Investment PhilosophyWe fish where the fish are
Where we invest
Keynote
Spin-Off
Fund
Spin-Off
Fund
High-Quality Spin-Off Situations
Fund Portrait
The investment focus is on divestments of one or more business units from existing corporate structures through the creation of an independent company or the separation of an existing subsidiary.
In such cases, shares in the newly created or separated entity are typically distributed free of charge to shareholders of the parent company and subsequently listed on a stock exchange (spin-offs). Variations of such transactions include split-offs (shares of the subsidiary are exchanged for a defined number of shares in the parent company), equity carve-outs (the parent company sells a stake in the subsidiary via a partial IPO), and Reverse Morris Trusts (a business unit or other assets are spun off into a separate entity and subsequently merged tax-efficiently with another company). In addition, the fund may also invest in parent companies or in companies where a spin-off has been announced (pre-spin).
The focus on core operations typically leads to operational improvements and a re-rating. Through the separation, markets are better able to assess the underlying value of both the parent company and the spin-off entity. Companies are selected based on fundamental analysis. Prior to inclusion in the fund portfolio, each company is assessed using the Keynote checklist, applying both qualitative and quantitative criteria (Keynote four-filter approach).
The strict criteria limit the number of potential investment candidates. As a result, only the best 20 to 25 companies are included in the fund’s unique portfolio.
Portfolio
Allocation
Fund Structure by Asset Classes:
- Equities
- 97.3%
- Cash
- 2.8%
- Dividend Claims
- -0.1%
Equity Segments
- 67.6%Spin-Offs
- 32.4%Parents
- 0%Pre-Spins
Last Update
Sectors
- Industrials27.1%
- Information Technology15.8%
- Others12.3%
- Materials11.5%
- Health Care8.8%
- Financials7.4%
- Consumer Staples5.5%
- Telecommunication Services4.5%
- Consumer Discretionary4.4%
Countries
- United States53.7%
- Switzerland18.2%
- Canada7.0%
- Netherlands4.9%
- Germany4.7%
- Denmark4.5%
- Cayman Islands4.4%
Currencies
- USD64.7%
- CHF18.3%
- EUR9.9%
- CAD7.1%
- NOK0.0%
- DKK0.0%
- SEK0.0%
- GBP0.0%
Top 5 Holdings
GE announced in November 2021 that it would split into three independent companies. Following the IPO of GE HealthCare in early 2023, the company completed its breakup in April 2024 with the separation into GE Vernova (energy infrastructure) and GE Aerospace (aircraft engines and defense).
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Spin-Off
ISIN US3696043013
In November 2021, GE announced the breakup of the company into three separate entities with minimal synergies between them. Following the spin-off of GE HealthCare Technologies in early 2023, the group was further separated in April 2024 into GE Vernova (focused on wind and gas turbines as well as other energy infrastructure) and GE Aerospace (specializing in the production and maintenance of jumbo jet engines and defense systems).
In recent years, the operating environment in the United States has changed significantly—driven in particular by the Biden administration’s infrastructure programs and industrial policy initiatives aimed at reshoring and reindustrialization. These developments were a key factor behind the decision to spin off the North American business under the new name Amrize.
In 2024, Amrize generated approximately USD 11.7 billion in revenue, employed over 19,000 people, and operated at more than 1,000 locations across the U.S. and Canada. The company is the region’s largest cement producer, holds the number one or two position in 85% of its served markets for aggregates, and is the U.S. market leader in modern roofing and facade systems. With a clear focus on the North American market, Amrize is strategically well positioned to benefit from the sustained high levels of investment in construction and infrastructure.
As an independent company, Amrize is now able to fully realize its potential and establish itself as a high-growth, pure-play operator. As a publicly listed company, Amrize is pursuing a growth-oriented capital allocation strategy and is targeting a tailored U.S. dollar-denominated capital structure—with the aim of creating a distinct and attractive investment profile. The company benefits from high barriers to entry and strong pricing power, which provide protection from competitive and substitution risks. At the same time, Amrize operates in a fragmented market that offers opportunities for consolidation as well as continued, sustainable growth through reinvestment.
Under the leadership of Jan Jenisch and an experienced management team—with long-term incentive structures closely aligned with company performance—Amrize boasts an outstanding track record. The medium-term targets for the 2024 to 2028 period in terms of revenue, margins, and free cash flow are likely to prove conservative.
At the end of January 2024, Swiss cement and building materials group Holcim announced its plans to spin off its North American business under the name Amrize and to list it as an independent company on the stock exchange in mid-2025.
