Reliability and returns
in one place
Vesper Capital manages a portfolio of Russian bonds and structures investments in industrial projects. Rule-based discipline, proprietary issuer research and a track record you can verify year by year.
Based on actual strategy returns, in rouble terms, net of fees. BOND ETF — public data for 2022–2023.
Capital at work in two directions
Russian bonds
An actively managed portfolio of corporate and government bonds rated BBB to AAA. Target return — key rate + 4–7% p.a., duration 2–3 years, weekly rebalancing.
Industrial projects
Direct investments in real production with clear unit economics and exit. Currently raising: HOLD — an automated furniture manufacturing line in the USA.
Returns you can verify year by year
Vesper Capital bond strategy compared with the only public bond ETF, BOND. We deliver higher returns with higher credit quality in the portfolio.
Annual returns of the Vesper Capital bond strategy, in roubles, net of fees. Rating — weighted average credit rating of the portfolio. Benchmark — the public BOND ETF, average portfolio rating BBB+. Past performance does not guarantee future returns.
HOLD: automated furniture manufacturing line in the USA
An industrial private equity project with $100M total investment. A robotic production line, contract furniture manufacturing for the US market, target IRR of 50%+. Vesper Capital structures the deal, supports investors and monitors execution.
Rules instead of intuition
Proprietary research
A profile for every issuer: business model, beneficiaries, financials, debt, issue liquidity. Internal rating and fair yield are reviewed weekly.
Management discipline
Daily order control, weekly market review, monthly review of portfolio parameters. Issuer, sector and rating limits are fixed by policy.
Risk under control
Derivatives are used for hedging only, up to 100% of a position. Speculation in equities, FX and commodities is prohibited by policy.
Transparency
Investors see portfolio structure, actual duration and returns. Reporting is regular and readable.
How risk is built into the portfolio
Three rules from the management policy that define portfolio structure and the size of every position. Not marketing — this is what we check every week.
Position size depends on the premium to fair yield
We compute a fair YTM for every bond. The higher the premium of current yield over fair yield, the larger the share — up to the hard limit. Above it the position does not grow, whatever the yield.
- Base sharepremium up to 1%
- Soft limitpremium 3%
- Hard limitpremium 5%
Example: issuer with base share 3%, soft limit 5%, hard limit 7%
Target rating structure
Policy guideline: BBB and A — up to 60% combined, AA and AAA — up to 20%. Reviewed monthly.
Duration under control
Target corridor — 2–3 years. Breaching 1.5 or 3 years triggers an unscheduled rebalancing.
How we think about the market
How we analyse an issuer: five stages to a position limit
Every issuer goes through the same funnel: from the market filter to three limit levels. How the issuer profile works and how the premium to fair yield sets position size.
ReadHow portfolio management works: parameters, reviews and rebalancing
Target portfolio parameters, what is monitored daily and weekly, when we rebalance and what we sell first when there is no cash for a new idea.
ReadPartners who manage capital personally
A small team with direct responsibility for results: partners make portfolio decisions and take part in every private equity deal.
Full Name
Responsible for the bond strategy: issuer analysis, limits, rebalancing and the weekly market review.
Full Name
Responsible for industrial projects: sourcing, deal structuring, execution control and investor relations.
Research team
Maintains the issuer database, updates profiles, prepares weekly reviews and monitors limit orders.
Let's discuss your capital
Leave your contact details and a Vesper Capital partner will reach out within one business day. Or message us directly on Telegram.
This offer is addressed to qualified investors. Minimum ticket — from $500k.