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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.


The month of June was characterised by positive returns across the various segments of the European bond asset class, with a continuation in the restriction of risk premiums, which fell to roughly 80 and 290 basis points (previously 85 and 300) for corporate IG and HY, respectively. The premium spread between the two categories, around 210 basis points, is in line with what was observed prior to the pandemic. The month was particularly positive for the subordinated corporate segment (hybrids) with a return of just under 1%, for banking Tier 1 (1%) and for convertible bonds (1%/1.5%).

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; A- in the previous month) and rate (duration of 1.2 years). During a phase of slight backtracking in breakeven rates, the decision was made to increase the inflation protection instruments component from 25% to 30%, in light of expectations of more significant pressure on consumer prices in the second part of the year. During the month, the number of issuers in the portfolio was increased from roughly 50 to around 60, with a simultaneous reduction in exposure to the Italy factor from 20% to approximately 15%.


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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