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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

August was characterised by a strong rise in interest rates, entirely cancelling out the decline observed between the end of June and July. Risk premium performance diverged: up to 202 bps (187 in July) for the investment grade segment; down to 560 bps (590) for the high yield market. The returns on the various segments of the European market ranged from -1%/-5%.

The portfolio’s performance was driven by losses of 63 bps for the IG credit strategy and to a lesser extent by the subordinated debt strategy.

During the month, Nexi entered the top-10 portfolio through a convertible instrument, currently out-of-the-money. The underweight on the duration of the IG credit strategy was slightly reduced, through the inclusion of securities with a maturity of 7-10 years and high creditworthiness (>BBB). Portfolio liquidity fell to the 8% area, in line with the goal of bringing it back below 5% in the coming months.

The Fund maintained an overall conservative approach characterised by a short duration profile at 2.5 years, an average rating of BBB and a broad diversification based on 100 securities in portfolio. The weight of the top-10 holdings was unchanged at 19%.

The fund has an ESG rating of AAA.

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

Share Class: BOND TWO STEPS INSTITUTIONAL DISTRIBUTING AI SHARE CLASS
ISIN Code: IE00BKVBKQ78

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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