Company

Swan Asset Management SA is a Swiss asset management company founded in 2008 in Lugano Paradiso.

Swan has been authorised under the LICol law since September 2009 and regulated by the Swiss Financial Market Supervisory Authority FINMA. Swan is a highly specialised and independent financial boutique.

Swan's main focus is the direct management of both traditional and alternative investment funds in the bond and equity sectors, with a strong specialisation in global credit markets. The investment philosophy is strongly inspired by the principles of Absolute Return and De-Correlation and is characterised by the ability to systematically combine positive returns with extremely low volatility over time.

Swan currently manages 4 alternative funds (Luxembourg SICAV-SIF) as an Investment Manager. The company also develops its management activity through individual asset management mandates.

Mission and Vision

The relationship between the Vision, which has as its object the definition of the general objectives that Management must propose today, and the Investment Philosophy, which has as its object the definition of the methods of responding to these objectives, is the fundamental key to understanding every management approach.

At Swan Asset Management SA we believe that the label Absolute Return Product is often used on the market in a mystifying way, that behind it sometimes hide simple flexible products whose only ability to avoid significant losses for investors over time is handed over to Market Timing. Many alternative management companies, which claim to sell absolute return products, in reality leave the task of producing returns entirely to the market, with little or no modulation of systematic risk over time, and with very little attention to the volatility of returns.

In Swan's vision, the main objective that the management of investment products must set itself is efficiency understood in the most traditional way, as a balanced relationship between the generated return and the associated volatility. The investment philosophy employed must therefore be based on a solid portfolio architecture and characterized by an adequate system of checks and balances.

In more detail, we identify 4 main dimensions that contribute to the definition of an efficient investment product:

1 - the ability to generate significant excess returns against LIBOR, in a systematic and gradual manner, regardless of market conditions;

2 - the maintenance of volatility (intended mainly as Downside Risk) at levels lower than the reference market, and extremely low in absolute terms;

3 - full preservation of capital, i.e. the absence of negative returns in each single 12-month investment period;

4 - the strong liquidity of the underlying investments and, where possible, their ability to generate cash on a regular basis over time.

With respect to this multidimensional efficiency objective, since 2008 Swan has successfully developed an Investment philosophy based on a modified version of the so-called Unified Approach, a hybrid between Total Return and Asset Liability Management. The focus of this philosophy is precisely the generation of significant excess returns in combination with extremely low levels of volatility.

Services

Swan Asset Management SA is able to offer a complete range of services aimed at meeting the needs of both institutional and private clients.

Full preservation of capital and achievement of returns in line with one's investment profile: this is the objective of our individual asset management service. With the client, we establish return objectives, expected risk and time horizon. Once the profile has been outlined, a personalized portfolio is created, built using the various asset classes available on the markets. Investments are constantly monitored, verifying that they are always in line with the objectives. For operations, we collaborate with the main Swiss financial institutions.

Among the main services offered are:

· Asset Management

· Consulting

· Segregated Account Management

· Fund Management (both alternative and traditional)

All these activities are carried out following operational guidelines based on maximum transparency and correctness in the relationship with the client. Swan's independence is a further guarantee that the only interests we pursue are those of our clients.

Swan Asset Management Sa