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Home / All Funds / Dynamic Global Bond Fund
Fund Range Documents

Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

SICAV
Dynamic Global Bond Fund
Seeks to generate positive returns from global fixed income with a focus on downside risk and diversification from equity markets.
ISIN LU1216622131
FACTSHEET
PHS
SFDR DISCLOSURE
31-Aug-2019 - Arif Husain, Head of Global Fixed Income and CIO,
Increasing recession risk concerns have pushed global rates to new low levels. In effect, market participants are trying to force the hand of central banks that have so far expressed a reluctance to relaunch full quantitative easing programmes, and instead are questioning their potential benefits. Against this backdrop, we see potential in the short term for core bond yields to rise if central banks fail to deliver on the markets’ high expectations.

Overview
Strategy
Fund Summary
Seeks to invest across the full global fixed-income universe and seek to identify the best risk/reward opportunities across sovereign, credit and currency markets.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance. Performance returns are calculated on a NAV-NAV basis, net of fees, with distributions reinvested. Returns for the current year performance is cumulative. Benchmark returns are shown with reinvestment of dividends after the deduction of withholding taxes. The Excess Returns are shown as Fund % minus the Benchmark %. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

30-Nov-2023 - Quentin Fitzsimmons, Co-Portfolio Manager,
Government bond markets posted strong returns in November due to softening economic data and dovish comments from policymakers. Within the portfolio, a short US duration bias and our expectations of higher longer-dated US Treasury yields weighed on performance as longer-maturity bond yields led the rally. However, a long duration bias in select markets, including New Zealand, contributed. A long position in Mexican local currency government bonds also supported performance. In currency markets, our long positions to the Swedish krona and the British pound hurt as the US dollar weakened broadly during the month on expectations that policymakers would start cutting interest rates in 2024. In contrast, our long position in the euro was beneficial. The portfolio’s risk-seeking characteristics expressed in credit markets also had a positive impact.
30-Nov-2023 - Quentin Fitzsimmons, Co-Portfolio Manager,
In credit markets, we reduced our defensive approach in the portfolio as we see a small window of opportunity for risk markets before the end of this year. However, over the medium-term we see increased signs of weakness in the global economy negatively impacting financing conditions for corporates and households.
30-Nov-2023 - Quentin Fitzsimmons, Co-Portfolio Manager,
Overall, we held a long duration bias, led by select countries including Australia and New Zealand. However, we are also positioned for higher yields in the long end of the US and eurozone curves given increased fiscal supplies at a time of ongoing quantitative tightening. Dovish comments by policymakers and deterioration in economic data also prompted us to reduce our short duration bias on the front end of yield curves in the US and Europe. In the UK, we reduced our overall long duration bias due to supply concerns.