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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.

The information contained in this website shall not be published, rewritten for broadcast or publication or redistributed in any medium without prior written permission from Tendercapital Ltd.
Tendercapital Ltd is authorized and regulated by the Financial Conduct Authority.

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TCBTSTendercapital Bond Two Steps

Fixed income fund, euro denominated, which invests in Corporate and Sovereign Debt. Fund strategy: Accurate and fundamental analysis of the Issuer.
Identification of undervalued opportunities according to our investment process and continued monitoring of the issues.
The portfolio will comprise of diversified single investment opportunities, allowing to weather anmacro conditions, therefore maintaining a medium risk profile.

The Fund in a nutshell

ESG Report

Risk-reward profile

Positive annual return, with separate risk controls foreach issue, and overall risk review on the portfolio inits entirety.

FUND MANAGER'S COMMENTARY

December was characterised by a marked increase in risk-free rates, combined with a slight decline in risk premiums. The yield on German ten-year bonds rose by more than 50 bps MoM to 2.5%. The spread on European investment grade debt decreased by around 10 basis points to 170 bps, while that on the high yield segment was down by about 10 basis points to 510 bps. Returns on the various segments of the European market ranged from -1% in the high-yield segment to -4.0% in the government segment.

The portfolio’s performance was almost entirely driven by losses related to the investment grade credit strategy, while the high yield and subordinated debt areas outperformed the market. Particularly noteworthy is the positive contribution of some top-ten single names such as Gestamp, GN Store and Hornbach, belonging to the bottom-up alpha strategy.

During the month it was decided to reduce exposure to the corporate hybrid securities strategy in favour of the investment grade credit segment.

Portfolio liquidity rose to around 8%. The Fund maintained an overall conservative approach characterised by a short duration profile at 2.7 years, an average rating of BBB and a broad diversification based on 93 securities in portfolio.

The fund has an ESG rating of AAA, based on its MSCI score.

MORNINGSTAR CATEGORY

EUR Flexible Bond

ISIN Code Share Class: BOND TWO STEPS RETAIL ACC SHARE CLASS
ISIN Code: IE00B90F5P70
Consult Monthly Factsheet

ISIN Code Share Class: BOND TWO STEPS INSTITUTIONAL ACC AI SHARE CLASS
ISIN Code: IE00BHZKJ842

Share Class: BOND TWO STEPS INSTITUTIONAL DISTRIBUTING AI SHARE CLASS
ISIN Code: IE00BKVBKQ78

DISTRIBUTION Ireland, Italy, United Kingdom, 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.

KID

The KID (Key Information Document) is a pre-contractual document, which enable retail investors to understand and compare the key features and risks of the relevant product.
The KID provides the key information about the investment product and therefore is not marketing material.
The information is required by law to help retail investors to understand the nature, risks, costs, potential gains and losses of the product.
The investors are advised to read the KID in order to make an informed decision about whether to invest. .

DISTRIBUTEURS 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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