Monthly Commentary March

Monthly Commentary March

GAM Star Credit Opportunities (EUR) Interest rates continued to rise in March, prompting concern from many fixed income investors. Our securities once again demonstrated their resilience to rising rates. Our exposure to fixed-to-floaters and floaters ensure that the...
Monthly Commentary February

Monthly Commentary February

GAM Star Credit Opportunities (EUR) The end of February was all about rising interest rates and the impact on financial markets. This has not been a significant concern for our fund, as it is positioned to have low sensitivity to interest rates, notably through the...
Our resilience to rising rates

Our resilience to rising rates

With yields on global fixed income close to record lows at 0.9%, investors in classic bonds are left vulnerable to a potential rise in rates, with only limited income buffer. Our approach is different and has in the past shown itself to be resilient to rate rises....
Monthly Commentary January

Monthly Commentary January

GAM Star Credit Opportunities (EUR) Financial markets traded sideways in January. Within the subordinated debt market of financials, spreads remained stable around 400 bps. Prior to Covid-19, spreads were slightly above 250 bps. Therefore, we believe that valuations...
Monthly Commentary December

Monthly Commentary December

GAM Star Credit Opportunities (EUR) December was a positive month for markets and for the fund. Despite the rise in Covid-19 infections, we saw the beginning of vaccination programmes within a certain number of countries. Moreover, there were positive developments on...
Monthly Commentary November

Monthly Commentary November

GAM Star Credit Opportunities (EUR)  November was a strong month for markets and for the fund with positive catalysts for the securities we hold. Firstly, the UK Prudential Regulatory Authority (PRA) gave its opinion on legacy bonds from UK banks and the message is...
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