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Digital Subscriptions > The Hedge Fund Journal > Issue 139 – Mar 2019 > Kairos International SICAV (KIS) – KEY UCITS

Kairos International SICAV (KIS) – KEY UCITS

Compelling listed equity valuation discount

The Kairos Group, an asset management company with assets under management of around EUR 11bn is celebrating its 20th year anniversary this month. The Group belongs to The Hedge Fund Journal’s ‘Europe 50’ ranking of the largest hedge fund managers in Europe and it is one of the pioneers in the European hedge fund industry, having launched its first European equity long/short in 1999. Today the Group has several absolute return strategies and operates primarily in four areas: European long/short equities, Italian long/short and long-only absolute equities, European fixed income and finally global multistrategy fund of funds.

KIS KEY UCITS, which was launched in June 2013 and runs in excess of EUR 500mn, is one of the two L/S European funds run by the Group and has received The Hedge Fund Journal’s UCITS Hedge Award for best performing fund in its strategy category, Long/Short Equity-Regulated Utility Sector Specialist. As at the end of January 2019, KIS KEY has delivered annualised returns in excess of 10% with a Sharpe ratio above one since inception. In absolute terms, it has also outperformed longonly indices of infrastructure stocks, generating annualised alpha of 4.8% versus the NMX Infrastructure index produced by LPX AG.

KIS KEY selects a concentrated book of 30-40 long and short stocks from a highly specialised universe of around 150 regulated, semi-regulated or other long duration companies in the infrastructure, utilities, transportation, communications and real estate sectors. Most are mid-caps (defined as between EUR 1-5 billion), Europe-oriented and are predominantly listed in Europe. These are often monopolies or quasi-monopolies and many boast revenues with relatively predictable cashflows and little sensitivity to the economic cycle.

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Informing the Hedge Fund Community. With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.