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Wine Source Fund is a regulated Alternative Investment Fund (AIF) designed to extract superior returns from the fine wine and spirits market 

Wine Source Fund is regulated by the Malta Financial Services Authority (MFSA) and registered under the Alternative Investment Fund Manager’s Directive (AIFMD) of the European Union. 

Backed by the Wine Source Group, a premier global merchant company, Wine Source Fund benefits from a privileged access to the rarest wines and most prestigious properties.


Wine Source Fund Investors

Our current investor base includes: qualified private investors, family offices and financial institutions including private banks and asset managers

Wine Source Fund

Wine investing can offer attractive risk-adjusted returns and excellent
portfolio diversification due to its low correlation with other asset classes

Fund Performance (last 12 months)

May NAV Chart

Historical monthly returns (net)

Relative performance vs. benchmarks (rebased, net)

Wine Source Fund gives investors a unique opportunity to participate in
the fine wine and spirits market in a structured and controlled environment


The Fine Wine Market

As with other lifestyle investments, fine wines have the ability to offer attractive risk-adjusted returns as well as added diversification due to a low correlation with other asset classes. Since its inception in 1988, the Liv-ex Benchmark Fine Wine Investables Index has grown 1,648% at an average annualized growth rate of 14.8%.

We believe that the dynamics of the fine wine market are still very much intact today. Primarily, the market offers a structural shortage of supply due to regulatory constraints and yield restrictions. Increasing demand from globalization and a rapidly growing number of luxury-hungry consumers add further upward pressure to prices. Fine wine also has the unique characteristic of improving in quality as it matures. The combination of these factors is supportive of higher prices over time making fine wines a particularly attractive asset class.

Bordeaux wines have always been at the heart of a Fine Wines investment strategy as it is not only the biggest category by volume traded but also holds the longest history spanning back several hundreds of years.  Bordeaux is clearly the most liquid region with  a high number of transactions taking place daily in major cities such as London, Hong Kong as well as on the Liv-ex exchange.

Burgundy is one of the most complex wine regions in the world, with hundreds of small appellations and micro parcels. Top wines are usually produced at the level of a few thousands bottles per year, when Petrus as a benchmark is produced at 28 000 bottles per year and is already considered as one of the rarest Bordeaux.

As for Italy, it has just experienced several great years and the overall quality of its wines is clearly on the rise with numerous wineries reaching now international acclaim on a regular basis.  The market for Piedmont wines is similar to some extent to that of Burgundy. By comparison, Super Tuscans produce high volumes, like Bordeaux, and thus offer different market dynamics with a strong float and a clear market price for their wines.

The U.S. market for fine wine is now the largest market in the world. It is largely supported by a rising number of top quality wineries in the Napa Valley and across the country. This rise in quality has translated in a growing demand from importing countries in Asia and Europe. 

Finally, the Spirits market benefits from a global supply demand imbalance, particularly true for old Single Malt Whiskeys due to historical capacity constraints and limited production. The sharp rise in demand, including from mainland China, has only made these spirits even rarer and more valuable.

Why Invest in Wine Source Fund

download recent fund fact sheet

Wine Source Fund has returned over 30% net to investors since inception in September 2012 
significantly outperforming major peers and benchmark indices


Efficient Wine Source Eco-System

The Fund is embedded in an Efficient Fine Wine Ecosystem that ensures multiple layers of extra performance vs the market

 - Purchase at most favourable price

 - Strong insights about the provenance

 - The resale network allows positive price movements

Higher realisation of profits translates into superior liquidity and value for our investors

Wine Source Fund benefits from a broader distribution network at the time of resale. This not only supports a higher turnover of our assets and the overall liquidity of the Fund but also adds to our ability to re-deploy capital into new and attractive investment opportunities. 

Our systems help us for both wise investment decision and transparent valuation

Our sourcing platform has been one of the pillar of our investment process in a market where sources of information are getting increasingly more complex and where investors are looking for transparency.

