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.

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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.

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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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

ESG Report

Risk-reward profile

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


The month of January was characterised by a marked decline in risk-free rates combined with a reduction in risk premiums on the credit market. Short-term interest rates were stable with the German yield and the two-year Euro swap rate at 2.6% and 3.3% respectively.

Inflation expectations, implied by swap rates, fell sharply in the short term to 2.3 per cent twelve months (4.5 per cent in December), stable in the 2.5 per cent area for the medium to long term.

The portfolio’s performance was driven by positive returns on the IG credit segment. The strategy in inflation-indexed instruments made a marginal negative contribution due to falling inflation expectations and exposure to short/medium-term maturities.

During the month, exposure to the inflation-indexed government segment was reduced from 28% to 23% due to the sale of an instrument nearing maturity. The tactical allocation to 25% inflation protection remains unchanged.

The monetary nature of the instrument leads to a low risk profile in terms of both credit (average portfolio rating of A) and rate (duration of 0.9 years). Specific risk is reduced thanks to a broad diversification of issuers and the presence of 91 securities in the portfolio. The weight of the portfolio’s top-10 is down to 28% (ex 32%).

The fund has an ESG rating of AA, based on MSCI scores.


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.


The KID (Key Information Document) is a pre-contractual document, which enable retail investors to understand and compare the key features and risks of the relevant product.
The KID provides the key information about the investment product and therefore is not marketing material.
The information is required by law to help retail investors to understand the nature, risks, costs, potential gains and losses of the product.
The investors are advised to read the KID in order to make an informed decision about whether to invest.


[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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