BANOR SICAV | Discover the whole fund range →
Euro Bond, European Dividend Plus, Greater China Equity, Mistral L/S Equity, Raffaello PIR, Rosemary, Volta Equity
FUNDS RANGE
Banor Capital manages or advises a range of UCITS and alternative investment funds covering a variety of asset classes, markets and investment strategies.
The UCITS funds sit within two Luxembourg umbrellas: Banor SICAV and Aristea SICAV. Alternative strategies are offered through Banor Alternative Assets and the Aristea Multi Strategy Fund.
ARISTEA SICAV | Discover the whole fund range →
Financial Capital, FIM Gem Debt, New Frontiers Equity, Short Term.
BANOR ALTERNATIVE ASSETS | Discover the whole fund range →
Enhanced Carry Hedged Opportunity (E.C.H.O.), Private Opportunities, Special Situations (I & II), Tech Growth, Senior Debt
ARISTEA MULTI STRATEGY FUND | Discover the fund →
BANOR SICAV EURO BOND
European Bonds
Investment Manager: Francesco Castelli, Head of Fixed Income & Portfolio Manager at Banor
Euro Bond is a bond fund that invests in the European credit market, following a bottom-up approach. It offers an efficient solution for investors seeking exposure to European bonds, providing a balanced relationship between expected returns and risk control.
BANOR SICAV EUROPEAN DIVIDEND PLUS
European Equities
Investment Manager: Gianmarco Rania, Head of Equities at Banor Capital & Portfolio Manager
Banor SICAV European Dividend Plus is a European equity fund designed for investors seeking medium to long-term exposure to European equity markets, with a focus on the quality and sustainability of dividends, combined with active risk management.
BANOR SICAV GREATER CHINA EQUITY
Greater China Equities
Advisor: Dawid Krige, Cederberg Capital, with over 20 years of investment experience in Asia and emerging markets
Fund managed with a fundamentals-based investment approach and a long-term perspective. The portfolio is relatively concentrated. Investment decisions are supported by in-depth financial and industry analysis, extensive due diligence and on-the-ground research using multiple sources.
BANOR SICAV MISTRAL L/S EQUITY
Long/short equity European Fund
Advisor: Luca Riboldi, CIO at Banor SIM with 30 years of experience and Angelo Meda, Head of Equities at Banor SIM
Mistral Long Short Equity is a European long/short equity fund with low volatility. It offers a low-net exposure solution that invests in quality companies, capturing opportunities both in rising and falling markets by taking advantage of price dislocations driven by macroeconomic forecasts, company performance, or valuation divergences deemed inconsistent with fundamentals. The Fund’s objective is to generate stable returns over the medium to long term while maintaining controlled volatility.
BANOR SICAV RAFFAELLO PIR
Pir Alternative Equity Italy Small/Mid Cap
Advisor: Luca Riboldi, CIO at Banor SIM with 30 years of experience and Angelo Meda, Head of Equities at Banor SIM
The fund was created following the opportunity offered by the Alternative PIR legislation (Italian Relaunch Decree no.34/2020). The fund invests in the real economy following a PIR-compliant strategy and offers the possibility to take advantage of PIRs’ tax incentives.
BANOR SICAV ROSEMARY
Flexible, with the focus on sector leaders
Fund investing in different types of security using diversified strategies to grasp opportunities, with the focus on high-growth companies. The aim is to protect and increase investors’ capital in the medium term, with medium-high discount rates and an average correlation to the equity markets.
BANOR SICAV VALUE SVILUPPO
Multi-asset with a Quality Value approach
Advisor: Banor SIM S.p.A.
A multi-asset fund based on the Quality Value Investing philosophy: investing in high-quality companies at a fair price, focusing on solid fundamentals, durable competitive advantages and excellent management, with the aim of generating sustainable long-term value.
BANOR SICAV VOLTA EQUITY
Equity long only focusing on the global energy transition
Advisor: Will Smith, co-CIO of Westbeck Capital, asset management company based in London and founded in June 2016
Long-only, high-conviction equity portfolio focused on critical materials, renewables/utility-scale solar, grid infrastructure, and nuclear enablers.
ARISTEA SICAV FINANCIAL CAPITAL
UCITS Bond Fund
Investment Manager: Francesco Castelli, Head of Fixed Income & Portfolio Manager at Banor
Aristea Financial Capital is a UCITS fund focused on the market for subordinated bonds issued by European banks and insurance companies.
It is a solution designed to capture the return potential of a strategic and growing segment through professional and specialised management.
ARISTEA SICAV FIM GEM DEBT
Emerging Markets Bonds
Investment Manager: Francesc Balcells, FIM partners, asset management company specialised in emerging and frontier markets
The fund mainly invests in global EM and frontier debt markets. The strategy uses an unconstrained, high conviction approach to investing, with a framework that ensures high diversification while protecting against downside risk. Alpha generation is based on a bottom-up fundamental analysis of the EM issuers, enhanced with exposure to frontier opportunities.
