Monthly Commentary – October 2023 USD

Monthly Commentary – October 2023 USD

Volatility on interest rates remained elevated during October. However, the market is starting to believe that we might have reached peak interest rates. Inflation remains too high but has been easing. Spreads on our securities widened during the month, despite the extremely strong credit fundamentals of our companies.

Monthly Commentary – October 2023 USD

Monthly Commentary – September 2023 USD

Β September was once again a month where we saw significant volatility on interest rates, as the higher for longer theme remains very much present. Inflation has been easing, but it remains too high for central banks and macroeconomic data remains resilient. Higher oil prices also contributed to higher interest rates. Spreads on our securities widened slightly during the month.

Monthly Commentary – October 2023 USD

Monthly Commentary – July 2023 USD

Sentiment was strong in July. The theme of disinflation coupled with a soft landing made a comeback during the month. This was partially linked to the lower-than-expected inflation prints that we saw within the US and the UK. This meant that we saw spreads in general tighten, and more so within subordinated financial debt, to the benefit of securities we hold.

  • The Valuation date: December 7, 2023
    120,231,205GAM Sustainable Climate Bond fundIE000BSJBO140.01040.0789-0.09081.047.89-9.08
    220,231,205GAM Star Crdt Ops EUR InvIE00B50JD3540.00590.02770.44960.592.7744.96
    320,231,205GAM Star Crdt Ops GBP InvIE00B510J1730.00530.03560.72050.533.5672.05
    420,231,205GAM Star Crdt Ops USD InvIE00B57693100.00630.03960.64250.633.9664.25
    520,231,205GAM Interest Trend IncIE00BYM4P9130.00630.05140.22580.635.1422.58

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