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Press & Articles
Quarterly Commentary – Q2 2021 USD
MARKET ENVIRONMENT The securities held within the fund performed well during the second quarter. Concerns over the nature of inflation, on whether it is temporary or enduring, created interest rate volatility. This has not been a significant concern fo …
Quarterly Commentary – Q2 2021 EUR
MARKET ENVIRONMENT Spreads of the securities held within our fund remained relatively stable in July, despite concerns linked to the Delta variant of Covid-19 and Asian equities. We continued capturing strong income from our holdings. This, combined wi …
Outlook – Q2 2021 EUR
From a credit standpoint, we have possibly seen the strongest results of financials in the past decade. We have seen capital and excess capital at very high levels. This is despite all the issues linked to Covid-19, as well as the provisions for expect …
Outlook – Q2 2021 USD
From a credit standpoint, we have possibly seen the strongest results of financials in the past decade. We have seen capital and excess capital at very high levels. This is despite all the issues linked to Covid-19, as well as the provisions for expect …
Outlook – Q2 2021 GBP
From a credit standpoint, we have possibly seen the strongest results of financials in the past decade. We have seen capital and excess capital at very high levels. This is despite all the issues linked to Covid-19, as well as the provisions for expect …
Spotlight – June 2021
Insurance sector proves its resilience in real life stress test The global health crisis driven by the spread of the Covid-19 has had deep ramifications for companies globally. The insurance sector, both life and non-life, has also been impacted throug …
Positioning – Q2 2021 EUR
The fund invests predominantly in investment grade issuers, but 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 financ …
Performance – Q2 2021 GBP
The fund increased by 2.9% over the quarter, versus the Barclays GBP Aggregate Corporate Total Return Index, which increased by 2.0%. Performance of the fund for the period There are two important sources of return for the fund. The first, which …
Positioning – Q2 2021 GBP
The fund invests predominantly in investment grade issuers, but 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 financ …
Performance – Q2 2021 EUR
The fund increased by 2.1% over the quarter, versus the Barclays EUR Aggregate Corporate Total Return Index, which increased by 0.3% Performance of the fund for the period There are two important sources of return for the fund. The first, which …
Positioning – Q2 2021 USD
The fund invests predominantly in investment grade issuers, but 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 financ …
Performance – Q2 2021 USD
The fund increased by 2.3% over the quarter, versus the Barclays USD Aggregate Corporate Total Return Index, which increased by 3.6%. The Barclays USD Aggregate Corporate Total Return Index has a significantly higher sensitivity to interest rates, and …
Monthly Commentary – June 21 USD
June was a positive month for the securities held within our fund. Spreads within our securities tightened. We believe market conditions could lead to further tightening over the summer. The European Central Bank and the Bank of England remain accommod …
Monthly Commentary – June 21 EUR
June was a positive month for the securities held within our fund. Spreads within our securities tightened. We believe market conditions could lead to further tightening over the summer. The European Central Bank and the Bank of England remain accommod …
Spotlight – May 2021
Improving macro picture provides boost to bank earnings The corporate hybrid market has remained buoyant in 2021, with more than USD 20 billion of new supply. This follows a year of record growth in 2020 for corporate hybrids – a market now estimated a …
Monthly Commentary – May 2021 USD
May was a stable month for the securities held within our portfolio. At the beginning of the month, concerns about inflation created volatility across financial markets. However, those concerns eased following comments from central bankers. In our view …
Monthly Commentary – May 2021 GBP
May was a stable month for the securities held within our portfolio. At the beginning of the month, concerns about inflation created volatility across financial markets. However, those concerns eased following comments from central bankers. In our view …
Credit Analyst Corner
Veolia, the largest provider of environmental services globally, has finally reached an agreement to acquire Suez, its main competitor. This is a transformative deal that will allow Veolia to strengthen its presence across key activities spanning from …
Monthly Commentary – May 2021 EUR
May was a stable month for the securities held within our portfolio. At the beginning of the month, concerns about inflation created volatility across financial markets. However, those concerns eased following comments from central bankers. In our view …
Monthly Commentary – April 2021 USD
April was a positive month for financial markets. Increases in US interest rates paused although we did see moves higher in gilts and European rates. Our securities continued to show their resilience to those moves and once again demonstrated their low …