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Mirabaud - Sustainable Global High Yield Bonds N dist. USD
Investment overview
Seeking out investment opportunities across the global high yield universe, this strategy aims to make the most of an active, flexible, unconstrained approach. A top-down, macro view informs our dynamic allocation across the different geographies and sectors, moving between credit and duration risk. Bottom-up analysis incorporates fundamental, technical and valuation (FTV) factors, along with ESG integration to help us identify strong sustainable opportunities. We mitigate down markets with an active hedging process.
Approach to sustainability
We encourage responsible and sustainable industry practices, and assess how material ESG issues can positively and negatively impact the overall credit profile. The integration of ESG and extra-financial considerations into our analysis is key to understanding risk and long-term opportunity. Our three-step process: 1. Exclusion – we apply an exclusion filter for controversial activities; 2. Positive screening – companies are reviewed according to their ESG-climate profile using a traffic light system that classifies the universe into green, orange and red investments; we exclude the worst performing 20%. Eligible companies are subject to Fundamental, Technical & Valuation analysis to define the portfolio 3. Engagement (post-investment), through active engagement we address ESG/climate issues and encourage best practices among orange issuers and across critical sectors for energy transition.
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Mirabaud - Sustainable Global High Yield Bonds N dist. USD
Share Class Highlights
Performance update
Inflation concerns and a slower projected path of central bank rate cuts led to negative returns across fixed income markets in December. The Federal Reserve (Fed) cuts rates by 25bps as expected, but moved its dot plot of projected rate cuts for 2025 to show only two cuts, rather than the four shown at the September meeting and the three cuts expected by the market, causing the US 10-year yield to increase by 40bps on the month. The Fed also moved its 2025 inflation forecast higher with risks to the upside. Equities sold off and credit spreads mirrored that, but with a lower beta. European assets outperformed the US, reversing some of the prior month's Trump and tariff-related weakness.
Portfolio underperformance was driven by developed market high yield, offset by positive performance in subordinated financials. On a sector basis, there was positive relative performance from financials and technology. The largest negative contributions came from materials and healthcare.
Portfolio activity
We continued to increase the lower-quality high yield exposure within the fund to reflect an improving economic environment. Following a productive series of issuer meetings, we added to tech company Cloud Software, collision repair firm Crash Champions, telecoms retailer Victra and LNG distributor Venture Global. We also added a new position in the printer Deluxe Corp. This was funded by a reduction in generic European high yield.
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Mirabaud - Sustainable Global High Yield Bonds N dist. USD
Performance and risk
Mirabaud - Sustainable Global High Yield Bonds N dist. USD
- ICE BofAML Global High Yield Index USD Hedged
NAV adjusted in case of distribution
Source: Mirabaud Asset Management. Share class and benchmark performance displayed in USD. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. The Fund is actively managed. The benchmark is shown for comparison purposes only, without implying any particular constraints to the Fund’s investments. Any entry, exit and other charges, commissions or fees, if applied, are excluded from the calculation. Past performance does not predict future returns.
Performance
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Annualized
Risk
Volatility
Correlation
Please note that the frequency of returns used in the above calculations may be different than the one used in the official reporting documents and results may vary accordingly.
Past performance is not indicative or a guarantee of future returns. Performance figures do not take into account subscription and redemption fees that might be levied. The sources of the information displayed are deemed reliable. However, the accuracy or completeness of the information displayed cannot be guaranteed, and some figures are only estimates.
Mirabaud - Sustainable Global High Yield Bonds N dist. USD
Portfolio managers
Andrew LAKE
Head of Fixed Income
Andrew Lake, Head of Fixed Income at Mirabaud Asset Management, has experience in the asset management industry since 1996. Prior to joining Mirabaud Asset Management in 2013, Andrew was Head of High Yield Portfolio Management at Aviva Investors. He has managed High Yield funds at Merrill Lynch Investment Managers, where he was responsible for High Yield in London, and at F&C Investments, where he co-managed the institutional High Yield product. He also managed investment grade funds at IBJ Asset Management. Andrew Lake has a history degree from the University of York, an M.B.A from the Booth School of Business at the University of Chicago and is a non-practicing barrister.
Fatima LUIS
Portfolio Manager
Fatima Luis, Senior Portfolio Manager in the Fixed Income team within Mirabaud Asset Management, has experience in the asset management since 1996. Prior to joining Mirabaud Asset Management in June 2013, Fatima had been working for F&C for 14 years, where she was managing high yield and credit retail funds including the F&C Strategic Bond Fund as well as helping to oversee the institutional global yield mandates totalling approximately $1billion in assets. Fatima started her investment career in 1996 working in emerging market corporate debt before moving to Royal and Sun Alliance in 1998 to help develop the credit and high yield retail proposition. Fatima Luis has a degree in International Relations from Wheaton College, Massachusetts and a Master of Science from the London School of Economics
Al CATTERMOLE
Portfolio Manager/Senior Analyst
Al Cattermole, Fixed Income Portfolio Manager and Senior Analyst, joined Mirabaud in November 2013, from Goldbridge Capital Partners where he was responsible for corporate credit research. Al has previously covered global corporates as an executive director at JP Morgan Asset Management and as an analyst at ECM, having started in credit markets at the Bank of England in 2002. Al Cattermole holds a BA in Economics from the University of Durham and is a CFA Charterholder.
Mirabaud Fund Strategy
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Mirabaud - Sustainable Global High Yield Bonds N dist. USD
Fund information
Luxembourg
SICAV
Daily
Daily / Daily
0 Business Day / 2 Business Days
0 Business Day / 2 Business Days
05/02/2018
USD
LU1708488702
ICE BofAML Global High Yield Index USD Hedged
Bank Pictet & Cie (Europe) AG, Succursale de Luxembourg
Deloitte Audit Sarl
FundPartner Solutions (Europe) SA
Mirabaud - Sustainable Global High Yield Bonds N dist. USD
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