A team of knowledgeable wine experts and experienced investment professionals

    Wine investing requires a deep understanding of the fine wine market and the trade as well as experience in the fields of portfolio and risk management. We believe our team is very well positioned in all aspects.

Investment Strategy

Sourcing liquid assets for high capital appreciation

Wine Source Fund targets superior returns by investing in physical bottled wine with great aging - and financial - potential. The source or 'provenance' of wines is paramout in securing assets of the highest quality and lies at the heart of our philosophy.

Superior diversification with niche exposure to Spirits 

The Fund not only invests in the most established Old World wine regions of France and Italy, but also in prestigious wines from the New World such as the United States and South Africa. The Fund is also focused on spirits such as Cognac and Whiskies, for the ultimate portfolio blend.

A regulated structure with rigorous risk management 

The Fund operates within a very controlled and secured regulatory environment. This is for the safety of the Fund's assets and the peace of mind of our investors. Our service providers are best-in-class and help ensure the Fund complies with the highest standards. 



Philippe Kalmbach - Founder and Co-Portfolio Manager

CEO of Wine Source, an active merchant on Liv-ex, Philippe is the founder of one of the first pan-European wine sourcing network supporting 5-star hotels and restaurants in Europe & Asia, as well as high end wine collectors worldwide. Philippe holds a Masters Degree in Business from ESC Amiens, as well as Executive Education at INSEAD and Cranfield University. Formerly, Philippe was group EVP Polaroid, European Head Digital Business Kodak, GM Lexmark and Investment banking analyst. Philippe holds a US Wine Professional degree from WSS where he graduated with honors.


Benjamin Billarant - Co-Portfolio Manager

Founder and Director of Balthazar Capital Partners Ltd., an FCA-regulated investment manager, Benjamin has over 15 years of experience in financial markets and alternative investments. Prior to Balthazar Capital, Benjamin has worked for institutions including Goldman Sachs in London, Banque de Neuflize in Paris (part of ABN-Amro) and Société Générale in New York. In the process, he has structured, advised and managed several investment funds giving him a solid experience in the fields of portfolio management, risk management, compliance and regulatory issues. He holds a bachelors degree in Physics which he obtained from the University of North Carolina at Chapel Hill in 1994.


Matthieu Phanthala - Investment Committee Advisor

Matthieu Phanthala is the CEO of Leroy Merlin (Group ADEO) since 2005, with the entire responsibility for the group’s business development and strategy in China. Prior to Leroy Merlin, Matthieu worked for Lafarge and The Swatch Group at senior Management positions around Finance and Business Development in China/Hong Kong. Matthieu’s main areas of expertise are corporate finance, mass retailing and luxury products focus on Asian and in particular, Chinese markets. He holds Master Degree in Business from the Ecole Superieure de Commerce d‘Amiens, France.


Fund Terms & How to Invest

Wine Source Fund is currently offering monthly subscription in following share classes:

Class A Shares, denominated in Euro (€)
Class B Shares, denominated in United States Dollars ($)
Class C Shares, denominated in British Pound Sterling (£)

The Fund is structured as a Profesional Investors Fund, licensed by the MFSA

Please contact us to receive your subscription pack.

Private Investor
Institutional Investor

Previously or currently invested in wine?
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Preferred contact: phone or email (if phone provide number)

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  • Launch Date:
  • ISIN Code:
  • Bloomberg Ticker:
  • Name of Fund:
    WSF SICAV Plc -  Wine Source Fund
  • Legal Structure:
    Collective Investment Scheme - Professional Investor Fund
  • Bank:
    HSBC Malta plc
  • Auditor:
    Deloitte Audit Limited
  • Administrator:
    Fund BPO
  • Custodians:
    Octavian Cellars, Grand Cru Storage, Vine
  • Legal Advisor:
    Fenech & Fenech
  • Recommended Investment Period:
    3 to 5 years
  • Currency:
    € (Class A), $ (Class B) &  £ (Class C)
  • Minimum Subscription:
    €75,000, $75,000, £75,000
  • Subscriptions:
    Monthly, 5 days notice
  • Redemptions:
    Quarterly, 60 days notice
  • Fees:
    2% management & 20% performance with a high watermark
  • Management Team:
    Philippe Kalmbach (manager)
    Benjamin Billarant (co-manager)

