Monthly Commentary – April 2023 EUR

Monthly Commentary – March 2023 EUR

March was all about banks, following the events regarding US regional banks and Crédit Suisse. We believe that these were two very different situations. Moreover, these were two idiosyncratic situations in our view, and we do not believe there should be any read across to European banks and financials.

Monthly Commentary – March 2023 Climate Bond

Monthly Commentary – March 2023 Climate Bond

Sentiment was particularly weak in March driven by fears around the banking sector in Europe and the US. Spreads on EUR investment grade (IG) widened by more than 20 bps to 170 bps after peaking at circa 200 bps during the month. Rates rallied on a combination of more dovish (at least as interpreted by the market) rhetoric from central banks as well as risk-off seen in markets.

  • Valuation date: June 1, 2023
    serie AsOFDateFK Fund Name ISIN MTD YTD SI MTD YTD SI
    1 20,230,529 GAM Sustainable Climate Bond fund IE000BSJBO14 -0.0044 0.0141 -0.1455 -0.44 1.41 -14.55
    2 20,230,529 GAM Star Crdt Ops EUR Inv IE00B50JD354 0.0034 -0.0301 0.3681 0.34 -3.01 36.81
    3 20,230,529 GAM Star Crdt Ops GBP Inv IE00B510J173 -0.0024 -0.0274 0.6158 -0.24 -2.74 61.58
    4 20,230,529 GAM Star Crdt Ops USD Inv IE00B5769310 0.0010 -0.0290 0.5341 0.10 -2.90 53.41
    5 20,230,529 GAM Interest Trend Inc IE00BYM4P913 0.0039 -0.0290 0.1320 0.39 -2.90 13.20

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