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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.


In January, the global fixed income market recorded highly positive performance at 1.3%, driven by a flattening of the curve in both USD as well as Euro, in the wake of fears arising from the worldwide impact of the Chinese standstill. Returns in the government segment are at around 2.0%, while the “defensive” movement is confirmed by a stable high-yield market. The ten-year risk-free rate underwent a decline of approximately 25 points, back into negative territory. A rapid inversion of the trend was recorded in early February.

The continuation of numerous factors of uncertainty at the geopolitical level within a late-cycle context of weak economic growth, and the limited term-premium on the European curve (30 bps in 10/2y), mean that a defensive investment profile on interest rate risk should be preferred. The coupon profile of the fund is 33.0% fixed, 40.0% variable, and 27.0% mixed. The specific risk is minor, with a weight of 22% for the largest ten positions and an average portfolio rating of BBB. The product has a duration of 1.3 years, a yield to maturity of 0.9%, a coupon yield of 1.6% and annualised volatility in the 12 months of 1.2%.


EUR Flexible Bond

ISIN Code: IE00B90F5P70
Consult Monthly Factsheet


DISTRIBUTION Ireland, Italy, United Kingdom, 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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