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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.
December was characterised by a marked increase in risk-free rates, combined with a slight decline in risk premiums. Short-term interest rates rose by about 60 basis points, with the German yield and the two-year Euro swap rate at 2.6% and 3.4%, respectively.
Inflation expectations, implied by swap rates, remained stable around 2.5% for the medium-to-long term, but fell below 5% for the next twelve months.
The portfolio’s performance was dictated by the inflation-indexed government strategy, with a contribution of about -35 bps, driven by the duration effect. The investment grade credit strategy yielded a marginal contribution, benefiting from exposure to floating rates.
The portfolio allocation remained unchanged during the month.
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 0.9 years). Specific risk is reduced by broad diversification of issuers and the presence of 91 securities in portfolio. The weight of the portfolio top ten increased to 36%.
The fund has an ESG rating of AA, based on its MSCI score.
ISIN Code Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC A SHARE CLASS
ISIN Code: IE00BYWP0S80
Consult monthly factsheet
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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- Tendercapital Memorandum and Articles Funds PLC
- Tendercapital Funds PLC Prospectus
- Sustainability related disclosure
 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.