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The services and investment funds referenced in this website should not be regarded as an offer of solicitation for such services or investment funds in any jurisdiction where such activity is unlawful. This website is not directed at you, if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use which would be contrary to local law or regulation.

The promotion of these Funds is restricted to clients who are experienced investors (Professional clients or Eligible counterparties as defined by the FCA) in these types of funds. This website and its contents are not intended to sell services or products over the internet, rather for internet viewer convenience and informational purposes. Subscriptions will only be received and shares issued on the basis of the current prospectus or Scheme Particulars for the fund. Every effort has been made to ensure the accuracy of the financial information herein but it is based on unaudited figures.

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.

The Tendercapital Ltd funds are not available for purchase by US persons. Shares in the funds described on this website are not available for sale in any jurisdiction in which sale would be prohibited. Nothing in this website constitutes investment, legal, tax or other advice nor is it to be relied upon in making an investment decision. Please note that authorization by the FCA does not imply official approval or recommendation.

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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.

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 the global level by moderate, but slowing, growth. In the US, the strong economic cycle and job market have confirmed expectations of a rise in interest rates. In the Eurozone, gradual improvement in the labour market has produced signs of “wage inflation”, confirming the elimination of QE at the end of the year. The process around the globe of eliminating expansive monetary policies negatively affects the fixed income market. Risk premiums of “high yield” and “subordinated financial” components are increasing, whilst “Italy risk” is rising due to differences with the European Commission related to the budget. The European financial sector is expected to enter an improving phase of the cycle, as a result of the gradual process of recapitalising banks’ financial statements and expectations of a slight improvement in “core” profitability.  The steepening of the rate curve in the Eurozone generated by expectations of rising prices in the medium term results in the preference for a defensive portfolio profile through short duration, sizeable liquidity, and reduction of specific risk. In October, the fund maintained a defensive structure to protect against interest rate risk through a duration of 1.3 years with a 2.2% coupon yield and a yield to maturity of 2.9%. The portfolio’s coupon profile is 55.1% variable, 19.2% mixed, and the remaining 25.7% fixed.

MORNINGSTAR CATEGORY

ISIN Code Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC A SHARE CLASS
ISIN Code: IE00BYWP0S80
Consult monthly factsheet

Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC B SHARE CLASS
ISIN Code: IE00BYWP0T97

Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC C SHARE CLAS
ISIN Code: IE00BYWP0V10

ISIN Code Share Class: GLOBAL BOND SHORT DURATION INSTITUTIONAL ACC AI SHARE CLASS
ISIN Code: IE00BYWP0W27

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.

DISTRIBUTORS RETAIL
INSTITUTIONAL

[1] Distributors marked with [1] act as sub-distributors on behalf of Allfunds Bank S.A., which serves as primary distributor (without exclusive agreement) of Tendercapital Funds plc’s shares in Italy, with option to make use of sub-distributors.

[2] Distributors marked with [2] act as sub-distributors on behalf of Online Sim SpA, which serves as primary distributor (without exclusive agreement) of Tendercapital Funds plc’s shares in Italy, with option to make use of sub-distributors.

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