- investment funds.
- Alternatives.
- PUTNAM - Transition Materials, Syst. NAV Hdg, (EUR) N A
PUTNAM
Transition Materials
ISINLU0640922273PUTNAM - Transition Materials, Syst. NAV Hdg, (EUR) N A
ISINLU0640922273General information
| Asset Class | Alternatives | |
| Category | Commodities | |
| Strategy | Liquid Alternatives Strategies | |
| Fund base currency | USD | |
| Share Class reference currency | EUR Hedged | |
| Benchmark | Bloomberg Industrial Metals Subindex TR Hedge EUR | |
| Dividend Policy | accumulated | |
| Total Assets (all classes) in mn | EUR 98.08 | 31.03.2025 |
| Assets (share class) in mn | EUR 5.15 | 31.03.2025 |
| Number of positions | 18 | 31.10.2018 |
| TER | 1.00% | 30.09.2024 |
Risk rating
Lower riskHigher risk
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Typically lower rewardTypically higher reward
Past performance is not a guarantee of future results. If the funds are denominated in a currency other than that in which the majority of the investor's assets are held, the investor should be aware that changes in rates of exchange may affect the value of the funds' underlying assets. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.
Performance & Statistics
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| As of |
| Share Class (Net) |
| Benchmark |
Sorry, we could not retrieve the data for this share class.
Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
Loading...
| As of |
| Share Class (Net) |
| Benchmark |
Sorry, we could not retrieve the data for this share class.
Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
Loading...
| As of |
| Share Class (Net) |
| Benchmark |
Sorry, we could not retrieve the data for this share class.
Any benchmarks/indices cited herein are provided for information purposes only. No benchmark/index is directly comparable to the investment objectives, strategy or universe of a fund.
| Fund | Benchmark | |
|---|---|---|
| Total Return | 0.43% | -0.06% |
| Annualized Return | 0.22% | -0.03% |
| Annualized Volatility | - | - |
| Sharpe Ratio | - | - |
| Downside Deviation | 8.45% | 11.70% |
| Positive Months | 50.00% | 54.17% |
| Maximum Drawdown | -9.44% | -13.09% |
* Risk-Free Rate 3.54%Target Rate 3.54%
Calculations based on monthly time series
Earliest Date: 02.05.2023, Latest date: 24.04.2025
| Fund vs Benchmark | |
|---|---|
| Correlation | 0.833 |
| R2 | 0.694 |
| Alpha | 0.01% |
| Beta | 0.571 |
| Tracking Error | 10.01% |
| Information Ratio | -0.099 |
Key risks
The following risks may be materially relevant
but may not always be adequately captured by the synthetic risk indicator and may cause additional loss:
Counterparty risk: When a fund is backed by a guarantee from a third party, or where its investment exposure is obtained to a material degree through one or more contracts with a counterparty, there could be a material risk that the counterparty to the transactions will fail to honor its contractual obligations. This may result in a financial loss to the Fund.
Concentration risk: To the extent that the fund's investments are concentrated in a particular country, market, industry, sector or asset class, the fund may be susceptible to loss due to adverse occurrences affecting that country, market, industry, sector or asset class.
Model Risk: Models may be misspecified, badly implemented or may become inoperative when significant changes take place in the financial markets or in the organization. Such a model could unduly influence portfolio management and expose to losses.
Highlights
PUTNAM - Transition Materials is a rule-based long-only commodity strategy launched in May 2023. It provides exposure to a broad and diversified basket of commodities, with daily liquidity under a UCITS structure.
The objective is to focus on the supply/demand chain opportunities driven by a low carbon economy transition. In particular, the strategy is exposed to those commodity-heavy themes that are believed to be at the forefront of the transition, such as electrification, green mobility, materials substitution as well as recycled materials. It does not invest into commodities adversely exposed to the transition such as fossil energy.
The investment universe mostly includes technology related metals and biobased materials, some of which are not part of traditional benchmarks.
Risk management is performed at the portfolio level, while an independent team oversees investment and operational risks.
Breakdowns
PERFORMANCE CONTRIBUTION (IN %)
| Benchmark Industrial Metals | 0.00% | -3.60% |
|
| Biobased Materials | 0.00% | 0.20% |
|
| Ex-Benchmark Metals | 0.00% | 2.20% |
|
| Precious | 0.00% | 2.10% |
|
FUND WEIGHTS (IN %)
| Benchmark Industrial Metals | 0.00% | 48.90% |
|
| Biobased Materials | 0.00% | 10.30% |
|
| Ex-Benchmark Metals | 0.00% | 13.80% |
|
| Precious | 0.00% | 27.00% |
|
Managers
Marc Pellaud, Ph.D.Investment Management (Systematic Strategies & Alternatives)
Read more
Marc Pellaud is a Senior Portfolio Manager in the 1798 Hedge Fund / Systematic Alternatives team within PUTNAM ADVISORY CO LLC (BWB). He initially joined PUTNAM in 2016, and the systematic alternatives team in 2009, where he co-managed a hedge fund replicator. This was a top-down factor-based approach aimed at delivering hedge fund-like returns with daily liquidity. With the
inception of BWB’s Alternative Risk Premia franchise, the natural evolution was to then further incorporate a bottom-up approach, which was done in 2014. Marc has been developing and co-managing this franchise ever since. In addition, he also co-manages BWB’s Commodity Risk Premia offering since 2011.
