Phi Global Arbitrage
Actively Managed Certificate · Multi-asset with a macro overlay

Asymmetric value,
hedged for the cycle.

Phi Global Arbitrage is a listed note giving professional investors daily-liquidity access to a strategy that has compounded since October 2017: a deep-value long book protected with S&P puts, overlaid with outsized catalyst-driven event trades.

See the track record
+485%
Cumulative return, Oct 2017 – Feb 2026
+34%
EURO STOXX 600 over the same period
22.7% p.a.
Annualised, compounded from monthly returns
8yrs
Live, verifiable track record
The strategy

Three layers, one risk envelope.

An equity-focused book with a macro overlay. The aim is uncorrelated returns in all economic conditions, exploiting relative value over catalysts. Capital is only committed where the anticipated risk/reward is 3:1 or better.

01 · Core book

Deep value, tangible assets

Long positions in undervalued companies with cash-flow generating, hard assets poised for recovery, complemented by selective exposure to global special situations.

02 · Hedge

S&P put protection

Portfolio risk is managed with S&P 500 put options, providing downside protection against systemic shocks so the book can stay invested through drawdowns.

03 · Event layer

Catalyst-driven trades

Opportunistic, outsized positions around arbitrations, restructurings and regulatory outcomes. This layer has contributed positively and enhanced the non-correlated nature of returns.

Decades of cheap money built the bubbles. Reliability now means assets backed by something tangible.

Where the book is finding asymmetry today

Uranium & nuclear renaissanceCopper & silver minersOffshore energyChinese technologySelective Argentine playsIndustrial inflation hedgesSpecial situations
Track record

Growth of 100 since inception.

Since 1 October 2017 the team has generated +485% against +34% for the EURO STOXX 600. 2023 was the strongest calendar year at +49.7%; the only negative year, 2022, closed at −0.4% while the index fell 12.9%.

Phi Global vs EURO STOXX 600, indexed to 100
Phi GlobalEURO STOXX 600

Monthly returns, net of fees, compounded. The team was on gardening leave from March 2020 to March 2021; those months are shown flat. Past performance is not a reliable indicator of future results.

Calendar year2017*201820192020202120222023202420252026 YTD†
Phi Global+4.10%+14.86%+12.31%+14.46%+37.62%−0.39%+49.70%+28.78%+19.23%+20.20%
EURO STOXX 600+0.26%−13.24%+18.97%+2.48%+12.87%−12.89%+12.74%+5.96%+13.92%+3.26%

* From 1 October 2017. † To 30 April 2026.

Full monthly returns
The people

A team that has run this book together for years.

Three people, one process. Idea generation, hedging and day-to-day operation sit with the same team that built the track record. AI-assisted research widens the opportunity set; every investment decision remains with the Phi team.

DL

Dan Luger MBE

Portfolio Manager

Ten years of sales and trading experience with Forte and Tavira Securities. A former professional sportsman and World Champion, winning the Rugby World Cup with England in 2003.

Event-driven & thematic positioning
NP

Nick Phillips

Macro & hedging

Twenty years in financial markets. Runs Phi Capital's macro protection hedges using European and US derivatives. Fourteen years at Credit Suisse, first as a derivatives trader and later head of futures trading on the Equity Delta One desk. BSc Economics, London School of Economics.

Co-Founder & CIO, Phi Capital
KO

Kari Olsen

Research & operations

Ten years of event-driven trading and analysis. Part of the team for the last seven years, in charge of the day-to-day operation of the fund as well as research on trade ideas.

Catalyst research
Fund details

The note, in plain terms.

The strategy is delivered as an exchange-listed certificate. Investors buy and sell the note through their usual broker or private bank using the ISIN; there is no subscription document, lock-up or notice period.

Name
Phi Global Arbitrage — Actively Managed Certificate
ISIN
DE000A3G6YV8UBS ISIN to follow
Issuer
UBS AG (Actively Managed Certificate, UBS NEO platform)
Portfolio advisor
Phi Capital team — Dan Luger, Nick Phillips, Kari Olsen
Strategy
Multi-asset, equity-focused, with a macro overlay and S&P put hedge
Listing
Exchange-listed; tradeable through any broker or custodian by ISIN
Liquidity
Daily. Investors can sell the note at any time on exchange
Fees
0.5% management fee, 20% performance fee
Eligible investors
Professional clients and eligible counterparties only
Inception of strategy
1 October 2017
Documents
Key Information Document (KID), termsheet and Offering Memorandum available from the issuer and on request
How to invest

Three steps, one click.

Review the termsheet, tell us how much you would like to allocate, and the team will come back to you with dealing instructions for your broker or bank.

  1. 01Review the indicative termsheet
  2. 02Select your intended allocation
  3. 03Send the enquiry; we follow up within one business day

Sending an enquiry does not place an order. Dealing is done through your own broker or custodian using the ISIN.

Phi Global ArbitrageDaily liquidity · Professional clients