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Monthly Commentary – January 2022 Climate Bond
Monthly review and performance January was an overall risk-off month for credit, following overall weak sentiment across risk assets. EUR investment grade (IG) spreads widened fairly consistently throughout the month, ending the month 10 bps wider. Exp …
Monthly Commentary – January 2022 EUR
Spreads of the securities held within our portfolio tightened in December. We saw government bond rates rise slightly in December, as concerns linked to Central Bank tightening and inflation remained. This occurred despite the increase in Covid-19 case …
Monthly Commentary – January 2022 USD
January was a risk-off month. We saw volatility increase and equity markets fall, most notably within the US growth stocks. Credit markets and subordinated debt were not immune to this weakness as we saw spreads widening. Global government interest rat …
Monthly Commentary – January 2022 GBP
January was a risk-off month. We saw volatility increase and equity markets fall, most notably within the US growth stocks. Credit markets and subordinated debt were not immune to this weakness as we saw spreads widening. Global government interest rat …
Outlook – Q4 2021 EUR
Going into 2022, there are concerns regarding inflation, as well as tapering and interest rates rising. We are very well positioned for a period of rising interest rates, as we have already demonstrated in the past, as well as in 2021. The fund perform …
Positioning – Q4 2021 EUR
The fund invests predominantly in investment grade issuers; however, we are prepared to go down a company’s capital structure to find the best combination of yield, value and capital preservation. One feature of the fund is the substantial holding in f …
Positioning – Q4 2021 GBP
The fund invests predominantly in investment grade issuers; however, we are prepared to go down a company’s capital structure to find the best combination of yield, value and capital preservation. One feature of the fund is the substantial holding in f …
Performance – Q4 2021 GBP
The fund’s NAV decreased by 0.43% over the quarter, versus the Bloomberg GBP Aggregate Corporate Total Return Index, which increased by 0.58%. This takes the full year performance to + 4.3% versus the Index which declined 3.3% in 2021. Performance of f …
Performance – Q4 2021 EUR
The fund’s NAV decreased by 0.69% over the quarter, versus the Bloomberg EUR Aggregate Corporate Total Return Index, which decreased by 0.66%. Performance of fund for the periodThere are two important sources of return for the fund. The first, which is …
Performance – Q4 2021 CLIMATE EUR
 GAM Star Fund plc – GAM Sustainable Climate Bond Marketing material for professional / institutional / accredited investors The fund’s NAV decreased by 1.07% during the quarter. Performance of fund for the period The fund’s performance during the qua …
Positioning – Q4 2021 CLIMATE EUR
The fund is positioned to capture a more attractive spread/yield compared to the benchmark, while maintaining a conservative portfolio. The current spread (OAS to government bonds) of 150 bps and average rating of BBB+ compares very favourably to green …
Quarterly Commentary – Q4 2021 CLIMATE EUR
MARKET BACKDROP Â The fourth quarter of 2021 was fairly weak, with wider spreads across the board. Weakness was driven by concerns around surging inflation, more hawkish central banks and the Omicron variant. While spreads on the Euro Investment Grade i …
Positioning – Q4 2021 USD
The fund invests predominantly in investment grade issuers; however, we are prepared to go down a company’s capital structure to find the best combination of yield, value and capital preservation. One feature of the fund is the substantial holding in f …
Performance – Q4 2021 USD
 There are two important sources of return for the fund. The first, which is significant and always positive, is the income from the underlying bonds. The current yield to maturity of the fund is 3.74%. We received 1.20% in accrued income during the pe …
Monthly Commentary – December 2021 Climate Bond
Performance December started with strong performance as spreads tightened significantly (EUR Investment Grade (IG) spreads tightened by 13 bps on the month) following November’s sell-off. The second part of the month saw flat to tighter spreads against …
OUTLOOK 2022
Subordinated debt of Financials – Back to the Future The Covid-19 pandemic can be seen as the first real stress test of the revamped European banking sector since the global financial crisis We remain in a bondholder friendly regulatory paradigm Capita …
Outlook – Q4 2021 GBP
Going into 2022, there are concerns regarding inflation, as well as tapering and interest rates rising. We are very well positioned for a period of rising interest rates, as we have already demonstrated in the past, as well as in 2021. The fund perform …
Outlook – Q4 2021 USD
Going into 2022, there are concerns regarding inflation, as well as tapering and interest rates rising. We are very well positioned for a period of rising interest rates, as we have already demonstrated in the past, as well as in 2021. The fund perform …
Outlook – Q4 2021 EUR
Going into 2022, there are concerns regarding inflation, as well as tapering and interest rates rising. We are very well positioned for a period of rising interest rates, as we have already demonstrated in the past, as well as in 2021. The fund perform …
Monthly Commentary – December 2021 GBP
Spreads of the securities held within our portfolio tightened in December. We saw government bond rates rise slightly in December, as concerns linked to Central Bank tightening and inflation remained. This occurred despite the increase in Covid-19 case …