DISCLAIMER

The services and investment funds referenced in this website should not be regarded as an offer of solicitation for such services or investment funds in any jurisdiction where such activity is unlawful. This website is not directed at you, if we are prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use which would be contrary to local law or regulation.

The promotion of these Funds is restricted to clients who are experienced investors (Professional clients or Eligible counterparties as defined by the FCA) in these types of funds. This website and its contents are not intended to sell services or products over the internet, rather for internet viewer convenience and informational purposes. Subscriptions will only be received and shares issued on the basis of the current prospectus or Scheme Particulars for the fund. Every effort has been made to ensure the accuracy of the financial information herein but it is based on unaudited figures.

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.

The Tendercapital Ltd funds are not available for purchase by US persons. Shares in the funds described on this website are not available for sale in any jurisdiction in which sale would be prohibited. Nothing in this website constitutes investment, legal, tax or other advice nor is it to be relied upon in making an investment decision. Please note that authorization by the FCA does not imply official approval or recommendation.

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Tendercapital Ltd is authorized and regulated by the Financial Conduct Authority.

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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.

FUND MANAGER'S COMMENTARY

In June, there were significant buying flows observed in the bond market, with yields down in all geographical areas, favoured by the full support of Central Banks worldwide for accommodating monetary policies to prop up weak inflationary scenarios. In the EU, growth expectations remain modest and a situation of negative rates at or below current ones will continue at least until mid-2020. A new TLTRO programme is expected to be launched in September to support lending to businesses.

The continuation of numerous factors of uncertainty at the geopolitical level within a late-cycle context of deteriorating economic growth means that a defensive investment approach should be preferred. 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 June, the fund had a duration of 1 year with a 1.8% coupon yield and a yield to maturity of 2.0%. The portfolio’s coupon profile is 50% variable, 19% mixed, and the remaining 31% fixed.

MORNINGSTAR CATEGORY

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

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.

DISTRIBUTEURS RETAIL
INSTITUTIONAL

[1] Distributors marked with [1] 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.

[2] Distributors marked with [2] 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.

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