Performance – Q4 2021 USD

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

 There are two important sources of return for the fund. The first, which is significant and always positive, is the income from the underlying bonds. The current yield to maturity of the fund is 3.74%. We received 1.20% in accrued income during the period. The second component of return for the fund is realised / unrealised capital gains or losses. In general, as the fund follows a fundamental buy and hold strategy, this component is largely the result of prices being marked up and down. During the period, this had a negative contribution of more than 1.5%. We believe this should revert over time and consequently, our fund should benefit from that.

Performance contributors

The aggregate positive contribution of the top 10 contributors was approximately 0.14%. A combination of different types of securities, such as corporates and some AT1s, were the top performers. We feel that there is upside among these securities as often spreads remain wider than pre-Covid.

Performance detractors

The aggregate negative contribution of the bottom 10 detractors was approximately 23 bps. We have seen small pockets of underperformance during the quarter. The Rabobank Certificates was the biggest underperformer during the quarter. However, at spreads of close to 450 bps, we feel those securities offer particularly good value. 

  • The Valuation date: April 15, 2024
    serieAsOFDateFKFund NameISINMTDYTDSIMTDYTDSI
    120,240,411GAM Sustainable Climate Bond fundIE000BSJBO14-0.00310.0099-0.0611-0.310.99-6.11
    220,240,411GAM Star Crdt Ops EUR InvIE00B50JD354-0.00110.05090.5660-0.115.0956.60
    320,240,411GAM Star Crdt Ops GBP InvIE00B510J173-0.00150.03690.8295-0.153.6982.95
    420,240,411GAM Star Crdt Ops USD InvIE00B5769310-0.00130.03400.7435-0.133.4074.35
    520,240,411GAM Interest Trend IncIE00BYM4P913-0.00480.03060.2990-0.483.0629.90
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