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Mirabaud - Global Strategic Bond Fund AH cap. CHF
Investment overview
A global 'go anywhere' best ideas approach to fixed income investing. A top-down, macro view informs our dynamic allocation across the different geographies, sectors and components of the global fixed income universe, moving between credit and duration risk. Bottom-up analysis incorporates fundamental, technical and valuation (FTV) factors, along with ESG integration to help us identify strong sustainable opportunities. We mitigate down markets with an active hedging process.
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 our analysis is key to understanding risk and long-term opportunity. Our three-step process: 1. Exclusion – we apply an exclusion filter for controversial activities; 2. Positive screening – companies are reviewed according to their ESG-climate profile using a traffic light system that classifies the universe into green, orange and red investments; we exclude the worst performing 20%. Eligible companies are subject to Fundamental, Technical & Valuation analysis to define the portfolio 3. Engagement (post-investment), through active engagement we address ESG/climate issues and encourage best practices among orange issuers and across critical sectors for energy transition.
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Mirabaud - Global Strategic Bond Fund AH cap. CHF
Share Class Highlights
Performance update
April delivered an incredible round trip in markets. The announcement of President Trump's tariff regime caused a significant correction with investors bracing for a US recession, followed by an equally rapid recovery once he backtracked and the worst of the tariffs were suspended for 90 days. Overall, credit markets were broadly flat for the month, with only CCC and cyclical credits posting significant negative returns. Global high yield closed fractionally down on the month, as wider spreads were matched with lower underlying government rates and positive coupon return.
Within the fund, the largest negative contributions came from high yield, subordinated financials and the credit derivatives we had added to protect the portfolio from volatility and further downside risk. Investment grade and developed sovereign exposures also generated positive returns.
Portfolio activity
We responded to the tariff announcement by moving to more cautious positioning. We added credit hedges to reduce our high yield exposure, increased duration and reduced credit risk, rotating out of CCC and cyclicals into BB and more defensive sectors. Later in the month, we reduced those hedges and added back some cyclical risk that had sold off to recession levels.
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Mirabaud - Global Strategic Bond Fund AH cap. CHF
Performance and risk
Mirabaud - Global Strategic Bond Fund AH cap. CHF
Source: Mirabaud Asset Management. Share class performance displayed in CHF. 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
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Annualized
Risk
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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.
Mirabaud - Global Strategic Bond Fund AH cap. CHF
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
Al CATTERMOLE
Portfolio Manager/Senior Analyst
Al Cattermole, Fixed Income Portfolio Manager and Senior Analyst, joined Mirabaud in November 2013, from Goldbridge Capital Partners where he was responsible for corporate credit research. Al has previously covered global corporates as an executive director at JP Morgan Asset Management and as an analyst at ECM, having started in credit markets at the Bank of England in 2002. Al Cattermole holds a BA in Economics from the University of Durham and is a CFA Charterholder.
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Mirabaud - Global Strategic Bond Fund AH cap. CHF
Fund information
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
01/10/2013
CHF
LU0963986970
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
Mirabaud - Global Strategic Bond Fund AH cap. CHF
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