Sirios brings a specialist long/short equity capability, run by a Boston-based manager founded in 1999, to a UCITS ETF wrapper for the first time. The strategy is built around bottom-up, sector-led fundamental research, with six specialist analysts covering an equally weighted set of sectors. That structure suggests the intended alpha engine is stock selection across independent sector sleeves, rather than a concentrated thematic or macro book.
Net equity exposure can move between -50% and +50% of NAV, giving the manager meaningful discretion over directional risk; launch communications indicate an intention to operate with lower net exposure, of no more than 30%.
Fees are a notable feature. The R EUR HP PR share class charges 1.20%, plus a 20% performance fee, calculated annually on a high-water-mark basis. The fee is payable only where NAV exceeds the level at which a fee was last crystallised; the hurdle is the relevant share-class currency’s compounded overnight rate. This is an unusually hedge-fund-like economic structure for a UCITS ETF and raises the bar for net-of-fee return delivery.