Contact Us

Please address all enquiries to the following email address: fund@wine-source.com

London                   Malta
Wine Source Fund                       Wine Source Fund
84 Eccleston Square                   Il-Pjazzetta, Block B, Level 1,
SW1V 1PX                                      Office 14, Tower Road, Sliema
United Kingdom                           SLM1605, Malta.

By clicking on send, you agree that your personal data shall be processed in accordance with the Privacy Policy.

Privacy Policy

This Privacy Policy describes the manner in which, the Wine Source Fund, a sub-fund of WSF Sicav P.L.C, a company incorporated under the Laws of Malta and bearing company registration number SV 158 (“Wine Source Fund” or “we” or “us”) will process and use any personal information relating to you, and the measures we put in place to comply with the provisions of laws relating to the protection of personal information as applicable to us, in particular Regulation (EU) 2016/679 (“GDPR”) and the Data Protection Act (Chapter 440 of the Laws of Malta).
This Privacy Policy is limited to personal data that is processed as a result of you using our website, accessible through the domain winesourcefund.com, or any other domain that will be used by us from time to time (“the website”).  
Any information held by us relating to you, will be processed and managed in the manner described in this Privacy Policy. It is important for you to read and understand this Policy as it aims to help you better understand:

    •    What information is collected
    •    How do we use and share this information
    •    Your rights  
    •    General information regarding privacy and security
    •    Cookies, and your rights in this respect
    •    How to contact us

By accepting the terms hereof, you agree that you have understood the Privacy Policy and consent to the use and processing of your personal information as laid down in this policy. If you fail to accept and agree with these terms, you are asked not to access our website.
If any significant changes will be made to this Privacy Policy, we will ensure that you are adequately informed through electronic means, and your consent will be further requested.
When you visit our website, you may voluntarily choose to provide us personal information, by inserting the details we request in certain sections of the website, particularly:
    •    Name and surname
    •    Email address
    •    Telephone/mobile number
    •    Type of investor
    •    Investment experience
    •    Company name
    •    Position
As is true of most websites, we gather some information automatically, such as your IP address, browser type, referring/exit pages, and operating system. We use this information to administer our website and service, understand how visitors navigate through our service, and to enhance your experience while using our service.
We may also engage a third party service provider to provide us with web analytics services.  Should we do so, such third party service provide will provide us with information about you relating to your visit on our website.

