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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 January, the global fixed income market recorded highly positive performance at 1.3%, driven by a flattening of the curve in both USD as well as Euro, in the wake of fears arising from the worldwide impact of the Chinese standstill. Returns in the government segment are at around 2.0%, while the “defensive” movement is confirmed by a stable high-yield market. The ten-year risk-free rate underwent a decline of approximately 25 points, back into negative territory. A rapid inversion of the trend was recorded in early February.
The continuation of numerous factors of uncertainty at the geopolitical level within a late-cycle context of weak economic growth, and the limited term-premium on the European curve (30 bps in 10/2y), mean that a defensive investment profile on interest rate risk should be preferred. The objective of the product is to minimise rate risk through short durations. Exposure to a variable or mixed coupon profile is favoured, due to limited space for monetary policy manoeuvres. The fund has a duration of 1.3 years with a 1.1% coupon yield and a yield to maturity of 0.7%. Of the coupon profile of the portfolio, 45% is variable, 16% is mixed and the remaining 39% is fixed. The monetary component is at 5%. Annualised YTD volatility is 1.1%.
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.