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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

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

The fixed-income market continued to trend up in June with a stronger performance in the second quarter of the year, which was particularly evident in corporate bonds, which are yielding 5%/10% for investment grade and 10%/15% for higher risk assets. Monetary and fiscal stimulus and the gradual reopening of economies were the driving themes.

The economic recession opens up the possibility of an increase in the default rate, especially among lower-grade issuers. The timing of the implementation of collective fiscal policies that will sufficiently support the Eurozone’s economies is still uncertain. Overall, we prefer a defensive portfolio position. The limited term-premium leads us to prefer medium-low durations. We prefer investments in the corporate/financial sector, favouring “quality” companies with sound fundamentals and the ability to generate cash flows. Government bonds are only used for portfolio protection. Alongside our prudent view of the high yield segment, we are searching for value in the medium term in “hybrids” and senior convertible bonds.

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.

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