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Spin-Off
ISIN CH1430134226
At the end of January 2024, Swiss cement and building materials group Holcim announced its plans to spin off its North American business under the name Amrize and to list it as an independent company on the stock exchange in mid-2025.
In recent years, the operating environment in the United States has changed significantly—driven in particular by the Biden administration’s infrastructure programs and industrial policy initiatives aimed at reshoring and reindustrialization. These developments were a key factor behind the decision to spin off the North American business under the new name Amrize.
In 2024, Amrize generated approximately USD 11.7 billion in revenue, employed over 19,000 people, and operated at more than 1,000 locations across the U.S. and Canada. The company is the region’s largest cement producer, holds the number one or two position in 85% of its served markets for aggregates, and is the U.S. market leader in modern roofing and facade systems. With a clear focus on the North American market, Amrize is strategically well positioned to benefit from the sustained high levels of investment in construction and infrastructure.
As an independent company, Amrize is now able to fully realize its potential and establish itself as a high-growth, pure-play operator. As a publicly listed company, Amrize is pursuing a growth-oriented capital allocation strategy and is targeting a tailored U.S. dollar-denominated capital structure—with the aim of creating a distinct and attractive investment profile. The company benefits from high barriers to entry and strong pricing power, which provide protection from competitive and substitution risks. At the same time, Amrize operates in a fragmented market that offers opportunities for consolidation as well as continued, sustainable growth through reinvestment.
Under the leadership of Jan Jenisch and an experienced management team—with long-term incentive structures closely aligned with company performance—Amrize boasts an outstanding track record. The medium-term targets for the 2024 to 2028 period in terms of revenue, margins, and free cash flow are likely to prove conservative.
S&P Global, a leading provider of credit ratings, benchmark indices, and market and commodity analytics, plans to spin off its Mobility division in 2026.
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Parent
ISIN US78409V1044
S&P Global, a leading provider of credit ratings, benchmark indices, and market and commodity analytics, plans to spin off its Mobility division in 2026.
The planned 2026 spin-off of S&P Global’s Mobility division is expected to unlock value for both companies. S&P Global Mobility—which includes the Carfax brand—is one of the leading providers in the field of automotive intelligence, offering comprehensive data across the entire vehicle lifecycle. The division currently accounts for approximately 11% of group revenue.
The spin-off is intended to grant the division greater operational flexibility to pursue growth opportunities, such as in the used car segment or through geographic expansion. At the same time, S&P Global will be able to sharpen its focus on its core businesses: ratings, indices, and financial market intelligence—areas in which the company is exceptionally well positioned.
Roughly 90% of all global debt securities carry ratings from either S&P or Moody’s. In the index business, S&P Global dominates through the S&P 500 and other S&P and Dow Jones indices—a segment that benefits from the ongoing shift toward passive investing. Revenues in this segment are generated through asset-based licensing fees, data subscriptions for asset managers, and the licensing of futures and options.
Following the spin-off, S&P Global will emerge as a more focused and profitable company with a clearer financial profile. The streamlined structure should make it easier for the market to assess the company’s true earnings power and help eliminate the typical conglomerate discount.
Constellation Software
Constellation Software is a provider of vertical software (VMS) which acquires and develops business-critical software platforms with high recurring revenues. In 2021 and 2023, Topicus (VMS Europe) and Lumine (Telecommunications and Media) were first time spin-offs as business units.
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Parent
Constellation Software
ISIN CA21037X1006
Constellation Software is a provider of vertical software (VMS) which acquires and develops business-critical software platforms with high recurring revenues. In 2021 and 2023, Topicus (VMS Europe) and Lumine (Telecommunications and Media) were first time spin-offs as business units.
