Communication

Mirabaud Global High Yield Bonds fund celebrates 1st anniversary with $240m under management

AUM increases by 85% in its first year

LONDON – 27 February 2014. Mirabaud Asset Management’s high yield bond product, launched in February last year with US$130m under management, has reached $240m, representing an increase of 85% in its first year. The Mirabaud Global High Yield Bonds fund is a UCITS IV offering structured as a Luxembourg SICAV and is managed by Andrew Lake, recruited by Mirabaud from Aviva in 2013.

The portfolio now holds approximately 100 bonds and has a 70% weighting towards Europe, 30% United States, with an average ‘B’ rating on credits held within the fund. The fund has avoided duration-sensitive bonds by focusing on single ‘B’ credits with particular emphasis on UK retail and US cyclicals.

Over one year the fund is top decile, according to the IMA Peer Group, producing a return of 7.89%. (Source: IMA – 4/2/2013 to 3/2/2014)

Lake said: “We are very pleased with the excellent performance of the fund over the past 12 months which is illustrative of the robust- ness of the investment process and the depth of experience of the team. We are confident that this strong start will continue along with further flows into the fund.”

Since launch, Lake has been joined by a team of three:

  • Fatima Luis joined Mirabaud as High Yield Portfolio Manager and Analyst in June 2013 from F&C where she spent 14 years 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 $1 billion in assets.

  • Alexander Lushnikov joined Mirabaud as a High Yield Analyst in 2013. Prior to this he gained experience as a High Yield Credit Analyst at Credit Agricole Corporate and Investment Bank.

  • Al Cattermole joined Mirabaud as a Senior Credit Analyst in November 2013. He joined from Goldbridge Capital Partners where he was responsible for corporate credit research.

Commenting on the Mirabaud High Yield Bonds fund, Jason Hollands, Managing Director – Business Development & Communications at Bestinvest, said: “Mirabaud have assembled an exceptionally strong and well-resourced high yield team of four led by Andrew Lake and which includes Fatima Luis who has worked closely with Andrew in the past. In view of the strength and expertise of this team and their robust investment process, Bestinvest’s research team has awarded the Mirabaud Global High Yield Bonds a four-star rating. This signals our strong conviction in the fund.”