VAM Fund


Asset Class:  Equity

Region: Global


The investment objective of the Fund is to provide long-term capital appreciation over the full investment cycle through exposure to specialist funds in niche sectors. To achieve this objective, the Fund will allocate its assets to various compartments of VAM Funds (Lux), a Luxembourg UCITS V investment fund including the VAM Global Infrastructure Fund, managed by Foresight Capital Management on a real infrastructure mandate.


The current Prospectus and the annual and semi-annual reports of VAM Managed Funds (Lux) with more detailed descriptions are available upon request.



A class USD A class GBP A class EUR
Launch Date 2nd July 2007 29th December 2008 29th December 2008
ISIN LU0297699406 LU0404611757 LU0404614934
Sedol Code B1W6PS5 B3KD1W8 B3KD1Y0
Base Currency USD USD USD
Dealing Frequency Daily Daily Daily
Z class USD Z class GBP
Launch Date 2nd July 2018 2nd July 2018
ISIN LU1821417711 LU1837981973
Sedol Code BFXXN45 BFMB4J2
Base Currency USD USD
Dealing Frequency Daily Daily


Rivers Capital Management is a discretionary fund manager focused on providing risk-rated, multi-asset investment solutions. Rivers was founded in 2016 by Richard Bonnor-Moris and Eduardo Tomacelli with the intention of providing rigorously managed, multi-asset portfolios with superior risk-adjusted returns. The portfolios are constructed for either long-term capital growth or income generation and can also be designed to adhere to specific environmental or ethical criteria.


Richard Bonnor-Moris

Richard has over 23 years of asset management experience, focusing on portfolio construction, manager selection and risk management. After working with institutional investors and high net worth clients for nearly 15 years, Richard has managed risk-rated model portfolios for advisors since 2011. Previously, Richard was Head of Multi-Asset Solutions at Newscape Capital Group, was a portfolio manager at Nemesis Asset Management, an executive director at Lehman Brothers Asset Management and a vice president at JPMorgan Private Bank. He has an Executive MBA from London University and a BA in Economics from Manchester University.

Eduardo Tomacelli

Eduardo has more than 30 years’ experience in global equity investing, having been a director and portfolio manager at Mariner Capital, Sagitta Asset Management and, prior to that, was responsible for over £1.5bn at Mercury Asset Management. Eduardo has launched and managed both long-only and long/short equity strategies since 1987, and has managed equity portfolios for institutional pension funds, unit trusts, charities, SICAVs and UCITS. Eduardo sits on the Rivers asset allocation committee and provides tactical asset allocation advice for the multi-asset portfolios.

Najib El-Rayyes

Najib El-Rayyes
Najib has 23 years’ experience in fund management managing both long-only portfolios and systematic hedge fund strategies. Prior to joining Rivers, Najib worked at Newscape Capital Group, co-managing a US long-only fund and an Emerging Markets value fund. Formerly, he was a partner and portfolio manager at Mariner Capital, co-managing a long/short and market neutral hedge fund using proprietary quantitative models as well as a US equity long-only fund. Prior to that, he managed a technology and biotech portfolio at Sagitta Asset Management.

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