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TCBTSTendercapital Bond Two Steps

Fixed income fund, euro denominated, which invests in Corporate and Sovereign Debt. Fund strategy: Accurate and fundamental analysis of the Issuer.
Identification of undervalued opportunities according to our investment process and continued monitoring of the issues.
The portfolio will comprise of diversified single investment opportunities, allowing to macro conditions, therefore maintaining a medium risk profile.

The Fund in a nutshell

Risk-reward profile

Positive annual return, with separate risk controls for each issue, and overall risk review on the portfolio in its entirety.

FUND MANAGER'S COMMENTARY

The macroeconomic scenario is characterised at the global level by moderate, but slowing, growth. In the US, the strong economic cycle and job market have confirmed expectations of a rise in interest rates. In the Eurozone, gradual improvement in the labour market has produced signs of “wage inflation”, confirming the elimination of QE at the end of the year. The process around the globe of eliminating expansive monetary policies negatively affects the fixed income market. Risk premiums of “high yield” and “subordinated financial” components are increasing, whilst “Italy risk” is rising due to differences with the European Commission related to the budget. The steepening of the rate curve in the Eurozone generated by expectations of rising prices in the medium term results in the preference for a defensive portfolio profile through short duration, sizeable liquidity, and reduction of specific risk. In October, the fund maintained broad diversification, with a weight of 15.7% for the largest ten positions. There is significant exposure to a variable or mixed coupon profile for positioning in relation to less accommodating monetary policy. The coupon profile of the portfolio is 30.1% fixed, 42.0% variable, and 27.9% mixed. The product has a duration of 1.4 years, a yield to worst of 2.0%, a coupon yield of 1.5% and annualised volatility in the last month of 1.5%, with the 12-month figure at 1.4%.

MORNINGSTAR CATEGORY

EUR Flexible Bond

ISIN Code Share Class: BOND TWO STEPS RETAIL ACC SHARE CLASS
ISIN Code: IE00B90F5P70
Consult Monthly Factsheet

ISIN Code Share Class: BOND TWO STEPS INSTITUTIONAL ACC AI SHARE CLASS
ISIN Code: IE00BHZKJ842

DISTRIBUTION Ireland, United Kingdom, Italy, Switzerland

KIID

The KIID (Key Investment Information Document) provides you with key investor information about the funds.
The information is required by law to help you understand the nature and the risks of investing in this fund.
You are advised to read it so you can make an informed decision about whether to invest.
Please select just the KIID(s) related to your country of residence.

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