Marc earned a PhD in life sciences from the Swiss Federal Institute of Technology in Lausanne (EPFL) in 2016. He also gained a master’s degree in natural science from the University of Geneva and a bachelor of science in biology, specialising in marine and freshwater from the University of New Hampshire, USA.
Laurent JouéInvestment Management (Systematic Strategies & Alternatives)
Read more
Laurent Joué is a senior portfolio manager in the 1798 Hedge Fund/Alternatives team at PUTNAM Investment Mangers (BWB). He originally joined PUTNAM as a junior portfolio manager in the fund of hedge funds team in July 2008, before joining the Systematic Alternatives & Equities team in November 2009. He co-manages the Alternative Risk Premia range of products and the PUTNAM–Commodity
Risk Parity strategies. He began his professional career in 2005 as an assistant portfolio manager at Géa in Paris, the ADI-LODH joint-venture specialised in hedge fund multi-management.
Laurent earned a master’s degree in market finance from the Institut Supérieur Européen de Gestion in 2005.
Legal information
General information
| Domicile | Luxembourg |
| Legal Form | SICAV |
| Regulatory Status | UCITS |
| Registered in | AT, CH, DE, ES, FI, FR, GB, IT, LI, LU, NL, NO, SE |
| Class launch date | 06.07.2011 |
| Close of financial year | 30 September |
| Dividend Policy | accumulated |
Fiscal Information
| DE Investmentsteuergesetz (InvStG) | Other Funds |
| AT Investmentfondsgesetz (InvFG) | Declared Fund |
| UK Reporting Status | No |
Management Company & Agents
| Management Company | PUTNAM Funds (Europe) S.A. |
| Custodian | CACEIS Bank, Luxembourg Branch |
| Auditor | PricewaterhouseCoopers |
| Portfolio valuation | CACEIS Bank, Luxembourg Branch |
Dealing
Dealing
| Subscriptions and redemptions frequency | daily |
| Subscriptions and redemptions cut-off day | T-1 |
| Subscriptions and redemptions cut-off time | 15:00 CET |
| Subscriptions and redemptions settlement date | T+2 |
| NAV valuation point | T |
| NAV calculation day | T+1 |
| NAV calculation frequency | daily |
| Minimum Investment | CHF 1'000'000 or eq |
| Management Fee | 0.75% |
| Distribution Fee | 0.00% |
Security Numbers
| BLOOMBERG | LOCMEIA LX |
| ISIN | LU0640922273 |
| REUTERS | 13178608X.CHE |
| SEDOL | BD7VJ32 |
| TELEKURS | 13178608 |
Prices
Prices over selected period
| Last | EUR | 0.00 | 7.24 | 24.04.2025 |
| First | EUR | 0.00 | 7.21 | 02.05.2023 |
| Highest | EUR | 0.00 | 7.82 | 21.05.2024 |
| Lowest | EUR | 0.00 | 6.38 | 05.10.2023 |
* Earliest Date: 02.05.2023, Latest date: 24.04.2025
Documents
Legal Documents
Newsletter
Commodities were up again this month, with our first reference index the Bloomberg Industrial Metals subindex [BCOMINTR Index] posting +4.23% over the month and our second reference index the Bloomberg Commodity Index [BCOMTR Index] printing at +3.93% in March. All complex but the grains (and especially wheat) were up over the month, with the best performing sector being the precious metals complex, as gold and silver both performed strongly as investors sought safe-haven assets in the face of a global trade war. Energy and industrial metals were also well in positive territory, with copper performing exceptionally well as investors rushed to get exposure to the metal ahead of announced tariffs coming into force in early April.
INDUSTRIAL METALS
The industrial sector was up in March. A weakening USD provided support for all base metals. The overall impact from tariffs and retaliations was uneven across metals and the decision from the German government to invest in defense and infrastructure was supportive.
Copper was among the best performers of the month, largely attributed to anticipation of tariffs prompting suppliers and manufacturers alike to frontload shipments to the US.
Aluminium was the only industrial metal in negative territory, with Europe’s demand growth showing signs of weakening linked to uncertainty in tariffs.
PRECIOUS METALS
The complex saw the most gains in March, with Silver, Gold and Platinum all well in positive territory.
Gold found firm footing on the weaker USD and increased safe-haven demand, as geopolitical concerns rose as hopes of resolve for the war in Ukraine melted, notably after the clash in the white house between Zelenski and Trump/Vance. Shortly after, gold rose again with the escalation of the US trade war with Mexico, China and Canada and overall uncertainty over trade war and tariffs to come. Concerns over inflation linked to tariffs were supportive to the yellow metal.
EX-BENCHMARK METALS
Except for both HRC Steel and Steel Scrap posting negative figures over the period, all the other commodities in the complex had a very good month.
The Democratic Republic of Congo (DRC), the world’s largest producer of cobalt, has suspended the mineral’s export for four-month, effective the 22nd of February, which has been extremely supportive for Cobalt prices, which have posted a truly stellar performance in March.
Tin has also had a very good performance for the period.
BIOBASED
The biobased complex was a mixed bag over the period with on one hand Ethanol posting positive performance and Lumber in slight negative territory in March.
