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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.
Positive annual return, with separate risk controls for each issue, and overall risk review on the portfolio in its entirety.
In April, the bond markets slowed their rapid rise recorded in the first quarter of the year, with divergences at geographical as well as market segment level. In the US, the economy witnessed 1Q19 growth exceeding expectations, decreasing downward pressure on the rates curve with negative returns on the government component, while earnings continue in the high yield segment. In the Eurozone, continued weakness in macroeconomic figures has maintained expectations for low rates, with a continuation of the positive trend in bond indexes, which favoured more aggressive assets like high yield and financial subordinated.
The continuation of numerous factors of uncertainty at the geopolitical level within a context of modest economic growth means that a defensive investment profile should be preferred after recent gains. Exposure to a variable or mixed coupon profile is favoured, for positioning in relation to less accommodating monetary policies in the medium term. The objective of the product is to minimise rate risk through short durations. In April, the fund had a duration of 1 year with a 1.9% coupon yield and a yield to maturity of 2.2%. The portfolio’s coupon profile is 51% variable, 21% mixed, and the remaining 28% fixed.
ISIN Code Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC A SHARE CLASS
ISIN Code: IE00BYWP0S80
Consult monthly factsheet
Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC B SHARE CLASS
ISIN Code: IE00BYWP0T97
Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC C SHARE CLAS
ISIN Code: IE00BYWP0V10
ISIN Code Share Class: GLOBAL BOND SHORT DURATION INSTITUTIONAL ACC AI SHARE CLASS
ISIN Code: IE00BYWP0W27
Distribution: Ireland, United Kingdom, Italy, Switzerland
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 Distributors marked with  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.
 Distributors marked with  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.