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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 macroeconomic scenario is characterised at global level by sustained growth in gross domestic product, accompanied by a moderate level of inflation in the Eurozone. While in the US the strong economic cycle created expectations of an acceleration in interest rates, in the Eurozone the job market remains uneven in the absence of wage pressures on prices, suggesting an exit route from the extremely gradual monetary expansion. However, the trend of rate curve steepening generated by expectations of growing prices leads to the preference for a defensive portfolio profile through broad diversification of the strategies, limited duration and the maintenance of a sizable liquidity buffer. In March, the Fund maintained extensive diversification over 94 total positions. The variable or mixed coupon component is still being gradually increased for a positioning towards a less accommodating monetary policy in the second part of 2018. Of the coupon profile of the portfolio, 36% is fixed, 36% is variable and 28% is mixed. The product has a duration dropping to 1.3 years, a yield to maturity of 0.94% and annualised volatility in the last month of 0.63%, with a 12-month figure of 0.83%.

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

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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