|1||20,230,920||GAM Sustainable Climate Bond fund||IE000BSJBO14||-0.0009||0.0379||-0.1255||-0.09||3.79||-12.55|
|2||20,230,920||GAM Star Crdt Ops EUR Inv||IE00B50JD354||0.0103||-0.0057||0.4025||1.03||-0.57||40.25|
|3||20,230,920||GAM Star Crdt Ops GBP Inv||IE00B510J173||0.0121||-0.0001||0.6613||1.21||-521.72||66.13|
|4||20,230,920||GAM Star Crdt Ops USD Inv||IE00B5769310||0.0062||0.0032||0.5850||0.62||0.32||58.50|
|5||20,230,920||GAM Interest Trend Inc||IE00BYM4P913||0.0069||0.0109||0.1785||0.69||1.09||17.85|
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.