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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.
The macroeconomic scenario is characterised at global level by sustained growth in gross domestic product, although it is slowing down in the Eurozone, accompanied by a moderate rise in the level of inflation due to the effect of the energy component. In the US the strong economic cycle and the job market have created expectations of a further acceleration in interest rates. In the Eurozone gradual improvement has brought with it the initial signs of “wage inflation”, still uneven across the member states. The exit route from monetary expansion of the ECB will be gradual. Overall, the trend of rate curve steepening generated by expectations of growing prices in the medium term leads to the preference for a defensive portfolio profile through a diversification of the strategies, limited duration and the maintenance of a sizeable liquidity buffer. The financial sector is expected to enter the positive phase of the cycle, as a result of the gradual process of recapitalisation of bank financial statements, alongside expectations of a slight improvement in “core” profitability. In August, the fund maintained a defensive structure to protect from the interest rate risk through a duration of 1.3 years with a 2.1% coupon yield and a yield to maturity of 2.4%. Of the coupon profile of the portfolio, 54.5% is variable, 19.8% is mixed and the remaining 25.7% is 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.