | Emerging Markets | 2.05% |
| European SMid Cap Fund (Indep & Expansion Europe) | Europe SMid Cap | 1.47% |
| European Real Estate REIT ETF (BNP FTSE EPRA Nareit Euro) | European Thematic | 2.06% |
| Gold Mining ETF (VanEck Gold Miners) | Commodities | 1.66% |
| FIXED INCOME — 72.9% | ||
| Hedged Emerging Debt Fund (BNP Easy JPM EMBI ESG) | Emerging Market Bonds | 6.54% |
| Global High Yield Fund (IVO Fixed Income) | Emerging High Yield Bonds | 6.32% |
| European High Yield ESG ETF (BNPP HY SRI UCITS) | European High Yield Bonds | 5.25% |
| Nordic Corporate Bonds Fund (Pareto Nordic Corp) | European High Yield Bonds | 4.20% |
| Mandarine Global Target 2030 Fund | Global Aggregate Bonds | 4.87% |
| Direct Investment Grade Bonds (Santander, SocGen, UniCredit…) | Investment Grade Bonds | 5.45% |
| ABSOLUTE RETURN — 6.4% | ||
| Helium Selection (long/short equities) | Market neutral | 1.26% |
| Jupiter Global Equity Absolute Return | Global long/short equities | 3.87% |
| Axiom Long Short Equity | Financials long/short | 1.30% |
Notably, the portfolio includes an indirect commodities allocation through gold mining equities (VanEck Gold Miners, 1.66%) — a tactical choice providing leveraged exposure to gold prices, in a context where precious metals reached new highs in early 2026.
This fund is managed by Mandarine Gestion, a French independent asset management company founded in 2008 and regulated by the AMF, with several billion euros in assets under management. Based at 30 Avenue Kléber in Paris, Mandarine Gestion has built its reputation on high-conviction active management, with recognized expertise in European markets and small- and mid-cap equities.
The fund is managed by a team of three experienced professionals:
The management team combines complementary expertise across equity, fixed income, and derivatives markets. Their approach is based on rigorous fundamental analysis, risk-focused portfolio construction, and the ability to quickly adapt allocation to changing market regimes — as illustrated by the strategic reallocation in January 2026, reducing U.S. exposure in favor of Europe and emerging markets.
The January 2026 management commentary provides insight into how the team navigates current events. In a context of high geopolitical intensity — actions by the Trump administration, tensions around Iran, Greenland, and Venezuela — the managers maintained a disciplined approach.
The appointment of Kevin Warsh as head of the Federal Reserve acted as a calming signal for U.S. bond markets, helping stabilize the dollar after a period of weakness. The Fed maintained rates at 3.50%–3.75%, while the ECB held its own stance.
In this environment, the team continued its geographical reallocation strategy: reducing exposure to U.S. markets — which had become relatively expensive — in favor of European and emerging equities, offering stronger relative potential. The main contributors for the month reflect this positioning: Polar Capital Smart Energy (+0.3%), Euro Stoxx Banks ETF (+0.2%), Euro Stoxx 50 futures (+0.2%).
This ability to tactically reposition the portfolio without waiting for trends to fully play out is a key differentiator of active conviction-based management — something passive or index-based strategies cannot replicate.
The fund is classified as level 3 on the SRRI risk scale (1 to 7), placing it in the “moderate risk” category. This classification reflects its historical volatility profile, currently at 6.1% over one year — significantly lower than a pure equity fund (typically ranging between 12% and 18%).
Main risks
Capital loss risk · Equity market risk · Interest rate and credit risk · Emerging markets risk · Currency risk · Discretionary management
Key features
Recommended investment horizon: 5 years
Annual management fees: 1.50%
Performance fee: none
Entry / exit fees: 0%
Valuation: daily
Full delegation
You entrust asset selection and monitoring to a team of professionals whose full-time expertise is portfolio management. No market stress, no behavioral biases.
Immediate diversification
Through a single line in your portfolio, you gain access to more than 50 instruments covering equities, bonds, commodities, and alternative strategies.
Exclusive network access
This fund is not marketed to the general public. It is exclusively available through the 14 firms of the Convergence network — including SAPIENS WM.
Life insurance eligibility
The fund is eligible for life insurance wrappers (notably Cardif Elite), combining the benefits of flexible management with the tax advantages of life insurance.
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.