News & Views
Monthly Commentary – July 2023 Climate Bond
Sentiment remained strong in July, as the theme of disinflation coupled with a soft landing made a comeback. Spreads on EUR IG corporates were c15 bps tighter on the month to 147 bps. EUR IG corporate total returns were positive on the month (1.05%) as tighter spreads were partially offset by higher rates.
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.
Monthly Commentary – July 2023 GBP
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.
Monthly Commentary – July 2023 Climate Bond
Sentiment remained strong in July, as the theme of disinflation coupled with a soft landing made a comeback. Spreads on EUR IG corporates were c15 bps tighter on the month to 147 bps. EUR IG corporate total returns were positive on the month (1.05%) as tighter spreads were partially offset by higher rates.
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.
Monthly Commentary – July 2023 GBP
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.
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Our History
Independent and dedicated
The Team
Investment team with more than 100 years of relevant experience. Highly automated, exception based operating environment with use of outsourced providers for strategic support services such as IT and investment systems. Highly automated interfaces with GAM for the funds platform allowing the firm to dedicate itself fully towards the investment management responsibilities.
Specialist Advisor Of Multiple Funds
GAM
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Investment Funds
We use intensive, bottom-up research to identify investment grade and high quality issuers with robust long-term businesses. We then analyze and select bond issues from lower down the company’s capital structure to earn attractive yields. Focusing only where we see the richest opportunity set, for instance within the financial sector and in hybrid bonds, we build a highly diversified portfolio of conviction ideas which has relatively low correlation to benchmarks and traditional credit funds.
