2-medium.jpg)
Our mission is to create an environment where those who seize opportunities, take charge of their growth and reach their full potential.
Our clients are at the heart of everything we do. Our experience shows that if we are aligned with our clients by serving them well, our own success will follow.
Our assets are our people, capital and reputation. We create a culture that fosters teamwork and belonging, supporting both professional and personal growth.
Our commitment to the highest ethical standards drives us to uphold transparency and vigilance, learning from our experiences to make decisions that instill a sense of pride.
Prior to founding AQUIS Capital, Son Nguyen co-founded Ayaltis AG in 2008, a fund of hedge funds manager based in Zurich/Switzerland. He acted as their CEO since its foundation until September 2019. During his tenure as CEO, Ayaltis fulfilled all Swiss FINMA and European AIFM regulatory requirements, company AUM reached almost 1bn USD and achieved many Industry Awards. Son was also Investment Committee Member and has an extensive network of hedge funds and investors. Son started his financial career in 1999 working in the Portfolio Management for the Swiss Government Pensions Fund Publica assisting in Fund Analysis and Selection. In 2001, Son joined UBS Wealth Management in Geneva where he held various positions in Portfolio Management, Investment Strategy and Investment Advisory for UHNWI. After completion of UBS Private Banking Diploma in 2003, Son left UBS to join funds of hedge funds company Harcourt Geneva to develop their client base in Switzerland and Western Europe.
MBA, Finance, University of Fribourg
CAIA charter holder.
Mario joined AQUIS Capital in July 2020, where he is responsible for the Emerging Markets. Before he worked for Vogt Asset Management AG and CBR Investment AG, where he played a key role in the launch of the Lumen Vietnam Fund, which he continues to manage with great success as the responsible portfolio manager. Under his leadership, the Lumen Vietnam Fund was the first Vietnam focused equity long-only fund worldwide to receive the UCITS label (2013). Since then, the fund has been the first to invest according to ESG criteria. Mario also worked at Würth Finance in 2006, where he worked as a portfolio manager in the treasury and risk division. He started his career 1987 as market maker for Japanese convertible bonds and warrants for Bank Julius Bär in Zurich. 1992 he was appointed by the Board of Directors of Bank Julius Baer to set up the derivatives department. After the commercial education at KV Zurich Business School, he attended INSEAD in Fontainebleau (Paris) to expand his knowledge in derivatives. He is an educated and passionate chartist, it recognizes the important trends in the international financial markets at a very early stage.
Yimeng joined Aquis Capital in Nov 2022 as Risk, Compliance, and Operations. She has over 15 years of experience in asset management and corporate banking across Asia and Europe. Yimeng started her career working at GE Capital in Singapore as Credit Analyst for Southeast Asia portfolio. In 2008 she joined Farema Capital, a London based Long -Short Equity hedge fund as the COO and junior partner where she was instrumental in launching the fund and established the fund operation and risk control procedure. She also worked with various start-up hedge funds and asset managers as external Operational consultant for new launch and regulatory licenses applications. Prior joining Aquis Capital, Yimeng spent five years in the corporate banking sector in Zurich.
Yimeng holds a BSc in Banking & Finance from University of London and a Diploma in Accounting & Finance from Temasek Polytechnic Singapore. She is passionate about Environmentalism and completed her study of Sustainable Finance Leadership at Cambridge Institute in Sep 2022.
Gabriele works as an Investment Manager at AQUIS Capital, covering hedge fund solutions and managing two global multi-strategy Fund of Hedge Funds portfolios, being a member of the Investment Committee. He joined AQUIS Capital in May 2021 as an Investment Analyst focusing on the Hedge Fund Research. Prior to this experience, he worked as an ESG project analyst in the Global Investment Communications department at Vontobel Asset Management. He started his career in the Global Asset and Wealth Management Research Department at PwC Luxembourg. Gabriele holds a Master of Science in Finance from HEC Lausanne, a Bachelor of Science in Industrial Engineering from the University of Trieste and is a CAIA Charterholder.
Estel joined AQUIS Capital in September 2024 as a Product Specialist, specializing in hedge fund solutions. In this role, she provides comprehensive support for the firm’s two global multi-strategy Fund of Hedge Funds portfolios, including research, analysis, and portfolio construction. Additionally, she provides portfolio support for the Lumen Vietnam Fund.
