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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 global level by sustained growth in gross domestic product, although it is slowing down in 1H18, accompanied by a moderate rise in the level of inflation in the Eurozone. While in the US the strong economic cycle and the job market have created expectations of a further acceleration in interest rates, in the Eurozone gradual improvement has brought with it the initial signs of “wage inflation”, although with some unevenness across the member states. Therefore, the exit route from monetary expansion will be gradual. The depreciation of the local currency from the highs reached in 1Q18 should offer support to exports in the second half of the year within a fragile context of trade tensions. Overall, the trend of rate curve steepening generated by expectations of growing prices in the medium term leads to the preference for a defensive portfolio profile through a diversification of the strategies, limited duration and the maintenance of a sizable liquidity buffer. In June, the Fund maintained broad diversification with a weight of 15.4% for the first ten positions. The variable or mixed coupon component is still being gradually increased for a positioning towards a less accommodating monetary policy starting from 2019. Of the coupon profile of the portfolio, 30.9% is fixed, 40.5% is variable and 28.6% is mixed. The product has a duration of 1.5 years, a yield to worst of 1.6%, a coupon yield of 1.6% and annualised volatility in the last month of 2.1%, with the 12-month figure at 1.3%.

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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