Overview
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Mirabaud - Global Climate Bond Fund I cap. EUR
Investment overview
A global fixed income strategy that invests in a combination of green bonds and issuers engaged in the energy transition. We aim to generate an attractive longer-term total return with low volatility, while maintaining a primary focus on climate impact and sustainability. Seeking a weighted average portfolio temperature of sub -2 degrees celsius and net zero by 2050, we target issuers with strong commitments to emissions reduction and carbon neutrality. The strategy invests across all regions, sectors and components of the fixed income universe.
Approach to sustainability
In playing our part to tackle climate change, our approach is to do more than just buy green bonds. We aim to allocate just under half of the portfolio to transition bonds where we can work with the issuers to reduce their carbon emissions with active climate engagement. This means we can have an impact across a range of industry sectors. For green bonds, we conduct our own analysis to ensure that proceeds will finance or refinance green projects. For transition bonds, alongside fundamental analysis we use a detailed climate scorecard to identify how climate-aligned issuers are to inform our decision-making. Ongoing dialogue with issuers supports progress towards clear climate goals, including effective climate governance on corporate boards and enhanced disclosure around climate change risks and risk mitigation.
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Reporting
Mirabaud - Global Climate Bond Fund I cap. EUR
Fund information
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
28/06/2021
EUR
LU2351104661
Bloomberg Global-Aggregate Total Return Index Hedged EUR
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
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Mirabaud - Global Climate Bond Fund I cap. EUR
Documents
Mirabaud - Global Climate Bond Fund I cap. EUR
Performance & risk
Mirabaud - Global Climate Bond Fund I cap. EUR
- Bloomberg Global-Aggregate Total Return Index Hedged EUR
NAV adjusted in case of distribution
Source: Mirabaud Asset Management. Share class and benchmark performance displayed in EUR. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. The Fund is actively managed. The benchmark is shown for comparison purposes only, without implying any particular constraints to the Fund’s investments. Any entry, exit and other charges, commissions or fees, if applied, are excluded from the calculation. Past performance does not predict future returns.
Performance
Cumulative
Annualized
Risk
Volatility
Correlation
Please note that the frequency of returns used in the above calculations may be different than the one used in the official reporting documents and results may vary accordingly.
Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees that might be levied. The sources of the information displayed are deemed reliable. However, the accuracy or completeness of the information displayed cannot be guaranteed, and some figures are only estimates.
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Mirabaud - Global Climate Bond Fund I cap. EUR
Monthly commentary
Performance update
US Treasuries rallied in June as the market felt the mood around central bank rates was dovish, despite the Federal Reserve 'dot plot' still showing two cuts for 2025 and being close to reducing that down to one. This was fuelled by Trump's criticism of Chairman Powell, and several FOMC members spoke about being in favour of earlier rate cuts – potentially jockeying for position to be the next FOMC Chair. Market pricing moved from 2.2 cuts for 2025 to 2.7 cuts, with 5.5 total cuts by the end of 2026.
Helped by the potential for rate cuts without a recession, credit spreads continued their rebound, with global high yield spread -29bps on the month – and now just +6bps wider on the year. There was dispersion within this, with CCC spreads +105bps vs. BB spreads -6bps, as concerns over economic growth made investors wary of reaching too far down the credit spectrum. The escalation of geopolitical tension in the Middle East predominantly impacted commodity markets rather than fixed income, with some outperformance from energy-related bonds that had lagged in previous months.
The dramatic rally in long-end rates meant the largest negative relative contributions within the portfolio came from our underweight to developed market sovereigns and asset-backed securities, which was not fully offset by the spread compression in investment grade and high yield. Our credit exposure in high yield, subordinated financials and investment grade also had a positive relative contribution.
Portfolio activity
We reduced duration from 6.7 years to 6.0 years after the rally in European government bonds by selling France and reducing our Bund futures. As recession probability further receded, we removed the Crossover hedge we were holding to protect against a downside shock to high yield.
Yearly performances
Mirabaud - Global Climate Bond Fund I cap. EUR
Portfolio managers
Andrew LAKE
Head of Fixed Income
Andrew Lake, Head of Fixed Income at Mirabaud Asset Management, has experience in the asset management industry since 1996. Prior to joining Mirabaud Asset Management in 2013, Andrew was Head of High Yield Portfolio Management at Aviva Investors. He has managed High Yield funds at Merrill Lynch Investment Managers, where he was responsible for High Yield in London, and at F&C Investments, where he co-managed the institutional High Yield product. He also managed investment grade funds at IBJ Asset Management. Andrew Lake has a history degree from the University of York, an M.B.A from the Booth School of Business at the University of Chicago and is a non-practicing barrister.
Fatima LUIS
Portfolio Manager
Fatima Luis, Senior Portfolio Manager in the Fixed Income team within Mirabaud Asset Management, has experience in the asset management since 1996. Prior to joining Mirabaud Asset Management in June 2013, Fatima had been working for F&C for 14 years, where she was managing high yield and credit retail funds including the F&C Strategic Bond Fund as well as helping to oversee the institutional global yield mandates totalling approximately $1billion in assets. Fatima started her investment career in 1996 working in emerging market corporate debt before moving to Royal and Sun Alliance in 1998 to help develop the credit and high yield retail proposition. Fatima Luis has a degree in International Relations from Wheaton College, Massachusetts and a Master of Science from the London School of Economics