Risk assets continued performing strongly in November, especially following the lower-than-expected US CPI, signalling the potential for the beginning of a Federal Reserve (Fed) pivot. Moreover, some relatively dovish comments following the European Central Bank (ECB) meeting also contributed to the positive sentiment. Subordinated debt prices benefited during the month.
October was a better month for risk assets, notably subordinated debt which performed strongly. Softening gas and energy prices, coupled with the latest developments in the UK, as well as a more dovish tone by the European Central Bank (ECB) all helped the sentiment at the end of the month.
September was a challenging month as the macro backdrop continues to be difficult, with notably concerns regarding inflation, the potential for a hard landing, the energy crisis and events in the UK following the appointment of the new prime minister.
June was a very weak month for risk assets, concluding a weak first half of the year. To put this into context, from a total return perspective, subordinated debt had one of its worst months in the last decade. High CPI numbers and hawkish statements from central banks have …
July was a stronger month for both risk assets and subordinated debt. However, this is only a small rebound versus the moves we have seen year-to-date. Spreads remain wide and attractive, in our view.
June was a very weak month for risk assets, concluding a weak first half of the year. To put this into context, from a total return perspective, subordinated debt had one of its worst months in the last decade. High CPI numbers and hawkish statements from central banks have …
| serie | AsOFDateFK | FundName | ISIN | MTD | MTD | YTD | YTD | SI | SI |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 20,251,014 | GAM Sustainable Climate Bond fund | IE000BSJBO14 | 0.36 | 0.0036 | 0.0337 | 3.37 | 0.0183 | 1.83 |
| 2 | 20,251,014 | GAM Star Crdt Ops EUR Inv | IE00B50JD354 | 0.11 | 0.0011 | 0.0380 | 3.80 | 0.7289 | 72.89 |
| 3 | 20,251,014 | GAM Star Crdt Ops GBP Inv | IE00B510J173 | 0.11 | 0.0011 | 0.0522 | 5.22 | 1.0450 | 104.50 |
| 4 | 20,251,014 | GAM Star Crdt Ops USD Inv | IE00B5769310 | 0.21 | 0.0021 | 0.0650 | 6.50 | 0.9725 | 97.25 |
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