Performance – Q2 2021 USD

by | Jul 9, 2021 | Analysis & Performance, USD

The fund increased by 2.3% over the quarter, versus the Barclays USD Aggregate Corporate Total Return Index, which increased by 3.6%. The Barclays USD Aggregate Corporate Total Return Index has a significantly higher sensitivity to interest rates, and therefore performed strongly during the quarter, as we saw the 10-year US Treasury rate decrease from 1.7% to 1.5%. However, the fund is up 3.1% year-to-date, versus the Barclays USD Aggregate Corporate Total Return Index, which decreased by 1.3%.

 

Performance of the fund for the period

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 yield to maturity of the fund is 3.4%. We received 1.0% 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 or down. During the period, this had a positive contribution.

 

Performance contributors

The aggregate positive contribution of the top 10 contributors was approximately 1.0%. The top performer was the Rabobank 6.5% securities which have been lagging prior to this quarter and we expect them to continue performing strongly in the coming quarter. Apart from that, a combination of different types of securities, such as AT1 contingent convertibles (CoCos) and legacy securities were the other top performers. We believe that there is more significant upside among these securities as spreads remain wider than pre-Covid levels.

 

Performance detractors

The aggregate negative contribution of the bottom 10 detractors was less than 1bps.

 

 

  • 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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