Overview
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Mirabaud - Global Strategic Bond Fund N cap. USD
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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Reporting
Mirabaud - Global Strategic Bond Fund N cap. USD
Fund information
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
25/01/2018
USD
LU1708486672
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
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Mirabaud - Global Strategic Bond Fund N cap. USD
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Mirabaud - Global Strategic Bond Fund N cap. USD
Performance & risk
Mirabaud - Global Strategic Bond Fund N 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 Strategic Bond Fund N 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 positive contributions came from investment grade, high yield and subordinated financials, driven by both rates and credit spread tightening. Derivatives had a minimal impact on performance. On a sector basis, the leading contributors were financials, consumer discretionary and energy.
Portfolio activity
We had previously increased duration as rates moved wider, and as the rally took hold in rates we took some profits, taking duration back to 4.8 years from 5.2 years. We do not want to get too short in case the hard data turns down more quickly than we expect. The main duration reduction came from selling Bunds.
Elsewhere, we took part in new issues in European high yield from Almaviva and Urbaser, and added more short-dated high yield carry in American Axle, Darling Ingredients and Antero Midstream. 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 Strategic Bond Fund N 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
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.