Before joining AQUIS, she gained valuable experience at a private wealth management firm in Zürich, building a strong foundation in investment management, client advisory services, and financial analysis. Estel holds a Master of Science in Finance from the University of Edinburgh and a Bachelor of Arts in Accounting and Finance from Abertay University.
Hassan joined AQUIS Capital in November 2022 as a Business Intelligence and Data Analytics specialist. He creates and maintains investment dashboards, automates business processes, and manages IT systems to ensure smooth operations. His role involves using data analysis to support decision-making and improve efficiency across the firm.
Before joining AQUIS Capital, Hassan held various roles including Data Scientist, Software Engineer, AI Researcher. He gained experience working with startups across Lebanon, UAE, and Jordan, and with major companies like BMW and HP.
Hassan holds a bachelor’s degree in Computer Science from the Lebanese American University, where he specialized in Artificial Intelligence, Machine learning, and Computer Vision.
Caroline joined AQUIS Capital in January 2024 as Head Business Development, having over 15 years’ experience within the hedge funds universe. Before joining Aquis Capital she was responsible at Mainfirst and Ethenea for the German speaking clients in Switzerland. From 2014 to 2020, she was at Ayaltis AG Senior Hedge Fund Sales. She started her career in 2007 as an Equity Analyst at Credit Suisse before joining Aurium Capital.
Caroline Wirth studied economics and politics at University of Southampton and holds a master’s degree in international economics from University of London SOAS.
Avelina joined AQUIS Capital as a Marketing Associate, supporting the firm’s marketing and communication initiatives, managing and structuring client data within the CRM, assisting with the preparation of presentations, investor materials and event coordination.
Prior to joining AQUIS Capital, Avelina gained experience as a Client Relationship Manager, working across multiple companies in different sectors, where she was responsible for overseeing CRM operations, ensuring data accuracy, and managing client relationship processes.
She pursued a Bachelor’s degree in Marketing at Kyiv National Economics University.
Tuong joined AQUIS in November 2021 as a Research Associate, focusing on Emerging Asia opportunities.
Prior to this experience, he worked at Shelev Capital, part of Choon Heng Group Singapore, a diversified investment group with 40 years of track records and background from Cheo Family’s Mewah International, the world’s largest palm oil agri – and processing – conglomerate. He started his career at Ho Chi Minh City Securities Corporation and Viet Dragon Securities Corporation, leading securities brokerage firms and investment banks in Vietnam.
Tuong is a fully-licensed stockbroker in Vietnam and holds a Bachelor in International Business from The University of Economics Ho Chi Minh City.
Kim Kwang Yul (KY) has almost 30 years of experience in the financial service and structured asset management industries. Before joining AQUIS Capital Korea in March 2021, KY was representative of Ayaltis Hong Kong, representative of HMC Investment Securities in Hong Kong, SVP of Standard Chartered Bank Seoul and Managing Director of BNP Paribas and RBS (formerly ABN Amro). He started his career in 1994 at the Chase Manhattan Bank (now JP Morgan), where he was responsible for investment banking and financial analysis activities both in Hong Kong and Seoul. KY was a member of the Korean Financial Investment Committee of Hong Kong and a member of the CFO Group in Seoul.
KY studied for a BA at the Korea University, Seoul, Korea.
Ms. Nguyen Thi Nga joined VHHAM in September 2017 and the investment management industry in 2008. She started her career as Investment Analyst at Viet Capital Asset Management, following which she was promoted to Senior Investment Analyst in 2009. After approximately four years at Viet Capital Asset Management, she continued her studies in the United States as Fulbright scholar in the MBA program at Willamette University. Nga spent 4 years at Korea Investment Management Company – one of the largest asset management companies in Vietnam with AUM around US$1.3bn.
Nga holds a BA in economics from Hanoi Foreign Trade University and an MBA from Willamette University.
Ms. Tran Kim Phuong joined VNHAM in August 2010. She brought over her more than 10 years of experience in administrative and management support functions in significant organizations to VNHAM from her joining date. They include the Consulate General of Switzerland in Ho Chi Minh City, Wafler Diagnostics AG (Switzerland), Long Thanh Golf & Residential Estate, Johnson Controls (USA), and Viettel Telecommunication Corporation.