Constellation Software wurde im Jahr 1995 von Mark Leonhard gegründet. Seitdem hat Constallation Hunderte von VMS-Anbietern (primär Abrechnungs-, Verwaltungs- und Betriebssoftware) in mehr als 50 vertikalen Märkten übernommen, welche das Software-Rückgrat für Transportsysteme, in der Bildung, im Hausbau, in der Fertigung, Gebäudewartung und bei Gesundheitssystemen bilden. Constellation Software ist praktisch ein Beteiligungsunternehmen mit dauerhaftem Kapital, unter welchem die Portfoliogesellschaften unabhängig operieren. Aufgrund der dominanten Marktanteile in Nischen sind die Endmärkte in aller Regel gesättigt, was im Vergleich zu anderen Softwarekategorien zu niedrigem organischem Wachstum (rund 2%), aber guter Abschirmung vom Wettbewerb, hoher FCF-Generierung und hohen Kapitalrenditen führt. Constellation nutzt diese für neue, attraktive M&A-Transaktionen (historisch zu 1x Umsatz, 30% Post-Synergy-EBIT-Margen). Seit dem IPO im Jahr 2006 lag der CFROI kontinuierlich über 40%; das Umsatzwachstum belief sich auf 24% p.a. und das FCF-Wachstum auf 26% p.a., was zu einer annualiserten Aktienkursperformance von 33% p.a. führte. Aufgrund der erreichten Grösse kamen am Markt Zweifel auf, ob das «Constellation Modell» aufrecht erhalten werden könne. Doch mit den Spin-Outs wird einerseits die effiziente Struktur der Dezentralisierung und Autonomie verbessert. Andererseits erlauben die Ausgliederungen Constellation Software, grössere Übernahmen zu attraktiven Konditionen zu tätigen, indem die Lenker der übernommenen Gesellschaften an den Spin-Offs beteiligt werden und Constellation Software gleichzeitig signifikante Anteile behält.
Accelleron Industries
The former ABB Turbocharging division was renamed Accelleron and spun off from the ABB Group in 2022. Accelleron is the market leader in high-performance turbochargers, with a 40% market share, and primarily serves the energy and marine sectors.
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Spin-Off
Accelleron Industries
ISIN CH1169360919
The former ABB Turbocharging division was renamed Accelleron and spun off from the ABB Group in 2022. Accelleron is the market leader in high-performance turbochargers, with a 40% market share, and primarily serves the energy and marine sectors.
Accelleron no longer fit the strategic focus of the ABB Group, which is oriented toward electrification and automation, as industry growth in its segment of just 1–2% lag behind that of ABB. However, since the spin-off, Accelleron has delivered record performance with high single-digit organic revenue growth.
Seventy-five percent of revenues stem from the high-margin service business, which supports a global installed base of 180,000 turbochargers. This reduces cyclicality and enables Accelleron to generate higher margins and returns on invested capital than its former parent ABB. Its strong market position, reinforced by high barriers to entry, allows the company to consistently achieve returns on invested capital (ROIC) of over 40%.
As an independent entity, Accelleron is now able to position itself as an innovation leader aligned with the structural trend of decarbonization. Turbochargers remain essential even for alternative propulsion systems such as hydrogen, ammonia, and methanol. With transitional costs related to the establishment of standalone functions and IT systems phasing out in 2024, Accelleron is expected to return a significant share of its earnings to shareholders in the form of dividends—supported by strong free cash flow conversion.
Portfolio Information
| Weight Top 5 | 37.48% |
|---|---|
| Weight Top 10 | 61.35% |
| Number of Shares | 20 |
| Market Capitalisation (Weighted Median) | 14.99 Mrd. USD |
| Forward P/E* | 18.9 |
| Forward EV/EBITDA* | 15.4 |
| Forward P/CF* | 16.3 |
| Dividend Yield | 0.83% |
| Net Debt / EBITDA | 1.79 |
*Bloomberg estimates for the next 12 months
Top 3 Contribution
| Share | Contribution | Performance |
|---|---|---|
| TIC Solutions | +1.25% | +29.82% |
| SAP | +1.01% | +22.25% |
| SharkNinja | +0.86% | +18.99% |
Bottom 3 Contribution
| Share | Contribution | Performance |
|---|---|---|
| Honeywell Aerospace | -1.38% | -23.52% |
| Amrize | -0.78% | -10.03% |
| Honeywell International | -0.61% | -11.88% |
Performance Since Inception
Monthly Performance (in %)
| Jan | Feb | Mär | Apr | Mai | Jun | Jul | Aug | Sep | Okt | Nov | Dez | Jahr | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | · | · | · | · | · | · | -1.02 | -1.01 | -2.74 | -3.61 | 10.55 | 7.05 | 8.71 |
| 2024 | -1.21 | 6.73 | 4.85 | -1.18 | 5.71 | -2.15 | 6.09 | 1.17 | 1.45 | -0.87 | 3.05 | -6.97 | 16.93 |
| 2025 | 4.81 | -3.48 | -6.91 | -0.08 | 6.79 | 4.37 | 6.28 | 1.74 | -2.07 | 0.89 | 4.59 | 5.44 | 23.56 |
| 2026 | 3.60 | 4.70 | -11.71 | 5.54 | -3.50 | 5.63 | -4.45 | 1.19 | -7.27 | · | · | · | -7.62 |
Performance Ratios
| Performance | 49.93% |
|---|---|
| Performance p. a. | 14.45% |
| Volatility | 18.70% |
| Sharpe Ratio | 0.62 |
| Maximum Drawdown | 24.66% |
| Maximum Drawdown Duration | 4 |
| Recovery Period Duration | 3 |
| Calmar Ratio | 0.47 |
| VaR (99 % / 10 days) | 8.44% |
Performance figures are based on 3 year period.