ARISTEA SICAV NEW FRONTIERS EQUITY
Frontier Markets Equities
Investment Manager: Silk Invest, independent boutique company with more than 15 years of experience in Frontier Markets Equities investments
This fund invests primarily in the stocks of companies domiciled in, or conducting most of their business in, the “Frontier Markets”. These are less developed and accessible than the emerging markets. Investment decisions are based on qualitative and quantitative analyses that in turn are based on regular assessments of investment flows on the general market and/or of individual companies in which the fund invests.
ARISTEA SICAV SHORT TERM
Short term investments
Investment Manager: Francesco Castelli, Head of Credit Strategy at Banor
This fund invests mainly in deposits in European credit institutions with the aim of obtaining returns in line with interest rates on deposits with maturity equal to or less than one year. Investment decisions are based on a meticulous analysis of the banking institutions’ creditworthiness during the deposit period and on the level of interest paid on the deposits.
BANOR ALTERNATIVE ASSETS E.C.H.O.
Alternative fund investing in government debt securities with fixed or variable rates
The objective of the fund is to achieve, over the medium term, a positive capital growth and absolute returns in all market conditions. Low risk by taking advantage of the low volatility of invested assets. Banor E.C.H.O. team has a solid track record in Trading, Asset and Risk Management.
BANOR ALTERNATIVE ASSETS PRIVATE OPPORTUNITIES
Fund on Private Markets
The fund invests in a diversified portfolio of primary and secondary transactions on the Private Equity and Private Debt markets, directly or indirectly through Target Funds.
BANOR SENIOR DEBT
Fund of credit and real estate special situations
Senior secured real estate credit strategy focused on the European mid-market segment. Banor Senior Debt is the new sub-fund of Banor Alternative Assets dedicated to senior real estate credit in the European market.
The Fund aims to generate attractive risk-adjusted returns by providing senior loans secured by real estate assets located in Italy, the United Kingdom and Spain.
BANOR ALTERNATIVE ASSETS SPECIAL SITUATIONS (I & II)
Fund of credit and real estate special situations
The Banor Special Situations (BSS) funds are closed-end funds for professional investors.
The funds provide access to special investment opportunities, with a particular focus on asset-backed real estate lending, including secured loans, mezzanine financing, and preferred equity. The underlying real estate assets are primarily mid-market in size, with correspondingly targeted loan sizes, and are concentrated in the living sector across Western Europe, with a focus on the U.K., Italy, and Spain.
BANOR ALTERNATIVE ASSETS TECH GROWTH
Private Equity fund with focus on technologies
Investment opportunities in primary and secondary transactions on the Private Equity and through Target Funds.
The main focus will be on target funds, domiciled or focused in Europe and US, exposed to high growth sectors including but not limited to software, hardware, fin-tech, artificial intelligence, robotics, e-commerce, electric vehicles, smart energy, software-as-a-service.
ARISTEA MULTI STRATEGY
Fund of alternative funds
The aim of the fund is to seek managers with very high active share and high tracking error relative to their benchmarks, identified through an extensive Industry Network and also Internal Screening processes. The opportunities that arise are often contrarian, and the fund is usually looking for market inflection points and/or new & emerging trends.
BANOR SICAV EUROPEAN DIVIDEND PLUS
European Equities
Investment Manager: Gianmarco Rania, Head of Equities at Banor Capital & Portfolio Manager
Banor SICAV European Dividend Plus is a European equity fund designed for investors seeking medium to long-term exposure to European equity markets, with a focus on the quality and sustainability of dividends, combined with active risk management.
BANOR SICAV GREATER CHINA EQUITY
Greater China Equities
Advisor: Dawid Krige, Cederberg Capital, with over 20 years of investment experience in Asia and emerging markets
Fund managed with a fundamentals-based investment approach and a long-term perspective. The portfolio is relatively concentrated. Investment decisions are supported by in-depth financial and industry analysis, extensive due diligence and on-the-ground research using multiple sources.
BANOR SICAV MISTRAL L/S EQUITY
Long/short equity European Fund
Advisor: Luca Riboldi, CIO at Banor SIM with 30 years of experience and Angelo Meda, Head of Equities at Banor SIM
Mistral Long Short Equity is a European long/short equity fund with low volatility. It offers a low-net exposure solution that invests in quality companies, capturing opportunities both in rising and falling markets by taking advantage of price dislocations driven by macroeconomic forecasts, company performance, or valuation divergences deemed inconsistent with fundamentals.
The Fund’s objective is to generate stable returns over the medium to long term while maintaining controlled volatility.
BANOR SICAV VOLTA EQUITY
Equity long only focusing on the global energy transition
Advisor: Will Smith, co-CIO of Westbeck Capital, asset management company based in London and founded in June 2016
Long-only, high-conviction equity portfolio focused on critical materials, renewables/utility-scale solar, grid infrastructure, and nuclear enablers.
ARISTEA SICAV NEW FRONTIERS EQUITY
Frontier Markets Equities
Investment Manager: Silk Invest, independent boutique company with more than 15 years of experience in Frontier Markets Equities investments
This fund invests primarily in the stocks of companies domiciled in, or conducting most of their business in, the “Frontier Markets”. These are less developed and accessible than the emerging markets. Investment decisions are based on qualitative and quantitative analyses that in turn are based on regular assessments of investment flows on the general market and/or of individual companies in which the fund invests.
