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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.

Risk-reward profile

Positive annual return, with separate risk controls for each issue, and overall risk review on the portfolio in its entirety.


The bond market delivered an overall negative performance in October, driven by a flight-to-quality movement in Europe, with tumbling government yields and risk premiums on IG corporate bonds, while high-yield and subordinated instruments suffered losses. The proliferation of lockdown 2.0 throughout Europe and the expectation of new monetary measures by the ECB by the end of the year have pushed the yield of the 10y Bund to the lowest levels reached since March, around -0.6%. For the first time, the 3m Euribor rate dipped below the -0.5% threshold, the level at which banks deposit excess liquidity with the ECB. The prospect of an increase in purchases (APP/PEPP) has brought the Italian spread to its lowest level since 2018, around 120 basis points.

The negative inflation phase due to the energy effect could end in 1Q21. The return of deeply negative real interest rates increases the appeal of inflation hedging instruments. The inflation-linked component remains close to 20%. The product’s main objective is to preserve capital by minimising interest rate risk with short durations and credit risk monitoring through the selection of issuers with high creditworthiness. Broad geographical diversification is proposed with an ex-Eurozone component (denominated in euro) of around 35-40%.


Consult monthly factsheet



Distribution: Ireland, United Kingdom, Italy, 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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