Phuong earned a BSc in English from the University of Can Tho, a BS degree in Business Administration from the HCM City Open University, and an MBS in Human Resource Management at the joint program of Massey University, New Zealand, and the University of Economics HCM City – International School of Business.
Mr. Nguyen The Duy joined VNHAM in May 2024. Previously he spent eight years at Turricum Investment AG – Vietnam (TIM), where he served as an investment manager, a member of the Investment Committee, and a partner with TIM in Vietnam. His previous experience includes five years as a credit analyst for Indovina Bank, Shinhan Bank Vietnam, and Sumitomo Mitsui Banking Corporation – HCM branch, as well as three years as a research analyst at VPBank Securities Company.
Duy holds a bachelor’s degree in finance from the University of Economics Ho Chi Minh City and is a CFA charterholder from the CFA Institute.
Ms. Bui Thi Huong Lan joined VNHAM in October 2020. She started her early working career as an intern of Research and Consulting department at CBRE Vietnam, Hanoi Office. She was ex-Investment Data Officer of VNHAM for nearly 6 months from early 2018, then joined Dynam Capital for 2 years as an Investment Data Analyst cum ESG Analyst before re-joining VNHAM as an Investment Research.
Lan holds a B.A Finance and Banking from Vietnam National University, Hanoi and MSc in Finance of Strathclyde Business School, Glasgow, UK. She is currently a CFA level III candidate.
Ms. Pham Anh Thu joined VNHAM in July 2021. She started her career as an intern at the Strategic Department of Vietnam Investments Group, one of the largest private equity fund in Vietnam, right after her graduation in June 2017. Thu moved on to Viet Dragon Securities as an equity research analyst in early 2018. Her last post before VNHAM was with Ho Chi Minh City Securities, where she further honed her equity research skill.
Thu holds a Bachelor degree in Business Economics from Foreign Trade University in Ho Chi Minh City Campus and already passed the CFA Level 2.
Mr. Nguyen Dac Phu Thanh joined VNHAM in July 2022. He started his career as Investment Analyst at Viet Capital Securities in 2016 and was promoted to Senior Investment Analyst in 2020. After four years at Viet Capital Securities, Thanh spent two years at Korea Investment Management, one of the largest asset managers in Vietnam with total assets under management of USD 1.3bn approximately.
Thanh holds a Bachelor of Arts in Finance and Banking from Ho Chi Minh International University – Vietnam National University.
Mr. Le Van Nhat Tuan joined VNHAM in February 2023. He had his very first position in the Vietnamese financial market in 2010. Since then, he has sharpened his economical skills and knowledge in Horizon Advisory, IDG Ventures Vietnam, and Viet Dragon Securities as an investment analyst and investment banker. He also had over 1 year of challenging himself when working in the Financial Department of Gemadept Corporation, one of the largest port operators in Vietnam. Before joining VNHAM, Tuan worked as Fund Manager at Rong Viet Asset Management.
Tuan holds a Bachelor’s in Finance and Banking from Ho Chi Minh International University – Vietnam National University and a Master of Finance and Banking from the University of Applied Sciences and Arts Northwestern Switzerland.
Ms. Nguyen Ngoc Thao joined VNHAM in July 2023. She started her professional career as an Assurance Associate at Ernst & Young. She was in charge of the financial sector in both Vietnam and Cambodia. Before joining VNHAM, Thao had three years experience as Equity Research Analyst at Viet Dragon Securities.
Thao holds a Bachelor degree in International Finance from Foreign Trade University in Ho Chi Minh City campus. She is additionally enhancing her investment knowledge and skills through pursuing the CFA program.
Mr. Truong Tuan Ky joined VNHAM in November 2018. He has more than 7 years of banking and finance experience, of which 3 years as a project staff member at United Overseas Bank, Ho Chi Minh City Branch. After that he was a trader at Rong Viet Securities and Horizon Securities for four years before joining Vietnam Holding Asset Management.
He graduated from Vietnam International University Ho Chi Minh City with a bachelor’s degree in Accounting and Finance.
Ms. Nguyen Thi Phuong joined VNHAM in June 2023. She had 3 years of experience as a project manager for a virtual financial investment system at FESE Group – University of Economics and Law. She also spent time doing software services at FPT Software for 6 months, then worked at Vision Advisory And Analytics for more than one year as a data analyst.
