Análisis del enfoque de inversión del fondo Tikehau International Cross Assets de Tikehau Capital

Artículo de Raphaël Thuin, Head of Capital Markets Strategies de Tikehau Capital

Gestores del fondo: Jean-Marc Delfieux y Clovis Couasnon

Enfoque de inversión:

Tikehau International Cross Assets es un fondo flexible cuya estrategia de inversión consiste en gestionar activa y discretamente una cartera diversificada de acciones (entre -20% y 100% del patrimonio neto del subfondo) y valores de deuda (entre 0% y 100% del patrimonio neto del subfondo) de todos los sectores económicos y zonas geográficas.

A comienzos de año, habíamos reducido ligeramente la exposición al sector tecnológico, en respuesta a la creciente incertidumbre macroeconómica y al aumento de las dudas sobre la rentabilidad de las inversiones a gran escala en inteligencia artificial. Esto redujo la exposición neta del sector tecnológico al 15% a finales del primer trimestre de 2025, comparado con el 24% a finales de diciembre, en línea con el bajo rendimiento general del segmento: los “Magnificent 7” cayeron un 16% en ese período.

Sin embargo, durante la segunda mitad del año, aumentamos progresivamente nuestra exposición al sector. Este cambio se debió principalmente a los sólidos resultados del segundo y tercer trimestre, que demostraron fundamentos sólidos en las participaciones de nuestra cartera y reforzaron una visión constructiva del sector. Por ejemplo, Nvidia —una de nuestras cinco principales posiciones por peso en cartera— registró un incremento del 56% interanual en ingresos y reiteró su previsión de crecimiento de ventas superior al 50% para el siguiente trimestre, según sus resultados del segundo trimestre.

Durante los trimestres dos y tres, al tiempo que aumentábamos gradualmente nuestra exposición neta al sector tecnológico, mantuvimos un enfoque de inversión disciplinado y selectivo. Materializamos beneficios en posiciones que consideramos sobrevaloradas, como Arista Networks, y redistribuimos el capital en empresas con valoraciones y perfiles de crecimiento más atractivos, incluyendo Nvidia y Amazon.

A finales de octubre, la exposición al sector tecnológico representa el 40% de la cartera de renta variable, invertida principalmente en grandes tecnológicas estadounidenses.



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MAIN RISKS
The funds managed by Tikehau Investment Management invest in financial instruments that are subject to changes and uncertainties in the financial markets. Any
financial investment in a fund involves risks, in particular those summarized below. For a full description of the risks to which the funds are exposed, please refer to
the fund prospectuses. Please read the legal documentation for the funds presented in this document (prospectus and DIC) carefully before making any final
investment decision.
Risk of capital loss: Capital is not guaranteed. Investors may not recover the value of their initial investment.
Risk of investing in speculative high-yield securities: The Fund should be considered as partly speculative and aimed more particularly at investors who are aware of
the risksinherent in investing in securities with low or no ratings, and whichmaylead to a fall in net assetvalue.
Credit Risk: Credit risk is the risk that an issuer (or similar money market instruments) held by the Company may default on its interest and principal repayment
obligations and the Companymay not recover itsinvestments.
Interest-rate risk : The Fund may, at any time, be fully exposed to interest-rate risk, as its sensitivity to interest rates may vary depending on the fixed-rate securities
held, leading to a fall in its net asset value.
Discretionary risk : The discretionary management style is based on anticipating the performance of various markets (equities, bonds). There is a risk that the Fund
may not be invested in the best-performing markets at all times.
Financial futures risk : Asthe Fundmayinvest in derivatives, its net assetvaluemayfall by more than the markets to which it is exposed.
Counterparty risk: The risk of deterioration in the credit quality of the issuer or the default of a market counterparty, leading to a payment default. The default of a
counterparty mayresult in a decrease in the NAV of the Fund. For a description of all risks, please refer to the Fund's prospectus.
Liquidity risk: The liquidity of some of the fund's assets may be low at times, particularly on over-the-counter markets. More particularly in turbulent market
conditions, their pricesmay fluctuate significantly. It maysometimes be difficult to unwind certain positions on favorable terms forseveral consecutive days.
Sustainability Risks: It is expected that the Portfolio will be exposed to a wide range of sustainability risks. However, due to the broad diversification of the Portfolio,
none of these risksindividuallyis expected to have a material adverse financial impact on itsvalue.
Risk associated with a change in tax policy : Any change in the tax laws of the countries where the fund is domiciled, registered for marketing or listed, could affect the
tax treatment of investors. In this case, the Management Company assumes no liabilityto investorsfor paymentsto be made to anytax authority.
Equity risk : Asthe Fundmay be exposed to equity markets, the net assetvalue of the Fund will therefore fall in the event of a decline in thismarket.
Volatility risk : Volatility isthe measure of an asset's price variation over a given period. In other words, it describes the magnitude and speed of change in an asset's
value. In a more volatilemarket, risk increases, i.e. the probability of a portfolio experiencing significant fluctuationsincreases.
Dividend risk : Dividend risk isthe uncertainty as to the regularity or amount of dividend payments compared with market expectations. It arises from factors such as
economic conditions, company performance andmarket volatility, all of which have an impact on the reliability of dividendsfor investors.
Currency risk : The Fund may be exposed to currency risk in respect of the portion of its net assets invested outside the euro zone that is not hedged against this risk,
whichmayresult in a fall in its net asset value.
Conflict of interest risk : The Fund may be invested in mutual funds managed by Tikehau IM or a related company, or in securities issued by such mutual funds. This
situationmay give rise to conflicts of interest.
Specific risks linked to the investment in contingent convertible bonds (« CoCos»):
• Trigger level risk: Trigger levels differ and determine exposure to conversion risk as a function of distance fromthe trigger level.
• Coupon cancellation risk: Coupon payments on AT1 instruments are entirely discretionary and may be cancelled by the issuer at any point, for any reason and for
any duration.
• Yield/estimation risk : Cocos' often attractive yields can be seen as a complexity premium.
• Risk of non-repayment: Cocos AT1-type instruments are perpetual, redeemable at predetermined levels only with the approval of the competent authority.
• Liquidity risk : Like the high-yield bondmarket, the liquidity of CoCos can be significantly affected in turbulentmarket conditions.

The Synthetic Risk Indicator (SRI) of each share class is available in the dedicated KID of each share class onto the Company Management’s website. Please refer to
this document to obtain the associated detail.