Performance – Q4 2021 CLIMATE EUR

by | Jan 21, 2022 | Analysis & Performance, EUR

 GAM Star Fund plc – GAM Sustainable Climate Bond
Marketing material for professional / institutional / accredited investors
The fund’s NAV decreased by 1.07% during the quarter. 

Performance of fund for the period
The fund’s performance during the quarter was negatively impacted by spread widening and higher rates (five-year bund yield up 10 bps on the month). Spreads on the Euro Investment Grade Index were 12 bps wider on the quarter, due to several drivers mentioned above. Across the capital structure, subordinated debt underperformed senior debt, with Tier 2s and subordinated insurance around 20 bps wider. 

Performance contributors & detractors 
The top performers of the fund were mainly the positions added during the quarter, such as new deals that came during softer market conditions. The bottom performers during the quarter were the more subordinated bonds; such as the BBVA AT1 CoCo, or longer-dated bonds that were impacted due to longer duration. Bonds in other currencies, GBP and USD, underperformed on higher rates (five-year US Treasury, UK Treasury yield +30/20 bps respectively on the quarter).

 

 

  • The Valuation date: November 18, 2024
    serieAsOFDateFKFund NameISINMTDYTDSIMTDYTDSI
    120,241,118GAM Sustainable Climate Bond fundIE000BSJBO140.00770.0534-0.02070.775.34-2.07
    220,241,118GAM Star Crdt Ops EUR InvIE00B50JD3540.00670.11020.65440.6711.0265.44
    320,241,118GAM Star Crdt Ops GBP InvIE00B510J1730.00510.09320.92880.519.3292.88
    420,241,118GAM Star Crdt Ops USD InvIE00B57693100.00230.09340.84350.239.3484.35
    520,241,118GAM Interest Trend IncIE00BYM4P9130.00390.09350.37830.399.3537.83
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