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


"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"

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