Institutional InvestorsEfficient 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: 23.04.2026)
NAV: EUR 123.78 (23.04.2026)
Cumulative performance (23.04.2026)
| AI-EUR | Benchmark | |
| 1M | -0.15% | n.a. |
| YTD | -0.94% | n.a. |
| 1 year | n.a. | n.a. |
| Since Inception | -0.90% | 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 | 0.50% |
| Subscription Fee (max.) | 5.00% |
| ISIN number | LU2382177413 |
| Valor number | 113468089 |
| Bloomberg | BGINAIE |
| WKN | A3C4GC |
Legal Information
| Legal form | Luxembourg UCITS V SICAV |
| SFDR category | Article 8 |
Key data (31.03.2026, base currency EUR)
| Volatility | 2.05 |
| Sharpe ratio | 0.04 |
| No. of positions | 86 |
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
The fund returned -2.24% in March with a volatility of 2.3%, compared to the Bloomberg Global Aggregate (EUR-hedged) Index, which declined by -1.97%.
This month, credit contributed -1.52% and government bonds -0.72%. The escalation of the Iran conflict reignited fears of stagflation, weighing on all fixed income asset classes. Credit performed in line with broader market. Government bonds were particularly volatile with the German Bund yield finishing the month +36 bp at 3.0%.
During March, we actively repositioned the portfolio in response to the evolving risk environment. On the credit side, we reduced the allocation from 63% to a net 50%. At mid-month, we initiated an 8% short position in the iTraxx Crossover Index to hedge against a potential significant widening of credit spreads. On the government bond side, we began reducing our 33% allocation early in the month, gradually reducing it to zero before turning short, ending March with positions of -10% in Bunds and -5% in French 10-year bonds. As a result, the portfolio duration fell sharply from 4.7 years to 1.0 year. Since nearly half of total credit return is derived from the underlying government bond, protecting the portfolio requires hedging both the credit spread and the rate component. Given the continued uncertainty, we will remain active in adjusting the portfolio.
The fund currently offers a yield of 3.4% in EUR, with a duration of 1.0 year and an average credit rating of A-.
The fund currently offers a EUR yield of 3.9% with a duration of 4.7 years and an average credit rating of A.
We reviewed our scenarios on March 20, 2026 as follows:
Base scenario: Contained conflict. The conflict enters a lower-intensity phase, with attacks becoming less frequent and less severe. Oil supply disruptions ease and the global economy, which started the year in a constructive position, absorbs the shock relatively well. Inflation rises temporarily due to higher oil prices, but central banks look through it and avoid aggressive tightening. Equity markets remain range-bound and volatile. This secenario is slightly negative for credit and government bonds.
Positive scenario: Rapid de-escalation. The conflict de-escalates faster than expected, whether through the reopening of the Strait of Hormuz, a weakening of the Iranian regime, or regime change. Oil prices fall back toward pre-war levels, removing inflationary pressure before it becomes entrenched. Underlying economic resilience and structural drivers reinforce confidence. Investors adopt a «buy the dip » stance. Equity markets recover sharply. This scenario is positive for credit and slightly positive for government bonds.
Negative scenario: Oil shock. The conflict remains intense, materially disrupting oil supply and driving a sustained rise in oil prices. The resulting energy shock pushes inflation higher. Central banks face a difficult trade-off and are hesitant to act decisively. Markets begin to price in higher long-term inflation and a global economic slowdown. Equity and credit markets correct. Government bonds are pressured as the inflationary backdrop keeps upward pressure on yields.
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