The fund is positioned to capture a more attractive spread/yield compared to the benchmark, while maintaining a conservative portfolio. The current spread (OAS to government bonds) of 150 bps and average rating of BBB+ compares very favourably to green and non-green Euro investment grade bonds, where spreads are around 95 bps.

During the quarter there were several tactical adjustments to the fund. One of these was taking advantage of attractive new issues, such as Uniqa, which came with a new green Tier 2. This was the group’s second green Tier 2, a 2.375% EUR Tier 2 with a maturity in 2041 and callable in 2031. At a spread at issuance of 235 bps, this came at the wider end of the Euro Insurance Tier 2 market, particularly attractive for a BBB rated bond (A- issuer rating). We switched from the shorter dated 3.25% 2035 bonds (callable in 2025) given a very steep spread curve (70-75 bps pick-up in spread).We also added new positions, including UniCredit and NIBC; two green senior preferred bonds (senior bonds from banks that are outside of the scope of bail-in) that offer spreads similar to senior non preferred (bail-inable senior) of core European banks.

  • The Valuation date: February 22, 2024
    serieAsOFDateFKFund NameISINMTDYTDSIMTDYTDSI
    120,240,220GAM Sustainable Climate Bond fundIE000BSJBO14-0.0060-0.0037-0.0737-0.60-0.37-7.37
    220,240,220GAM Star Crdt Ops EUR InvIE00B50JD354-0.00250.02190.5227-0.252.1952.27
    320,240,220GAM Star Crdt Ops GBP InvIE00B510J173-0.00090.01400.7891-0.091.4078.91
    420,240,220GAM Star Crdt Ops USD InvIE00B5769310-0.00140.01320.7084-0.141.3270.84
    520,240,220GAM Interest Trend IncIE00BYM4P913-0.00150.01170.2751-0.151.1727.51
  • Please read this important legal information before proceeding.Information contained herein are solely for the use of the person who has accessed this information and may not be reproduced or distributed, even partially, to any other person or entity.The material contained herein is confidential and intended solely for the use of the persons or entities with nationality of or respectively with their residence, domicile, registered office or effective administration in a State or Country in which distribution, publication, making available or use of the information is not contrary to applicable laws or any other regulation.The material contained herein is aimed at sophisticated, professional, eligible, institutional and/or qualified investors/intermediaries who have the knowledge and financial sophistication to understand and bear the risks associated with the investments described.The information is solely product-related and does not take into account any personal circumstances and does not qualify as general or personal investment recommendation or advice. In particular, the information is given by way of information only and does not constitute a specific legal offer for the purchase or sale of financial instruments. Moreover, nothing contained herein is constitutive of any tax advice.Every effort has been made to ensure the accuracy of the financial information herein but the information contained herein has not been independently reviewed or verified. Therefore, Atlanticomnium SA gives no assurance, express or implied, as to whether such information is accurate, true or complete and no responsibility is accepted by Atlanticomnium SA for any errors or omissions. Third-party content is the property of its respective provider or its licensor and is protected by applicable copyright law.Past performance is not indicative of future performance. The price of shares/units and the income from the funds/trusts can go down as well as up and may be affected by changes in rates of exchange or financial markets fluctuation, out of the scope of Atlanticomnium SA.To the fullest extent permitted by law, in no event shall Atlanticomnium SA or our affiliates, or any of our directors, employees, contractors, service providers or agents have any liability whatsoever to any person for any direct or indirect loss, liability, cost, claim, expense or damage of any kind, whether in contract or in tort, including negligence, or otherwise, arising out of or related to the use of the information provided.
  • PERFORMANCE