Overview
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Mirabaud - Global Diversified Credit Fund IH cap. USD
Investment overview
A total return fund aimed at providing attractive risk-adjusted returns in all market environments from a diversified portfolio of global credit opportunities. Applying an unconstrained approach, we invest across the rating spectrum, including investment grade, high yield, emerging market debt, asset-backed securities, secured loans and convertible bonds. With maximum flexibility in mind, we take an active approach to duration management, which is targeted between 0-6 years, providing benefits in volatile markets or when interest rates are rising.
Approach to sustainability
We encourage responsible and sustainable industry practices, and assess how material ESG issues can positively and negatively impact the overall credit profile. The integration of ESG and extra-financial considerations into financial analysis is key to the understanding of risk and long-term opportunity. We engage with issuers to support their commitment to improve their ESG practices. We follow a three step process: 1. Exclusion – we apply an exclusion filter for controversial activities; 2. ESG integration – we assign a credit-specific ESG score to companies; 3. Engagement (post-investment), the investment and SRI teams continue to monitor issuers and ensure compliance with ESG standards, including climate goals, through engagement and dialogue.
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Reporting
Mirabaud - Global Diversified Credit Fund IH cap. USD
Fund information
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
15/03/2019
USD
LU1926931798
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
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Mirabaud - Global Diversified Credit Fund IH cap. USD
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Mirabaud - Global Diversified Credit Fund IH cap. USD
Performance & risk
Mirabaud - Global Diversified Credit Fund IH cap. USD
Source: Mirabaud Asset Management. Share class performance displayed in USD. 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, without any reference to a benchmark. 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 Diversified Credit Fund IH cap. USD
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.
In terms of fund performance, the largest contributions came from high yield, investment grade and subordinated financials. On a sector basis, the leading contributor was consumer discretionary.
Portfolio activity
Due to an outflow, the majority of trading through June involved reducing positions to raise cash.
Yearly performances
Mirabaud - Global Diversified Credit Fund IH cap. USD
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