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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.
Positive annual return, with separate risk controls for each issue, and overall risk review on the portfolio in its entirety.
December was characterised by a marked increase in risk-free rates, combined with a slight decline in risk premiums. The yield on German ten-year bonds rose by more than 50 bps MoM to 2.5%. The spread on European investment grade debt decreased by around 10 basis points to 170 bps, while that on the high yield segment was down by about 10 basis points to 510 bps. Returns on the various segments of the European market ranged from -1% in the high-yield segment to -4.0% in the government segment.
The portfolio’s performance was almost entirely driven by losses related to the investment grade credit strategy, while the high yield and subordinated debt areas outperformed the market. Particularly noteworthy is the positive contribution of some top-ten single names such as Gestamp, GN Store and Hornbach, belonging to the bottom-up alpha strategy.
During the month it was decided to reduce exposure to the corporate hybrid securities strategy in favour of the investment grade credit segment.
Portfolio liquidity rose to around 8%. The Fund maintained an overall conservative approach characterised by a short duration profile at 2.7 years, an average rating of BBB and a broad diversification based on 93 securities in portfolio.
The fund has an ESG rating of AAA, based on its MSCI score.
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
Share Class: BOND TWO STEPS INSTITUTIONAL DISTRIBUTING AI SHARE CLASS
ISIN Code: IE00BKVBKQ78
DISTRIBUTION Ireland, United Kingdom, Italy, Switzerland
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- Tendercapital Memorandum and Articles Funds PLC
- Tendercapital Funds PLC Prospectus
- Sustainability related disclosure
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