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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.
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.
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
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.
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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.