Portfolio Commentary
Die globalen Aktienmärkte setzten im Berichtsmonat ihre Aufwärtstrends fort. Der MSCI World Net Total Return Index legte im August um 2.5% zu. Der Keynote Spin-Off Fund (KSOF) avancierte 1.2% (alle Performanceangaben in USD).
Das laufende Jahr war bisher von einer ausgeprägten Faktor-Volatilität geprägt, wobei risikoreichere Titel mit hohem Beta und Momentum defensive Aktien outperformten. Gleichzeitig entwickeln sich die Unternehmensgewinne robust, was sich aus unserer Sicht auch den Rest des Jahres fortsetzen dürfte. Die starke Performance wachstumsorientierter Titel hat jedoch zu einem hohen Bewertungsniveau an den Gesamtmärkten geführt. Gleichzeitig erzielt rund ein Fünftel der S&P-500-Unternehmen derzeit Gewinne oberhalb eines normalisierten und nachhaltigen Niveaus, insbesondere im Halbleiter- und Tech-Hardware-Sektor, die stark von den KI-Investitionen der Hyperscaler profitieren. Die daraus entstandenen Lieferengpässe und Preissteigerungen dürften sich allerdings nicht zwangsläufig als anhaltend erweisen, da hohe Preise zusätzliche Kapazitäten schaffen und Kunden zur Suche nach Alternativen bewegen. In diesem Marktumfeld bleiben wir unserem bewährten Investmentprozess treu und fokussieren uns auf qualitativ hochwertige Spin-Offs mit attraktivem langfristigem Wertsteigerungspotenzial. Während die Gesamtmärkte für die kommenden fünf Jahre unterdurchschnittliche Renditen erwarten lassen, signalisiert unsere konservative Bottom-Up-Analyse für den Keynote Spin-Off Fund ein Renditepotenzial von 15–20 % p.a. – bei gleichzeitig geringerem Risiko. Grundlage dafür sind die hohe Qualität der Geschäftsmodelle, operative Verbesserungen nach dem Spin-Off und die absolut und im Vergleich zum Gesamtmarkt moderaten Bewertungen unseres Portfolios.
Die grössten positiven Beiträge zur Fondsperformance im August lieferten TIC Solutions (+1.25%), SAP (+1.01%) und SharkNinja (+0.86%). TIC Solutions überzeugte mit den erwarteten operativen Verbesserungen: Bei nur 3.3% Umsatzwachstum stieg das Adjusted EBITDA um 74% und die Marge auf 16.2%. Gleichzeitig erhöhte sich der kombinierte Consulting & Engineering- und Geospatial-Backlog gegenüber dem Vorjahr um 20%. Die steigende Profitabilität und Visibilität der künftigen Umsätze bestätigen unsere Investmentthese. Sollten die vom Management ausgegebenen Ziele erfüllt werden, dürfte die Aktie in drei Jahren zwei bis drei Mal so hoch notieren. Bei SAP nutzten wir im zweiten Quartal die starke Skepsis gegenüber Softwareaktien für den Einstieg. Nach dem Carve-out und Verkauf von Qualtrics ist SAP strategisch fokussierter und mit dem KI-Copiloten Joule gut positioniert. Der Cloud-Auftragsbestand (+26%), Cloud-Umsatz (+24%) und Cloud-ERP-Umsatz (+27%) wachsen dynamisch. Bei einem Forward-KGV von unter 20 und erwarteten EPS-Wachstumsraten von 20–25% p.a. erscheint die Bewertung weiterhin attraktiv, was die Insider-Käufe im Juli und August bestätigen. SharkNinja setzte mit 22.2% Umsatzwachstum erneut ein Ausrufezeichen. Besonders überzeugend sind die breite Wachstumsbasis (keine Abhängigkeit von einem einzelnen Produkt) und das internationale Wachstum von +36.6%. Damit zeigt das Unternehmen, dass sich das erfolgreiche Produkt- und Markenmodell auch ausserhalb der USA skalieren lässt. Seit dem Spin-Off hat sich SharkNinja zu einem eigenständigen, innovationsgetriebenen Consumer-Compounder entwickelt.
