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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)
  • 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.