Monthly Commentary – July 2023 USD

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

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 EUR

Monthly Commentary – July 2023 EUR

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 USD

Monthly Commentary – June 2023 USD

Markets in June were characterised by the higher interest rates for longer theme following a number of macroeconomic data releases. As such, we saw some strong moves upwards in government bond rates, most notably among short-dated rates as seen in the two-year rates moves.

Monthly Commentary – July 2023 GBP

Monthly Commentary – June 2023 GBP

Markets in June were characterised by the higher interest rates for longer theme following a number of macroeconomic data releases. As such, we saw some strong moves upwards in government bond rates, most notably among short-dated rates as seen in the two-year rates moves.

Monthly Commentary – July 2023 EUR

Monthly Commentary – June 2023 EUR

Markets in June were characterised by the higher interest rates for longer theme following a number of macroeconomic data releases. As such, we saw some strong moves upwards in government bond rates, most notably among short-dated rates as seen in the two-year rates moves.

  • Valuation date: September 27, 2023
    serieAsOFDateFKFund NameISINMTDYTDSIMTDYTDSI
    120,230,925GAM Sustainable Climate Bond fundIE000BSJBO14-0.00380.0349-0.1280-0.383.49-12.80
    220,230,925GAM Star Crdt Ops EUR InvIE00B50JD3540.0073-0.00860.39840.73-0.8639.84
    320,230,925GAM Star Crdt Ops GBP InvIE00B510J1730.0098-0.00230.65750.98-0.2365.75
    420,230,925GAM Star Crdt Ops USD InvIE00B57693100.00350.00050.58080.350.0558.08
    520,230,925GAM Interest Trend IncIE00BYM4P9130.00460.00860.17590.460.8617.59

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