We will only use your personal data fairly and where we have a lawful reason to do so.  In particular, we will use your personal data for the following purposes:
Newsletter/Subscription pack - If you submit your personal details on our website, and request to be provided with the subscription pack and/or to sign up for the newsletter, we will process this information in order to provide you with our newsletter and/or the subscription pack as applicable.
The newsletter and/or the subscription pack may be received by you through electronic mail, direct mail, online push notification or any other means of communication deemed suitable.
When receiving communications by email, in each communication, you will be provided with instructions on how you may opt out of receiving further communications from us.
Diagnostic and Development of our Systems - We make use of certain information so as to ensure that our system operates satisfactorily. The data is used internally to help diagnose any technical or software problems that may arise. We hold a legitimate interest in carrying out such actions (research, diagnose and develop) to ensure that our business is always up to date with the current market trends.
Legal and Regulatory Obligations - Your information may be held and processed by us to fulfil a number of internal policies and to abide by legal requirements. Legal requirements pertaining to us may not be identical to those of your country of residence and thus any information held and processed by us will be processed in accordance to the laws pertaining to us and not necessarily the laws of your country of residence.
The information held by us may be utilised:
    •    For us to meet our internal and external audit requirements;
    •    For information security purposes;
    •    For the detection and investigation of any crime or fraud;
    •    To respond to any request from the courts, Law enforcement agencies, regulatory agencies and other public or government agencies. This may include entities within or outside of your country of residence.
Cookies – Cookies are small text files which are downloaded onto your computer when using any website. Cookies help us differentiate between our individual users and enable us to identify how individual users make use of our website. These cookies help us make our website more efficient, based on your previous browsing behaviour.
Cookies also help us gather analytical information about our website, such as our performance; how many visitors did we get on our website, for how long did they visit the website and what did they use the website for.
We use various types of cookies, some of which are absolutely necessary for our website to function. Some of the cookies we use include, analytical and performance cookies, functionality cookies and strictly necessary cookies.
We may engage and contract with third party companies (e.g., service providers) to provide services that help us with our business activities such as cloud hosting services, event organisers, data analytics companies or providers of email and marketing platforms. We will ensure that these third party service providers only receive information that is strictly necessary for them to provide contracted services to us.  In all cases, we will make sure that such service providers are bound by an agreement, in terms of the provisions of the GDPR.
Information sent outside of the EEA - It may be the case that for us to provide our services, engage service providers, fulfil our contractual obligations or comply with legal obligations we may need to send your personal information outside of the EEA zone. To ensure that even in these instances, your personal information is safeguarded, we adopt any of the following:
    •    We will check if the recipient country situated outside of the EEA has been deemed by the European Commission to offer the same level of protection as the EEA;
    •    If the recipient organisation is situated in the USA, we will check whether the recipient is registered with the Privacy Shield. (Privacy Shield is offers privacy protection level which has been approved by the EU);
    •    In the absence of the above, we will rely on contracts which will bind the recipient to protect your information and data with the same level of security available in the EEA.

Your personal information will be held by us for such amount of time as is necessary for us to comply with any legal and regulatory obligations.   If you would like further information about our data retention policies, please get in touch with us on the contact details set out hereunder.

You are afforded a number of rights relating to the manner in which your personal information is received, held and processed.  Where applicable, you may exercise the following rights:
    •    Access to personal data: you may request that you are provided with a copy of any/all information which is held by us relating to you.
    •    Correction of personal data: you may make a request to have your personal information amended or corrected if any information held by us is deemed to be incorrect
    •    Right to withdraw consent: in the circumstances that any of the information held by us required your previous consent, you may revoke this consent subsequently.
    •    Right of erasure: you may request us to erase your personal information when there is no necessity for us to continue processing your information. This right may only be utilized in certain circumstances.
    •    Right to Data portability: You may request us to provide you with all the information gathered by us relating to you in a format which allows you to the transfer all your information to another organisation.
    •    Right to restrict processing of personal data: You may request to suspend the processing of your personal information.
    •    Right to object to the processing of personal data: You may object to our right to process your personal data for purposes relating to our legitimate interest. Despite you objecting, we may still process your information in order for us to fulfil any legal obligation or where we have legal grounds to do so.
    •    Right relating to automated decision making and profiling: You may request that no automated decision that could have any legal effect on you be made on your behalf solely based on an automated system.

Unless we have another legal basis to do so, we will not send you any newsletter and/or subscription pack if you do not consent to receive such communications.  Certain features or functions in the website may not be available if you decide to disable certain cookies.   
If you are not satisfied with the manner in which we store, process or share your information, you may lodge a complaint with the local supervisory authority, the Information and Data Protection Commissioner on idpc.info@idpc.org.mt, or any other local supervisory authority within your country of residence.

If you would like further details or require further information regarding the manner in which we take care of your personal information kindly contact us on the following contact details:
Wine Source Fund, sub-fund of WSF Sicav P.L.C.
Address: Il-Pjazetta, Block B, Level 1, Office 14, Tower Road, Sliema, SLM 1605, Malta
Email:     fund@wine-source.com

Version no [1]
Date [18/07/2018]