Die drei grössten negativen Performancebeiträge kamen im Berichtsmonat von Honeywell Aerospace (-1.38%), Amrize (-0.78%) und Honeywell International (-0.61%). Nachdem sich die Aktien von Honeywell Aerospace und Honeywell International nach dem Spin-Off zunächst erfreulich entwickelten, kam es mit den ersten eigenständigen Quartalsberichten zu einem Reset. Bei Honeywell Aerospace war die Wertschöpfungskette das Kernproblem, denn insbesondere bei mechanischen Komponenten fehlten Teile, wodurch die hohe Nachfrage nicht in entsprechenden Auslieferungen umgesetzt werden konnte. Diese «Panne» bietet damit eine interessante Opportunität, denn die Probleme in der Wertschöpfungskette dürften sich normalisieren. Honeywell Aerospace erwirtschaftet höhere operative Margen als die Peer-Group (2028E: 26% vs. 22%), wird jetzt aber mit einem Discount von knapp 40% zu dieser bewertet (P/FCF 2028E: 15.5 vs. 25.5). Die Zahlen von Honeywell International lagen hingegen im Rahmen der Erwartungen, wurden aber von der allgemeinen Schwäche von Industrieaktien gedämpft. Steigende Zinsen, ein ölpreisbedingter Kostenanstieg und der Abgang des Finanzchefs belasteten die Aktien von Amrize. Der ursprüngliche Investment Case bleibt intakt, aber durch temporäre Faktoren verzögert. Wegen der besonderen Marktstruktur (lokale Märkte mit wenig Anbietern) verfügt Amrize über Preissetzungssmacht, die sich in Kombination mit Volumenwachstum in höheren Margen und steigenden freien Cashflows niederschlagen wird. Die anhaltenden Aktienkäufe des Managements und die attraktive Bewertung – sowohl absolut als auch relativ zur Peergroup – sprechen weiterhin für die Aktie.
Anfang August trennten wir uns von den Restbeständen in Resideo Technologies. Im Gegenzug wurde eine Position in einem neuen Spin-Off aufgebaut. Nach den starken Kurssteigerungen nahmen wir u.a. bei SharkNinja, SAP und The Magnum Ice Cream Company Gewinne mit. Im Gegenzug wurden die Kursschwächen bei Amrize, Accelleron und Constellation Software genutzt, um die Positionen zu erhöhen.
Fazit: Die Aussichten des Fondsportfolios sind ausgesprochen attraktiv und versprechen ein hohes absolutes, asymmetrisches Renditeprofil in einer benchmarkorientierten Welt.
The current sales prospectus, the key investor information document (KIID) and the annual and semi-annual reports are available free of charge from the management company and central administration (Universal-Investment-Luxembourg S.A., R.C.S. Luxembourg B 75.014, 15, rue de Flaxweiler, L - 6776 Grevenmacher) and at www.universal-investment.com.
Factsheets
Sustainability-related disclosures
European MiFID Template
Statutory Documents
Other documents
All data as of (unless otherwise stated)
Key Facts
| Fund Name | Keynote Spin-Off Fund |
|---|---|
| Share Class | IK USD |
| ISIN | LU1920073480 |
| WKN | A2PA99 |
| Fund Domicile | Luxembourg |
| Legal Form | OGAW |
| Fund Launch Date | |
| Fund Currency | EUR, USD |
| Fund Category | Equity fund (UCITS) |
| Universe | international |
| Minimum Equity Quota | 51% |
| Cut-Off Time | Business days, 16:00 (CET) |
| Distribution Countries | DE, LU, CH* |
*In Switzerland, for professional investors only
P & L and Tax Data
| Fund Volume / Share Class | 29,046,265.51 USD / 15,815,594.34 USD |
|---|---|
| Net Asset Value | 145.09 USD |
| Issue / Redemption Price | 145.09 USD / 145.09 USD |
| Aggr. Dividend-Equivalent Earnings | 0.00 USD |
| End of Financial Year | 31/12/2026 |
| Utilization of Income | Accumulation |
Conditions
| Effective Issuing Price Surcharge | 0.00% |
|---|---|
| Effective Redemption Fee | 0.00% |
| Max. Management Fee p.a. | 1.80% |
| Max. Advisory Fee p.a. | N/A |
| Max. Custodian's Fee p.a. | 0.05% |
| Ongoing Charges / TER | 1.62% |
Where we invest
Investment ProcessInvestigative research drives our investment process
How we invest
Purchase our fund through your financial advisor, bank, or trading platform.
The Keynote - Spin-Off Fund is available through many banks and trading platforms.
