Investment ProfessionalsEfficient 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: 07.10.2026)
NAV: EUR 120.51 (07.10.2026)
Cumulative performance (07.10.2026)
| Bellevue Global Income | Benchmark | |
| 1M | 0.80% | n.a. |
| YTD | -0.30% | n.a. |
| 1 year | n.a. | n.a. |
| Since Inception | -0.26% | 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 (31.05.2026, base currency EUR)
| Volatility | 2.07 |
| Sharpe ratio | 0.13 |
| No. of positions | 88 |
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 -2.63% in September with a volatility of 3.8%, compared with -1.80% for the Bloomberg Global Aggregate EUR-Hedged Index.
This month, credit contributed -1.08% and government bonds -1.55%. The month was marked by a rise in long-term government bond yields to levels last seen in the 2000s. The Fund's underperformance versus the Bloomberg Global Aggregate EUR-Hedged Index was primarily driven by its exposure to long-term US Treasuries. In the second half of the month, Treasuries significantly underperformed German bonds, as investors sought safety within the Eurozone amid concerns about France's debt sustainability. The US 10-year Treasury yield rose by +53 bps to 5.28% compared with +26 bps to 3.59% for the Bund. Credit outperformed broader markets, supported by the credit hedges in place.
During September, we modestly increased the credit allocation from 68% to 70%. Ahead of bond redemptions, we invested in a diversified manner, focusing on high carry, low duration bonds. We maintained the 8% short position in the iTraxx Crossover Index. We cut the allocation to long-term government bonds from 38% to zero as we see continued downside risk and the first tier of our risk budget framework was reached. As a result, portfolio duration was reduced from 5.9 to 3.4 years, materially lowering the Fund's sensitivity to a further rise in yields. The Fund offers a EUR yield of 4.5% with an average credit rating of A-.
We modified our scenarios on September 17th, 2026 as follows:
Positive: Energy bottleneck is resolved. AI investment remains strong, supporting corporate capex, productivity and earnings growth. At the same time, tensions surrounding Iran ease significantly, removing a major constraint on global energy supply. Oil prices decline, reducing inflationary pressures and improving the outlook for consumers and businesses. This creates a more supportive environment for global growth and financial markets. The scenario is positive for equities, government bonds and credit.
Base: Resilient growth, stable yields. Economic growth remains resilient, supported by continued AI investment and solid corporate fundamentals. The inflation outlook stabilizes and further central bank tightening is already priced in, keeping long-term yields stable. Equities remain supported by earnings but experience higher volatility. Credit and government bonds benefit from attractive carry.
Negative: Inflation and yields break the market. Iran tensions intensify and renewed pressure on energy supply pushes oil prices higher, adding to already persistent inflation. At the same time, resilient economic growth forces the Fed to tighten monetary policy more than markets expect. Higher rates challenge stretched equity valuations, triggering a correction and wider credit spreads. Negative for equities and credit, while government bonds initially fail to provide effective protection.
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