Monthly Commentary – February 2024 USD

Monthly Commentary – February 2024 USD

February was a relatively stable month for our securities, despite the increase in interest rates. Spreads on our securities tightened slightly during the month. The macroeconomic data has meant that market participants have been revising their assumptions on the number of rate cuts in 2024 downwards. However, the outlook remains constructive, i.e. a gradual disinflationary scenario combined with a soft or no landing. Spreads on subordinated debt of financials remain wide, especially on a relative basis. As such we believe that there is more upside in terms of capital appreciation, in addition to the high income we are receiving.

Monthly Commentary – February 2024 GBP

Monthly Commentary – February 2024 GBP

February was a relatively stable month for our securities, despite the increase in interest rates. Spreads on our securities tightened slightly during the month. The macroeconomic data has meant that market participants have been revising their assumptions on the number of rate cuts in 2024 downwards. However, the outlook remains constructive, i.e. a gradual disinflationary scenario combined with a soft or no landing. Spreads on subordinated debt of financials remain wide, especially on a relative basis. As such we believe that there is more upside in terms of capital appreciation, in addition to the high income we are receiving.

Monthly Commentary – February 2024 EUR

Monthly Commentary – February 2024 EUR

February was a relatively stable month for our securities, despite the increase in interest rates. Spreads on our securities tightened slightly during the month. The macroeconomic data has meant that market participants have been revising their assumptions on the number of rate cuts in 2024 downwards. However, the outlook remains constructive, i.e. a gradual disinflationary scenario combined with a soft or no landing. Spreads on subordinated debt of financials remain wide, especially on a relative basis. As such we believe that there is more upside in terms of capital appreciation, in addition to the high income we are receiving. 

Monthly Commentary – February 2024 EUR

Monthly Commentary – January 2024 EUR

January was a relatively good month for our securities, despite the slight increase in interest rates at the beginning of the month. Following central banks’ announcements, market participants have been reviewing their assumptions regarding the timing of rate cuts, but the direction remains the same and the outlook remains positive and constructive ie, a gradual disinflationary scenario combined with a soft or no landing.

  • The Valuation date: October 3, 2024
    serieAsOFDateFKFund NameISINMTDYTDSIMTDYTDSI
    120,241,001GAM Sustainable Climate Bond fundIE000BSJBO140.00290.0523-0.02170.295.23-2.17
    220,241,001GAM Star Crdt Ops EUR InvIE00B50JD3540.00140.10510.64670.1410.5164.67
    320,241,001GAM Star Crdt Ops GBP InvIE00B510J1730.00090.09060.92430.099.0692.43
    420,241,001GAM Star Crdt Ops USD InvIE00B57693100.00090.09870.85250.099.8785.25
    520,241,001GAM Interest Trend IncIE00BYM4P9130.00070.09740.38310.079.7438.31

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