Phuong obtained a bachelor degree from University of Economics and Law with a major in International Economic Relations. She acquired certifications of Google Data Analytics Professional, Power BI Data Analyst Associate, SAS Statistical Business Analyst Professional, and Microsoft Azure Data Fundamentals.
Ms. Nguyen Quynh Mai joined VNHAM in September 2013. Prior to joining Vietnam Holding Asset Management Mai worked as Head of the Analysis and Control Department of FPT Online Joint Stock Company. Previously she held several positions at the Audit & Tax Department of KPMG Vietnam.
Mai obtained her Bachelor's Degree with a major in Foreign Economics from the Ha Noi Foreign Trade University.
We like what we do, and we are delighted to share it with you.
Get inspired!
Vietnam is developing rapidly: a young, digitally savvy population, ambitious reforms and rising investment are making the country an increasingly important economic location in Southeast Asia. In a video interview with e-fundresearch.com, Caroline Wirth, Head of Business Development at Aquis Capital, talks about the long-term growth drivers, current market developments and opportunities for investors in the Vietnamese stock market.
With the upgrade of Vietnam from a Frontier Market to a Secondary Emerging Market by FTSE Russell, the Southeast Asian market has reached an important milestone. For Mario Timpanaro, Head of Emerging Markets at AQUIS Capital, this upgrade comes as no surprise but is rather the logical consequence of comprehensive market and infrastructure reforms. In an interview with e-fundresearch.com, he explains why this decision paves the way for a future MSCI upgrade, what capital flows can now be expected, and how the Lumen Vietnam Fund is strategically positioned.
e-fundresearch.com: How do you generally assess FTSE Russell’s upgrade of Vietnam from Frontier to Secondary Emerging Market status? Was the decision surprising to you, or was it foreseeable given the recent market and infrastructure reforms?
Mario Timpanaro: Most importantly, the FTSE upgrade paves the way for a future MSCI upgrade. It marks a milestone — not a surprise, but the logical consequence of recent market and infrastructure reforms. Authorities have clearly improved trading, clearing, transparency, and equal treatment of domestic and foreign investors, gradually aligning themselves with international best practices. The symbolic significance is great: Vietnam is positioning itself as an investable, competitive market with broader access for international capital.
The reform momentum is likely to continue. To meet FTSE EM criteria, the government has accelerated long-overdue reforms; beyond the upgrade, additional key steps are planned to further align capital markets with the needs of international investors. The Ministry of Finance is introducing a Central Clearing Counterparty model (CCP) — a mandatory market standard and key requirement for both FTSE and MSCI upgrades. Building on that, securities lending and later options trading are expected to follow. All these measures will enhance stock market liquidity. Furthermore, settlement times are being shortened and improved. These steps are also necessary to prepare Vietnam for the long-anticipated MSCI upgrade at a later stage.
e-fundresearch.com: What short- to medium-term effects do you expect on capital inflows and valuation levels in the Vietnamese equity market?
Mario Timpanaro: In the short term, we expect limited effects since much of it has already been priced in and valuations are already demanding. With an FTSE weighting of around 0.3–0.4%, we estimate passive inflows in the range of USD 0.8–1.2 billion. Active flows could exceed this. In the medium term, a new source of capital opens up — an important factor given Vietnam’s ambitious GDP targets. Additional capital will fuel the companies’ growth engines (expansion, investments). Moreover, Vietnam’s relevance in benchmarks increases; it will no longer be a market international institutions can ignore.
e-fundresearch.com: How are you positioning the Lumen Vietnam Fund in light of the upgrade? Are you planning adjustments in sector or stock selection?
Mario Timpanaro: We expect strong domestic participation in 2025 — with average daily trading volumes often between USD 1.2–1.8 billion. Prior to the upgrade, we had overweighted large caps since the beginning of the year and recently reduced them. Our positioning remains selective: quality large caps in core positions, complemented by high-growth mid caps where we see stronger momentum. Top-down for the broader picture and bottom-up for stock or sector selection, combined with technical analysis. Our focus is clearly on earnings quality, liquidity, and corporate governance. We are on the ground in Ho Chi Minh City with a 12-member analyst team that is well trained and highly networked — a clear advantage for our investors.
e-fundresearch.com: Aside from the upgrade — how would you describe the year 2025 so far for the Vietnamese equity market overall, and for your fund in particular?
