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TCGBSDTendercapital Global Bond Short Duration

Fixed income fund, euro denominated, which invests in Corporate and Sovereign Debt with maximum duration below 5.
Fund strategy: Accurate and fundamental analysis of the Issuer.
Identification of valuable opportunities according to our fundamental research and continued risk monitoring, keeping the overall duration of the portfolio under 5.
The portfolio will comprise of diversified single investment opportunities, allowing to macro conditions, therefore maintaining a medium-low 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.


August was characterised by a strong rise in interest rates, entirely cancelling out the decline observed between the end of June and July with a diverging trend in risk premiums, favourable to the high-yield segment. Short-term rates rose by almost 100 basis points, with the German two-year yield jumping from 0.2% to 1.15%. Short-term inflation expectations, implied by swap rates, continued to increase to above 7.5% for the next twelve months and over 3% thereafter. Expected inflation for the next decade rose to 2.6% (from 2.5%).

The portfolio’s performance was dictated by the combined decline of the strategy in IG credit and inflation-linked instruments. There were no changes to the asset allocation. At the end of the month, the inflation-linked component weighed 24% and the liquidity buffer was 7.5%.

The monetary nature of the instrument leads to a preference for a low risk profile in terms of both credit (average portfolio rating of A-) and rate (duration of 1.1 years). Specific risk was reduced thanks to broad diversification of issuers and the presence of 107 securities in portfolio. The weight of the top ten holdings in portfolio of 26.4% is almost entirely attributable to inflation-indexed securities.

The fund has an ESG rating of AA.



Consult monthly factsheet


Distribution: Ireland, United Kingdom, Italy, Switzerland


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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