Monthly factsheet – Hearth Ethical Fund, Class BH CHF
Monthly factsheet · 31 August 2026
Valori SICAV Hearth Ethical Fund
Class BH CHF
1 month
1.88%
3 months
0.35%
6 months
7.57%
YTD
9.53%
1Y ann.
12.28%
3Y ann.
7.33%
5Y ann.
–
Since launch ann.
6.79%
Investment target
The Sub-Fund pursues a medium- to long-term strategy to increase asset value by investing primarily in equities listed on equity and/or other regulated, regularly operating, recognized and open markets, in bonds and money market instruments, and in UCITS and/or other UCIs, with a focus on issuers and/or instruments that respect ethical finance values within the financial markets, that make choices that are strongly based on socially responsible investments, and that are focused on good corporate governance and on safeguarding people, the environment and life.
Manager comment
During August, global equity markets regained upside momentum, supported by broad macroeconomic resilience and an outstanding second-quarter corporate earnings season, capped off by solid results from Nvidia that reignited the technology sector. US risk assets thus outperformed European indices, despite pronounced intra-sector dispersion. The equity recovery coincided with a broad-based commodity rally: Brent crude fluctuated around $90/barrel amid ongoing Middle East tensions, while industrial metals and particularly gold (+10%) posted sharp gains. Precious metals were underpinned by the resurgence of the “debasement trade” theme, fueled by the US Treasury’s surprise announcement to ramp up its long-dated government bond buyback program. In sovereign bond markets, returns diverged across regions. The US yield curve flattened: short-end yields climbed following decidedly hawkish commentary at Jackson Hole, while the 30-year segment benefited directly from Treasury buybacks. Conversely, Continental Europe exhibited weaker dynamics, as restrictive ECB rhetoric pushed 10-year yields (most notably the German Bund at 3.32%) to fresh cycle highs. Corporate credit clearly outperformed government bonds, with High Yield spreads tightening to 12-month lows; within the European banking sector, CoCo Bonds (AT1s) confirmed their status as the most resilient, uncorrelated segment. We maintain a balanced equity stance that is tactically underweight, also reflecting the unfavorable seasonality typical of September. We remain underweight on the US, while holding an overweight position in the Technology sector, and overweight on Europe, specifically within the banking and insurance sectors.
NAV development (historical series)
Monthly returns (%, net of fees)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.00 | 0.28 | -0.10 | -1.45 | -0.14 | 2.70 | 0.52 | 1.77% | |||||
| 2024 | -0.46 | -2.26 | 2.62 | 0.36 | 1.70 | -1.85 | 2.43 | 1.09 | 2.19 | -1.99 | 1.43 | 1.13 | 6.40% |
| 2025 | 2.40 | -0.27 | -5.34 | -1.09 | 3.96 | 1.93 | 1.70 | -1.02 | 1.85 | 2.35 | -0.67 | -1.01 | 4.55% |
| 2026 | 0.94 | 0.88 | -5.77 | 6.94 | 6.38 | 0.74 | -2.22 | 1.88 | 9.53% |
Fund terms
ISIN CodeLU2481105893
Bloomberg TickerVALETBH LX Equity
Minimum initial inv.500’000
AUM24,149,085 €
Launch date09.06.2023
Management fees1%
Performance fees10%
Latest NAV113.29
Share class currencyCHF
Investment managerValori Asset Management SA
Risk profile
Lower risk
Typically lower rewards
Typically lower rewards
Higher risk
Typically higher rewards
Typically higher rewards
1234567
Performance / risk metrics
Modified duration4.96
VaR5.01%
No. instruments91
Annualised volatility10.54
Sharpe ratio1.20
Yield to maturity5.78%
Dividend yield1.77%
Sustainability rating
Valori Asset Management SA · Valori Asset Management SA · Viale Alessandro Volta 16, Chiasso (CH-6830) · T +41 91 695 80 80
Valori SICAV Hearth Ethical Fund
31 August 2026
Asset allocation
Rating breakdown
Currency exposure
Payment rank
Sector allocation
Country allocation
Top 10 holdings
PORTFOLIO HAZARDOUS WASTE VS MSCI WORLD
This information has been prepared by Valori Asset Management SA (Switzerland), authorized and regulated by the Swiss Financial Market Supervisory Authority FINMA. This material is provided by Valori Asset Management SA (Switzerland) for informational purposes only, is intended exclusively for your use, and does not constitute an offer or a commitment, a solicitation of an offer or a commitment, or any advice or recommendation to enter into or conclude any transaction (on the indicative terms specified or otherwise). This material has been prepared by Valori Asset Management SA (Switzerland) based on assumptions and parameters determined in good faith. The assumptions and parameters used are not the only ones that might be utilized, and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such quotations, disclosures, or analyses. A variety of additional assumptions or parameters, or other market factors and considerations, could lead to different good faith analyses or valuations of the transactions described above. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. Opinions and estimates are subject to change without notice. The information set forth above has been obtained from or based upon sources believed by Valori Asset Management SA (Switzerland) to be reliable, but Valori Asset Management SA (Switzerland) makes no representation or warranty as to its accuracy or completeness. This material does not purport to contain all of the information that an interested party may desire. In any event, interested parties should conduct their own investigation and analysis of the transactions described in this material and the data set forth in it. Valori Asset Management SA (Switzerland) may, from time to time, participate or invest in other financing transactions with the issuers of the securities referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or their derivatives.
Valori Asset Management SA · Valori Asset Management SA · Viale Alessandro Volta 16, Chiasso (CH-6830) · T +41 91 695 80 80
For information purposes only. This does not constitute an offer, recommendation or solicitation to invest. Data as at 31 August 2026.