Mario Timpanaro: 2025 has been volatile: we used correction phases with a high cash ratio to selectively increase positions in high-quality stocks at attractive valuations. Initially, the fund benefited from a large-cap tilt; we realized some gains since we expect broader market rotation. As of October 16, 2025, the Lumen Vietnam Fund is up +19% year-to-date (YTD). Should the Fed cut rates later this year, that would provide a tailwind for growth markets like Vietnam — fundamentally, we continue to view the risk/reward profile as highly attractive.
Vietnam’s macroeconomic position remains solid: public debt stands at around 35% of GDP, below the level of many comparable countries. Reform momentum is accelerating mid-term. Foreign direct investment (FDI) remains robust despite tariffs. At the same time, domestic consumption is clearly increasing and supporting growth. Extensive infrastructure projects are improving efficiency and productivity from a low base — making a measurable contribution to GDP.
We manage the fund without a benchmark; accordingly, our allocation differs from the index. Key investment themes include industrialization, urbanization, domestic consumption, and financials — with a selective focus on earnings quality, liquidity, and governance.
e-fundresearch.com: Thank you very much for the interview and continued success, Mr. Timpanaro!
About Mario Timpanaro:
Mario Timpanaro joined AQUIS Capital in July 2020 and has led the Emerging Markets team since then. Previously, he played a key role in the launch and management of the successful Lumen Vietnam Fund at Vogt Asset Management AG and CBR Investment AG. Under his leadership, the fund became the world’s first Vietnam-focused equity long-only fund to receive the UCITS label in 2013, paving the way for ESG investments in the region. Mario began his financial career in 1987 at Bank Julius Baer and later specialized in derivatives and technical analysis.
Vietnam presents itself as a fast-growing hub in Asia: a young demographic, rising wages and rapid productivity growth, massive direct investment, and the relocation of global supply chains are fueling industry, domestic consumption, and a modernizing capital market infrastructure. Mario Timpanaro explains how AQUIS Capital translates these structural growth drivers into focused investments with on-site research and a consistently active approach.
Vietnam is noticeably moving into the spotlight: The economy is growing strongly, international corporations are expanding their production there – and with the new stock exchange system (KRX) in operation since May 5, 2025, the market appears more modern and fluid than before. At the same time, index providers like FTSE and MSCI are taking a closer look, which promises additional tailwind. In this context, we speak with Mario Timpanaro of AQUIS Capital about opportunities, valuations, and the next growth drivers.
AQUIS Capital, an independent asset management firm based in Zurich, has been relying for years on close market access to Ho Chi Minh City, combining hard fundamentals with disciplined entry and exit management, and investing in Vietnam's key themes such as industrialization, urbanization, domestic consumption, and the financial sector. The in-house Lumen Vietnam Fund is structured as a UCITS and has demonstrated impressive performance since its launch. In short: an active approach with clear local expertise for a country that is currently taking the next leap in development.
Mario Timpanaro:
Southeast Asia is currently the fastest-growing region in the world. Vietnam stands out in particular:GDP growth reached 7.6% in the first half of 2025.The shift of global supply chains out of China is in full swing – the pandemic has accelerated this process, and Donald Trump's two terms in office have further fueled it.
Almost all major multinational companies now have a production facility in Vietnam or have concrete plans to relocate capacity there. This is also reflected in foreign direct investment, which reached a new all-time high in the first eight months of this year.
For equity investors, the valuation level (P/E ratio) remains attractive because fundamentals and market technicals are moving in the same direction.
On the macro side, solid growth forecasts suggest that earnings in the banking sector, consumer goods and real estate can continue to rise.
At the same time, market infrastructure has made quantum leaps in recent years. The new KRX trading system has been in operation since May 5, 2025, with noticeable effects on settlement, efficiency, and market scalability. For active managers, this combination measurably improves investability—not just as a narrative, but as visible in higher liquidity, greater turnover, and more reliable processes.
The new trading system has a capacity of USD 5 billion in trading volume per day; current daily turnover is around USD 1.5 billion. This development is crucial for the planned upgrade by MSCI, which is expected to generate significant capital inflows.
In short,the combination of macroeconomic growth and microstructural improvement creates an exceptionally favorable environment for active investors.
