Fixed Income Boutique Convertible Bonds

Vontobel Fund - Global Convertible Bond

ISIN
LU0414968437
Valor
4216784

Fund strategy

Investment objective

This bond fund aims to achieve above-average investment returns over a full economic cycle, while respecting risk diversification.


Key features

The fund invests worldwide mainly in convertible bonds from various issuers of good quality (investment grade). The focus is on hybrid paper, which have features of an ordinary bond but depend heavily on the price movements of the equities into which they can be converted - measured by the delta. The major selection criteria include issuer quality, delta, market volatility, and credit spread.


Approach

The agile investment specialist team has a long-standing experience and strong track record in global convertible bond investing. They take high-conviction decisions based on in-depth macro-economic, relative-value and issuer analyses and can draw upon the knowledge of their award-winning colleagues skilled in credit and emerging-market bond investing. The team applies an active strategy designed to exploit the convexity inherent to the asset class to participate when markets rise and limit potential losses when markets fall. They actively steer the delta of the portfolio while their focus is on risk/reward optimization.

139.38
NAV
-2.61%
Performance YTD
As at Aug 04 2020

All data is as at Jun 30 2020 unless otherwise indicated.

Daily Performance

Periodic Performance

1M YTD 3Y 5Y SI
I EUR 0.6% -3.1% -2.5% -1.3% 38.7%
Index -0.1% -3.2% -2.2% -0.7% 65.8%

Rolling Performance

Jul 01 2015 - Jun 30 2016 Jul 01 2016 - Jun 30 2017 Jul 01 2017 - Jun 30 2018 Jul 01 2018 - Jun 30 2019 Jul 01 2019 - Jun 30 2020
I EUR -2.7% 3.9% -3.0% -3.8% -0.6%
Index -2.5% 5.6% -2.9% -1.3% -2.3%

Annual Performance

Risk Data

Portfolio
Volatility 5.7%
Sharpe ratio negative
Modified duration 2.4
Average maturity 2.6
Average coupon 0.3%
[3 years annualized]
Past performance is not a reliable indicator of current or future performance. Performance data does not take into account any commissions and costs charged when shares of the fund are issued and redeemed, if applicable. The return of the fund may go down as well as up due to changes in rates of exchange between currencies. The value of the money invested in the fund can increase or decrease and there is no guarantee that all or part of your invested capital can be redeemed.

All data is as at Aug 04 2020 unless otherwise indicated.

Fund data
Portfolio Manager Tolga Yildirim
Fund Domicile Luxembourg
Fund Currency EUR
Share Class Currency EUR
End of fiscal year 31 August
Index Thomson Reuters Convertible Global Focus Investment Grade (hedged in EUR)
Share Class Launch date Apr 14 2009
Distribution type Accum
Swinging single pricing Yes
Fund Registrations AT, CH, DE, ES, FR, GB, IT, LI, LU, NL, PT, SG
Share Class Registrations AT, CH, DE, FR, GB, IT, LI, LU, SG
Nav Information
Highest since launch 154.40
Lowest since launch 99.83
Fund volume in mln. EUR 27.27
Share class volume in mln. EUR 4.65
Fees And Expenses
Management fee 0.55%
TER 0.85% (Feb 28 2020)
Identifiers
ISIN LU0414968437
Valor 4216784
Bloomberg VONGCEI LX
WKN A0RL4Q
Parties
Depository RBC Investor Services Bank S.A.
Management Company Vontobel Asset Management S.A.
Swiss Paying Agent Bank Vontobel AG
Swiss Representative Vontobel Fonds Services AG

Available Share Classes

Share class Currency ISIN Distrib. Type Launch date Management fee TER TER Date
A EUR LU0416932159 Dist Retail Apr 14 2009 1.10% 1.44% Feb 28 2020
AN EUR LU1683482829 Dist Retail Oct 05 2017 0.55% 0.89% Feb 28 2020
B EUR LU0414968270 Accum Retail Apr 14 2009 1.10% 1.44% Feb 28 2020
C EUR LU0414968353 Accum Retail Sep 18 2009 1.50% 1.84% Feb 28 2020
H (hedged) USD LU0414968783 Accum Retail Apr 14 2009 1.10% 1.50% Feb 28 2020
H (hedged) CHF LU0414968601 Accum Retail Apr 14 2009 1.10% 1.50% Feb 28 2020
HI (hedged) CHF LU0469619943 Accum Institutional Sep 02 2010 0.55% 0.91% Feb 28 2020
HI (hedged) USD LU0469620016 Accum Institutional Apr 10 2014 0.55% 0.91% Feb 28 2020
HN (hedged) CHF LU1683480534 Accum Retail Oct 02 2017 0.55% 0.95% Feb 28 2020
HN (hedged) USD LU1683483041 Accum Retail Oct 05 2017 0.55% 0.95% Feb 28 2020
I EUR LU0414968437 Accum Institutional Apr 14 2009 0.55% 0.85% Feb 28 2020
N EUR LU1683480450 Accum Retail Oct 02 2017 0.55% 0.89% Feb 28 2020
Click here to see an overview of our shareclass naming convention.

* TER includes performance fee where applicable

All data is as at Jun 30 2020 unless otherwise indicated.

Rating Structure

Country Weighting

Major Positions

Position Allocation
0% Shanghai Port Group BVI Holding Co Ltd 2021 4.8%
0.25% STMicroelectronics NV 2024 3.8%
0.6% Deutsche Wohnen SE 2026 3.8%
0.9% Priceline Group Inc/The 2021 3.4%
1% BP Capital Markets PLC 2023 Conv 3.3%
1.25% Southwest Airlines Co 2025 3.3%
0% China Railway Construction Corp Ltd 2021 Conv 3.1%
0% Chugoku El Pwr 25.01.2022 Conv 3.1%
0.875% Fortive 15.02.2022 Conv Senior 3.1%
0% Nipro Corp 2021 Conv 2.9%
Document Date DE EN ES FR IT
Factsheets & Commentaries
Factsheet Jun 2020
Monthly Commentary Jun 2020
KIIDs
KIID Jun 2020
Legal Documents
Articles of Association Apr 2016
Notification to Investors Apr 2020
Sales Prospectus Dec 2019
Financial Reports
Annual Report Aug 2019
Dividend Payout Jan 2019
Semi-Annual Report Feb 2020
Dealing Information
Holiday Calendar 2020 Jan 2020
List of Active Retail Share Classes Dec 2018
Policies
Sanctioned Countries Sep 2016
Shareclass Naming Convention Nov 2019
  • Limited participation in the potential of single securities

  • Success of single security analysis and active management cannot be guaranteed

  • It cannot be guaranteed that the investor will recover the capital invested

  • Derivatives entail risks relating to liquidity, leverage and credit fluctuations, illiquidity and volatility

  • Interest rates may vary, bonds suffer price declines on rising interest rates

  • Investment universe may involve investments in countries where the local capital markets may not yet qualify as recognised capital market

  • Investments in foreign currencies are subject to currency fluctuations

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