Efficient portfolio allocation consisting of 50% credit and 50% longterm government bonds
Top-down allocation via scenario analysis, fundamental bottom-up approach for credit
Consideration of relevant ESG aspects along all steps of the investment process
Indexed performance (as at: 13.11.2025)
NAV: EUR 129.31 (20.11.2025)
Rolling performance (13.11.2025)
| I2-EUR | Benchmark | |
| 19.11.2024 - 19.11.2025 | 1.63% | n.a. |
| 19.11.2023 - 19.11.2024 | 7.76% | n.a. |
| 19.11.2022 - 19.11.2023 | 3.21% | n.a. |
| 19.11.2021 - 19.11.2022 | -8.07% | n.a. |
Annualized performance (13.11.2025)
| I2-EUR | Benchmark | |
| 1 year | 1.63% | n.a. |
| 3 years | 4.17% | n.a. |
| Since Inception p.a. | 0.81% | n.a. |
Cumulative performance (13.11.2025)
| I2-EUR | Benchmark | |
| 1M | -0.39% | n.a. |
| YTD | 1.33% | n.a. |
| 1 year | 1.63% | n.a. |
| 3 years | 13.03% | n.a. |
| Since Inception | 3.42% | n.a. |
Annual performance
| I2-EUR | Benchmark | |
| 2024 | 4.92% | n.a. |
| 2023 | 5.51% | n.a. |
| 2022 | -7.09% | n.a. |
Facts & Key figures
Investment Focus
The fund is an unconstrained fixed income fund with the objective of achieving an excess return of 2-4% p.a. versus the respective 3-month money market rate over the cycle. The fund is actively managed and invests in bonds worldwide, with a neutral portfolio made of 50% credit and 50% longterm government bonds. Show moreShow less
Investment suitability & Risk
Low risk
High risk
General Information
| Investment Manager | Bellevue Asset Management AG |
| Custodian | CACEIS BANK, LUXEMBOURG BRANCH |
| Fund Administrator | CACEIS BANK, LUXEMBOURG BRANCH |
| 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 | 0.60% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU2382178221 |
| Valor number | 113469150 |
| Bloomberg | BGINI2E |
| WKN | A3C4GF |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (31.10.2025, base currency EUR)
| Volatility | 2.20 |
| Sharpe ratio | 0.57 |
| No. of positions | 57 |
Benefits & Risks
Benefits
- Fund targets a risk adjusted return of 2% to 4% over the respective 3-month money market rate return across the economic cycle.
- Backed by credit analysis with a solid track record at Bellevue since June 2015.
- Government bonds overlay acts as a hedge while contributing to performance.
- Ability to assume leverage and to go short for hedging purpose.
- UCITS V regulated unconstrained 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
In October, the fund returned +0.33% with a volatility of 1.8%, compared to the Bloomberg Global Aggregate Bond (EUR-Hedged) Index, which gained 0.60%.
This month’s contributors were credit (+0.17%) and government bonds (+0.17%). Financial markets were buoyant, supported by the trade agreement between the US and China and additional announcements of large-scale AI investments. Credit performed in line with broad credit markets. Financial bonds and some recovery in the Braskem bonds were the main performance drivers. Government bonds experienced volatility but ended the month in positive territory, with the German 10-year yield declining by 7.8 bps to 2.63%.
We maintained the credit allocation at 59% and continued to shift toward higher-quality issuers as the risk-reward profile of high-yield bonds has become less attractive. We added Bertelsmann’s newly issued senior bond (3.375%, due 2033, rated BBB). We also invested in a European investment-grade credit future (yield to maturity 3.0%, duration 4.4 years, average credit rating BBB+). This relatively new Eurex instrument, which tracks the Bloomberg MSCI Euro Corporate SRI Index, provides liquid and diversified access to the European investment-grade market. Regarding long-term government bonds, we slightly increased the allocation from 28% to 30%.
The fund offers a EUR yield of 3.7% with a duration of 4.1 years. The average credit rating was increased from A to A+.
We revised our scenarios on October 31, 2025, as follows:
Base scenario: The US economic locomotive. Shown by resilient data and contained inflation. Trade agreements with key partners removed a major source of uncertainty. US equities outperform on a global scale as other major economies benefit from the US growth locomotive but lack their own growth impulse. Equity markets continue to grind higher. This scenario is neutral for credit and slightly negative for government bonds.
Positive scenario: An asset melt-up. Trump’s pro-growth economic policies begin to take effect. The AI investment boom continues unabated, reinforced by additional investments linked to the trade deals. Europe, Japan, and China follow with expansive fiscal measures. Markets expect governments to pressure central banks to be accommodative. Inflation remains contained in the early phase. Markets price in a stronger global outlook, leading to another leg up in equity markets. This scenario is positive for credit and negative for government bonds.
Negative scenario: Market scare. Elevated valuations make markets vulnerable to a correction. Several factors could act as triggers: AI disappointment, rising stress in private credit, and renewed US-China trade tensions. Equity markets correct by around 20%. This scenario is negative for credit and positive for government bonds, though we apply less hedging value to long-term government bonds.
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