Fund Manager's comment on CCB (end of September 2017)

2017-09-30

"Despite a negative month of September, where the bearish steepening of the US Curve has impacted the mark-to-market of the bonds, the portfolio closes the 3rd quarter with a positive performance at + 1.29%.

During the quarter, the Bank of St-Petersburg 2017 was redeemed and was reinvested into some US High Yield names, such as L Brand 2033, Hertz 2021 as well as the long dated Electricité de France 2114.

Perpetual bonds still represent our largest weighting at 41%.

EM bonds stand at 26%, and have come down by 7% since January.

We are closely monitoring the situation of Venezuela and would be ready to sell our Venezuela 2018 bond, based on the outcome of the social crisis"

Read the PDF