Fixed Income Boutique Flexible Bonds

Vontobel Fund - Absolute Return Bond Dynamic

ISIN
LU1106544056
Valor
25360796

Fund strategy

Investment objective

This bond fund aims to generate positive investment returns over a full economic cycle, while respecting risk diversification.


Key features

The fund invests across both developed and emerging markets mainly in government and corporate bonds of diverse qualities with different maturities in various currencies. In addition, the fund may have limited exposure to equities. The fund uses derivative financial instruments both for hedging purposes and to gain selective exposures to interest rates, credit spreads and currencies.


Approach

The investment team's seasoned specialists continuously assess market conditions and future developments based on macro-economic, technical and valuation analyses. Accordingly, they allocate interest rate, credit and currency risks striving to capture profitable market evolutions and keep the fund's vulnerability to unfavorable markets low. Based on in-depth analysis at issuer level, they select those securities and instruments within the investment universe whose yield and/or hedging values or performance potential convince them the most. The team flexibly adapts the portfolio to seize attractive opportunities whenever they occur.

103.08
NAV
-7.64%
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 2.9% -10.0% 1.1% 0.2% 0.4%

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 -4.5% 2.3% 1.0% 6.9% -4.4%

Annual Performance

Risk Data

Portfolio
Volatility 15.5%
Sharpe ratio 0.1
Modified duration 7.3
Average maturity 6.2
Average coupon 4.0%
Yield to maturity 4.4%
[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 Ludovic Colin
Fund Domicile Luxembourg
Fund Currency EUR
Share Class Currency EUR
End of fiscal year 31 August
Share Class Launch date Sep 30 2014
Distribution type Accum
Swinging single pricing Yes
Fund Registrations CH, DE, IT, LU
Share Class Registrations CH, DE, IT, LU
Nav Information
Highest since launch 115.15
Lowest since launch 70.34
Fund volume in mln. EUR 33.59
Share class volume in mln. EUR 23.42
Fees And Expenses
Management fee 0.43%
Performance fee 10.00%
TER 1.92% (Feb 28 2020)
Identifiers
ISIN LU1106544056
Valor 25360796
Bloomberg VARBDYI LX
WKN A12CS0
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 LU1106543751 Dist Retail Sep 30 2014 0.85% 2.46% Feb 28 2020
AN EUR LU1683486739 Dist Retail Oct 11 2017 0.43% 2.14% Feb 28 2020
B EUR LU1106543835 Accum Retail Sep 30 2014 0.85% 2.69% Feb 28 2020
H (hedged) USD LU1106544213 Accum Retail Sep 30 2014 0.85% 2.76% Feb 28 2020
H (hedged) CHF LU1106544130 Accum Retail Sep 30 2014 0.85% 2.57% Feb 28 2020
HI (hedged) CHF LU1106544304 Accum Institutional Sep 30 2014 0.43% 2.10% Feb 28 2020
HI (hedged) USD LU1106544486 Accum Institutional Sep 30 2014 0.43% 2.45% Feb 28 2020
HN (hedged) USD LU1683487034 Accum Retail Oct 11 2017 0.43% 2.44% Feb 28 2020
HN (hedged) CHF LU1683486812 Accum Retail Oct 11 2017 0.43% 2.03% Feb 28 2020
I EUR LU1106544056 Accum Institutional Sep 30 2014 0.43% 1.92% Feb 28 2020
N EUR LU1683483553 Accum Retail Oct 05 2017 0.43% 1.98% 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

Absolute Currency Exposure

Major bond positions

Bond Allocation
0.1% Federal Republic of Germany 2026 3.5%
6.375% Barclays Perp 2.7%
5% Cie de Phalsbourg Sarl 2024 1.9%
6% Financiere Immobiliere Bordelaise SAS 2025 1.9%
5.7% CP - Comboios de Portugal EPE 2030 1.8%
5.25% CaixaBank SA Perp 1.7%
6.75% Air Baltic Corp AS 2024 1.7%
7.391% Republic of Angola Via Avenir II BV 2023 1.7%
6.125% Banco de Sabadell SA Perp 1.5%
4.247% Repsol International Finance BV Perp 1.3%
Document Date DE EN FR IT
Factsheets & Commentaries
Factsheet Jun 2020
Monthly Commentary Jun 2020
KIIDs
KIID Jul 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

  • Investments in foreign currencies are subject to currency fluctuations

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