Bellevue Global Income (Lux)
Efficient portfolio allocation consisting of 50% government bonds and 50% high-yield bonds
Top-down allocation via proprietary screening tool, fundamental bottom-up approach for high yield bonds
Consideration of relevant ESG aspects along all steps of the investment process
Please find a more detailed description of share classes here.
Investment Focus
ISIN-No. LU2382177686
The Funds’ objective is to achieve a consistent excess return of 2-4% p.a. versus the respective 3-month money market rate. The Fund invests in bonds worldwide, with the neutral portfolio weighting government bonds and high yield bonds with 50% each.
Indexed performance (as at: 27.03.2024)
NAV: CHF 118.34 (26.03.2024)
Rolling performance (26.03.2024)
HI-CHF | Benchmark | |
24.03.2023 - 26.03.2024 | 4.57% | n.a. |
25.03.2022 - 24.03.2023 | -5.31% | n.a. |
Annualized performance (26.03.2024)
HI-CHF | Benchmark | |
1 year | 4.57% | n.a. |
Since Inception p.a. | -2.18% | n.a. |
Cumulative performance (26.03.2024)
HI-CHF | Benchmark | |
1M | 0.56% | n.a. |
YTD | 0.43% | n.a. |
1 year | 4.57% | n.a. |
Since Inception | -5.33% | n.a. |
Annual performance
HI-CHF | Benchmark | |
2023 | 3.18% | n.a. |
2022 | -7.78% | n.a. |
Facts & Key figures
Investment Focus
The funds’ objective is to achieve an excess return of 2-4% p.a. versus the respective 3-month money market rate over the cycle. The fund actively invests in bonds worldwide, with the neutral portfolio weighting longterm government bonds and credit with 50% each. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
Investment Manager | Bellevue Asset Management AG |
Custodian | CACEIS Investor Services Bank, Luxembourg |
Fund Administrator | CACEIS Investor Services Bank, Luxembourg |
Auditor | PriceWaterhouseCoopers |
Launch date | 30.09.2021 |
Year end closing | 30. Jun |
NAV Calculation | Daily "Forward Pricing" |
Cut of time | 15:00 CET |
Management Fee | 0.70% |
Subscription Fee (max.) | 5.00% |
ISIN number | LU2382177686 |
Valor number | 113468099 |
Bloomberg | BGINHIC |
WKN | A3C4GJ |
Total expense ratio (TER) | 1.23% (29.02.2024) |
Legal Information
Legal form | Luxembourg UCITS V SICAV |
SFDR category | Article 8 |
Key data (29.02.2024, base currency EUR)
Volatility | 2.33 |
Sharpe ratio | 0.43 |
No. of positions | 50 |
Benefits & Risks
Benefits
- Fund targets to achieve consistent excess returns versus the respective 3-month money market rate returns across the economic cycle.
- Systematic investment approach –based on proprietary models developed over the past 25 years.
- Use of leverage is possible, the net exposure is usually between 120% and 150%.
- Possibility to make short investments if the market environment offers appropriate opportunities to do so.
- UCITS V regulated total return strategy with daily liquidity.
Risks
- The fund may engage in derivatives transactions. The increased opportunities gained come with an increased risk of losses.
- The fund actively invests in bonds. Their issues may become insolvent.
- The investment in fixed-interest securities gives rise to interest rate risks
- Investing in emerging market bonds entails the additional risk of political and social instability.
- The fund invests in foreign currencies, which means a corresponding degree of currency risk against the reference currency.
Review / Outlook
The contributors to the performance were credit 0.20% and government bonds 0.48%. Credit underperformed the Bloomberg Global High Yield EUR-hedged Index. It was supported by the emerging market strategy but negatively impacted by our conservative positioning in the corporate strategy. Government bonds were affected by the rise in interest rates. The US 10-year treasury yield increased by 40 bps to 4.25%.
During the month, we maintained the allocation to credit at 60% vs 50% for the neutral portfolio. We view low duration high yield corporate bonds as attractive in the current environment. We added Romania EUR 5.375% due 2031, rated BBB-, yield-to-maturity 5.4% and switched out of Morocco EUR 1.5% due 2031, with a lower rating and yield. During COVID-19 times, Romania generated large budget and current account deficits which culminated in 2022. We now see gradual progress and its credit rating is stable. In addition, we sold Methanex corporate bond and Credit Agricole coco as we consider these bonds unattractive in terms of risk reward. We maintained the allocation to long term government bonds at 24% vs 50% for the neutral portfolio. Long-term government bonds are currently volatile and offer lower yields than short-term government bonds.
The fund offers a yield of 4.5% in EUR for a duration of 3.6 years and an average credit rating of A.
Scenario 1, weight of 25%: Investments in IT accelerate, central banks end rate increases, inflation falls, equity investors are underweight. The market continues to rally. Economic indicators are mixed. The economy is recovering in the US while it is still weak in Europe. Any positive news on the economy, such as booming artificial intelligence (AI) related investments or a recovery in manufacturing PMIs, would be positive for equity and credit markets. This is neutral to negative for government bonds and negative for the USD.
Scenario 2, weight of 50%: The US economy drifts into a mild recession. Several mitigating factors are likely to dampen the market correction and result in a loss of 5% to 10%: liquidity is still abundant, the boom in AI-related investments continues and institutional equity investors are already positioned cautiously. This scenario is negative for credit and slightly positive for government bonds.
Scenario 3, weight of 25%: Credit conditions in the US deteriorate, developed economies fall into a global recession. Under this scenario, inflation persists, and the Fed’s restrictive monetary policy starts to impact the economy. Equity and credit markets correct. This is positive for government bonds, the USD and potentially gold.
Documents
Past performance is not a reliable indicator of future results and can be misleading. As the sub-fund is denominated in a currency that may differ than an investor’s base currency, changes in the rate of exchange may have an adverse effect on prices and incomes. Performance is shown net of fees and expenses for the relevant share class over the reference period. Show moreShow less