In October the fund showed resilience during a weak month for fixed income, as interest rates were rising. This was notably the case in the US, where strong economic data, combined with the fixed income market pricing in a Donald Trump win, meant that interest rates, as measured by the 10-year US Treasury bond yield, moved up by circa 50 basis points (bps).
The month of August was softer for our securities. Inflation continues going down but remains too high for the central banks. Spreads on the subordinated debt of financials widened during the month and remain at very wide levels.
The month of August was softer for our securities. Inflation continues going down but remains too high for the central banks. Spreads on the subordinated debt of financials widened during the month and remain at very wide levels.
The month of August was softer for our securities. Inflation continues going down but remains too high for the central banks. Spreads on the subordinated debt of financials widened during the month and remain at very wide levels.
Sentiment was somewhat weaker in August, with spreads on EUR investment grade (IG) corporates 8 bps wider on the month to 155 bps. Rates volatility weighed on IG spreads, as the 10-year German bund yield peaked at 2.71% in mid-August and then ended the month lower at 2.47%. Inflation and central banks remain in focus – as inflation continues to slow but remains too high for central banks.
| serie | AsOFDateFK | FundName | ISIN | MTD | MTD | YTD | YTD | SI | SI |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 20,250,729 | GAM Sustainable Climate Bond fund | IE000BSJBO14 | 0.49 | 0.0049 | 0.0244 | 2.44 | 0.0091 | 0.91 |
| 2 | 20,250,729 | GAM Star Crdt Ops EUR Inv | IE00B50JD354 | 0.64 | 0.0064 | 0.0318 | 3.18 | 0.7186 | 71.86 |
| 3 | 20,250,729 | GAM Star Crdt Ops GBP Inv | IE00B510J173 | 0.62 | 0.0062 | 0.0431 | 4.31 | 1.0273 | 102.73 |
| 4 | 20,250,729 | GAM Star Crdt Ops USD Inv | IE00B5769310 | 0.69 | 0.0069 | 0.0490 | 4.90 | 0.9427 | 94.27 |
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