H2O AM notes the loss of value of its segregated funds

Posted Jan 13, 2022, 5:00 PMUpdated on Jan 13, 2022 at 6:43 p.m.

After four months of silence, H2O Asset Management gives news of its illiquid funds, closed to marketing since October 2020. The management company in turmoil, a subsidiary of the Natixis bank, published on its website the estimated value at the end of 2021 of its seven ring-fenced investment vehicles. These funds, which include its risky investments in the debt of the Dutch holding Tennor, show performance down 25% to 44% last year.

A cold shower for H2O customers, who are mainly French savers. Until the end of August, the manager had communicated on almost stable monthly performances, even on the rise. If the values ​​revealed this week remain purely indicative, pending the liquidation of the funds, the potential shortfall is significant. While these “side pockets” totaled 1.6 billion euros in assets in the fall of 2020, their value has since fallen by 587 million euros, i.e. an average discount of 35%, calculated Philippe Maupas, consultant and author of the Alpha Beta Blog site.

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