BANOR SICAV EURO BOND
European Bonds
Investment Manager: Francesco Castelli, Head of Fixed Income & Portfolio Manager at Banor
Euro Bond is a bond fund that invests in the European credit market, following a bottom-up approach. It offers an efficient solution for investors seeking exposure to European bonds, providing a balanced relationship between expected returns and risk control.
ARISTEA SICAV FIM GEM DEBT
Emerging Markets Bonds
Investment Manager: Francesc Balcells, FIM partners, asset management company specialised in emerging and frontier markets
The fund mainly invests in global EM and frontier debt markets. The strategy uses an unconstrained, high conviction approach to investing, with a framework that ensures high diversification while protecting against downside risk. Alpha generation is based on a bottom-up fundamental analysis of the EM issuers, enhanced with exposure to frontier opportunities.
ARISTEA SICAV FINANCIAL CAPITAL
UCITS Bond Fund
Investment Manager: Francesco Castelli, Head of Fixed Income & Portfolio Manager at Banor
Aristea Financial Capital is a UCITS fund focused on the market for subordinated bonds issued by European banks and insurance companies.
It is a solution designed to capture the return potential of a strategic and growing segment through professional and specialised management.
BANOR SICAV ROSEMARY
Flexible, with the focus on sector leaders
Fund investing in different types of security using diversified strategies to grasp opportunities, with the focus on high-growth companies. The aim is to protect and increase investors’ capital in the medium term, with medium-high discount rates and an average correlation to the equity markets.
BANOR SICAV VALUE SVILUPPO
Multi-asset with a Quality Value approach
Advisor: Banor SIM S.p.A.
A multi-asset fund based on the Quality Value Investing philosophy: investing in high-quality companies at a fair price, focusing on solid fundamentals, durable competitive advantages and excellent management, with the aim of generating sustainable long-term value.
ARISTEA SICAV SHORT TERM
Short term investments
Investment Manager: Francesco Castelli, Head of Credit Strategy at Banor
This fund invests mainly in deposits in European credit institutions with the aim of obtaining returns in line with interest rates on deposits with maturity equal to or less than one year. Investment decisions are based on a meticulous analysis of the banking institutions’ creditworthiness during the deposit period and on the level of interest paid on the deposits.
BANOR ALTERNATIVE ASSETS E.C.H.O.
Alternative fund investing in government debt securities with fixed or variable rates
The objective of the fund is to achieve, over the medium term, a positive capital growth and absolute returns in all market conditions. Low risk by taking advantage of the low volatility of invested assets. Banor E.C.H.O. team has a solid track record in Trading, Asset and Risk Management.
BANOR ALTERNATIVE ASSETS PRIVATE OPPORTUNITIES
Fund on Private Markets
The fund invests in a diversified portfolio of primary and secondary transactions on the Private Equity and Private Debt markets, directly or indirectly through Target Funds.
BANOR SENIOR DEBT
Fund of credit and real estate special situations
Senior secured real estate credit strategy focused on the European mid-market segment. Banor Senior Debt is the new sub-fund of Banor Alternative Assets dedicated to senior real estate credit in the European market.
The Fund aims to generate attractive risk-adjusted returns by providing senior loans secured by real estate assets located in Italy, the United Kingdom and Spain.
BANOR ALTERNATIVE ASSETS SPECIAL SITUATIONS (I & II)
Fund of credit and real estate special situations
The Banor Special Situations (BSS) funds are closed-end funds for professional investors.
The funds provide access to special investment opportunities, with a particular focus on asset-backed real estate lending, including secured loans, mezzanine financing, and preferred equity. The underlying real estate assets are primarily mid-market in size, with correspondingly targeted loan sizes, and are concentrated in the living sector across Western Europe, with a focus on the U.K., Italy, and Spain.
BANOR ALTERNATIVE ASSETS TECH GROWTH
Private Equity fund with focus on technologies
Investment opportunities in primary and secondary transactions on the Private Equity and through Target Funds.
The main focus will be on target funds, domiciled or focused in Europe and US, exposed to high growth sectors including but not limited to software, hardware, fin-tech, artificial intelligence, robotics, e-commerce, electric vehicles, smart energy, software-as-a-service.
BANOR SICAV RAFFAELLO PIR
Pir Alternative Equity Italy Small/Mid Cap
Advisor: Luca Riboldi, CIO at Banor SIM with 30 years of experience and Angelo Meda, Head of Equities at Banor SIM
The fund was created following the opportunity offered by the Alternative PIR legislation (Italian Relaunch Decree no.34/2020). The fund invests in the real economy following a PIR-compliant strategy and offers the possibility to take advantage of PIRs’ tax incentives.
ARISTEA MULTI STRATEGY
Fund of alternative funds
The aim of the fund is to seek managers with very high active share and high tracking error relative to their benchmarks, identified through an extensive Industry Network and also Internal Screening processes. The opportunities that arise are often contrarian, and the fund is usually looking for market inflection points and/or new & emerging trends.