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Past performance is not a guarantee of future performance. It should be remembered that the value of investments may fall as well as rise, investors may not get back the amount of money invested, currency movements may have a negative as well as positive influence on returns and past performance is not necessarily an indicator of future performance. Any investment decision should be made solely on the basis of the information and risk warnings contained within the information memorandum and/or prospectus issued by or on behalf of the fund or company concerned.

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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.

The Fund in a Nutshell

Risk-reward profile

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

FUND MANAGER'S COMMENTARY

September was among the worst months since the beginning of the year with amply negative returns for the bond market. The Norwegian Central Bank was the first to intervene in the process of normalizing monetary policies with a rate hike, while the Fed stated it would soon begin tapering. U.S. and German 10-year yields rebounded to 1.5% and -0.2%, respectively, up about 20 basis points.

The European government segment offered negative returns of over -1%, while the corporate segment reported losses of 50/60 bps with a stable risk premium at around 80/90 bps. The monetary nature of the instrument leads to a preference for a low risk profile in terms of both credit (average portfolio rating of A-) and rate (duration of 1.5 years). The portfolio was further diversified, with the number of securities up to 110. The weight of the top ten securities in the portfolio dropped from 30% to roughly 23%, reflecting the greater diversification. The inflation-indexed government bond component, close to 25%, made a positive contribution of about 20 basis points and led the product to outperform the reference market by 10/20 bps over the last month. The fund has an ESG rating of AA.

MORNINGSTAR CATEGORY

ISIN Code Share Class: GLOBAL BOND SHORT DURATION RETAIL ACC  SHARE CLASS
ISIN Code: IE00BYWP0S80
Consult monthly factsheet

 

ISIN Code Share Class: GLOBAL BOND SHORT DURATION INSTITUTIONAL ACC AI SHARE CLASS
ISIN Code: IE00BYWP0W27

Distribution: Ireland, United Kingdom, Italy, 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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