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Past performance is not a guarantee of future performance. It should be remembered that the value of investments may fall as well as rise, investors may not get back the amount of money invested, currency movements may have a negative as well as positive influence on returns and past performance is not necessarily an indicator of future performance. Any investment decision should be made solely on the basis of the information and risk warnings contained within the information memorandum and/or prospectus issued by or on behalf of the fund or company concerned.

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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

In September, the fixed-income market performed negatively with the Eurozone overperforming the US and emerging markets. At European level, high yield assets suffered losses in line with a widespread risk-off movement on financial markets. The performance of the government bond segment was positive, with a marked narrowing of the Bund-BTP spread to 130 basis points (154), the lowest level of the past 24 months. Corporate bond risk premiums were up. The public health situation has worsened, leading to new fears that local lock-downs will be needed, with negative effects on expectations of economic recovery.

Considering the macroeconomic scenario for Q4, a prudent portfolio allocation is advisable. The economic recovery could be adversely affected by another round of restrictive measures to contain the health emergency. However, Central Banks’ support for lower risk assets remains “unlimited”. The limited term premium justifies a medium-low duration profile. The prudent and selective view of the high-yield segment is accompanied by a search for value in the medium term in the hybrids and convertible senior bonds segment.

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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