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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.
Positive annual return, with separate risk controls for each issue, and overall risk review on the portfolio in its entirety.
In December, the global fixed income market marked positive performance of 0.6% (+6.8% fy2019) generated by a generalised risk-on movement in the financial markets in the wake of easing trade tensions and at the same time expectations for an improvement in the macroeconomic context. This movement was accompanied by a sell-off phase in the government segment in various geographical areas, with losses of -1.0% in the Eurozone and -0.7% in the US. The risk-free rate in Euro rose by 10 basis points to 0.16% at 10 years. Phase of compression for risk premiums in the corporate segment. The continuation of numerous factors of uncertainty at the geopolitical level within a late-cycle context of weak economic growth, and the limited term-premium on the European curve (45 bps in 10/2y), mean that a defensive investment profile on interest rate risk should be preferred. The objective of the product is to minimise rate risk through short durations. Exposure to a variable or mixed coupon profile is favoured, due to limited space for monetary policy manoeuvres. The fund had a duration of 1.3 years with a 1.1% coupon yield and a yield to maturity of 0.9%. Of the coupon profile of the portfolio, 47% is variable, 17% is mixed and the remaining 36% is fixed. The monetary component is at 14%. Annualised YTD volatility is 1.2%.
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
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 Distributors marked with  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.
 Distributors marked with  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.