Mario Timpanaro:
We see two independent but complementary revenue streams—precisely what makes Vietnam so exciting at the moment. They run along two lines:
From outside to inside:
The ongoingrelocation of global supply chainsis attracting more and more technology and industrial sectors to Vietnam. The country is rapidly moving up the value chain and developing into a preferred location for products with a higher level of vertical integration. This increases the share of local productivity, further enhancing the attractiveness of the location and making a significant contribution to GDP growth.
From inside to outside:
Agrowing middle classsupports domestic consumption – it already accounts foraround 55% of GDP, one of the highest levels in Southeast Asia. At the same time, digitalization is gaining momentum in the private sector: For example, purchase orders on the stock exchange can now be conveniently placed via smartphone. The government has recognized digitalization as an important source of efficiency and plans to consistently expand this process to the administrative level. The planned reduction of the number of provinces from 63 to 34 is a significant step in this regard and a clear signal of the direction of travel.
Mario Timpanaro:
It's important to distinguish between the FTSE and MSCI. FTSE Russell has had Vietnam on its watchlist for a move from frontier to emerging markets since 2018. We expect the announcement in October and implementation no earlier than the first quarter of next year, 2026, and no later than September 2026.
MSCI is known to remain methodologically stricter – its primary concern is the equal treatment of foreign investors and domestic investors. The government must pave the way here, for example, by introducing so-called "non-voting shares" or similar systems. We expect this to be readyin the next two to three years. Therefore, it was all the more important to have already successfully introduced the new trading system on the stock exchange.
Mario Timpanaro:
Our independence and consistency in the investment process. We rely on our highly qualifiedteam of analysts based in Ho Chi Minh Cityfor fundamental analysis . It's amix of fundamental and chart analysis, which we use to ensure the perfect timing for entering and exiting positions in the Lumen Vietnam Fund.
We were also the first to introduce sustainability into the investment process (2013), thus complying with Article 8 of the EU regulation. Furthermore, we were one of the first fund managers to receive the UCITS label, which represents another milestone for us.
These two criteria make it all the more challenging, yet also profitable, to structure a portfolio over the long term. Ourpriority is always to strike the right balance between risk and reward, which we have achieved extremely well in recent years.
In times of high volatility, it is a MUST to actively manage the portfolio; this is the only way to generate significant added value for our investors.
Mario Timpanaro:
Since we don't have a benchmark, our portfolio allocation differs from the index. Our investment themes are, in brief, industrialization, urbanization, domestic consumption, and the financial sector.
Specifically, we are involved in the following sectors according to the following criteria:
We invest in retail banks and insurance companies that benefit from thegrowing lending and pension market. In the industrial and infrastructure sector, our focus is onenergy, transportation, logistics, and construction—the cornerstones of industrial expansion in Vietnam.
The megatrend of urbanization is reflected in investments inaffordable housing, shopping centers, and service sectors, which are directly supported by rising middle-class incomes.
Another focus is on industrial parks, which benefit greatly from foreign direct investment and are a key component of the global supply chain shift to Vietnam. In the technology sector, we focus on companies that increase efficiency and productivity – for example, in the areas of digitalization, automation, and financial technology.
Mario Timpanaro:
Here, I would like to highlight the strong performance of the government in Hanoi. The government's budget is very healthy, and thedebt-to-GDP ratio is only 35%.
This gives the government sufficient flexibility to invest in the country's reforms. This benefits not only the population, but also the economy and the rapidly growing tourism sector, which currently accounts forabout 8-9 percent of gross domestic product.
The Vietnamese government's growth target of 8-10 percent by 2030 is certainly very ambitious, but certainly achievable.
Furthermore, the government has successfully concluded new and significant trade agreements with numerous countries in recent years through its so-called "Bamboo Strategy." At the same time, we are experiencing a revival of domestic consumption, which is providing additional momentum for the economy.
Mario Timpanaro:
Vietnam offers an excellent opportunity, especially for investors seeking new investment opportunities for diversification reasons – as confirmed, for example, by the correlation with the Euro Stoxx, which is just 0.28%.
Furthermore, the valuations in the Lumen Vietnam Fund for 2026 are also moderate at a factor of around 11.8 times with an EPS of around 17%.
The fund offers daily liquidity and can be subscribed for in various currency tranches. The euro tranche is hedged against the US dollar with a three-month swap. Since its launch in 2012, the actively managed fund has generated anaverage return of 10.26% (USD retail tranche as of September 30, 2025). We are confident that we can continue to build on this success.
