Details
Fees
Investment objectives
Global Flexible Bond Fund aims to achieve capital appreciation while maintaining an appropriate level of diversification across bond segments for each interest rate level. The fund has global exposure and can invest in almost any bond sub-asset class (Govies, Corporate IG, HY, Sub Debt, Convertible and Futures). Currencies are usually hedged or actively managed. The prospectus allows flexibility in management, as the fund has no benchmark, but with certain constraints: maximum 20% High Yield and unrated issuers, maximum 15% CoCo Bond or Convertible (contributes to HY limit), maximum 10% in UCITS or UCI funds, also with ABS or MBS exposure, 0% in defaulted or distressed securities.
Morningstar Sustainability Rating
Risk and return profile
Comment
Equity markets recorded further declines in April. Global equities were hit by the ongoing war in Ukraine, lockdowns in China, ongoing supply chain disruptions and expectations that US interest rates could rise rapidly. Economic data showed signs of weakening as inflationary pressures continued to push the Fed into a more aggressive path of rate hikes. Eurozone annual inflation reached 7.5% in April.
Sovereign bond yields have peaked in developed markets. Corporate bonds underperformed government bonds. High yield has seen the most significant spread widening, although spreads are below the highs recorded earlier this year. Emerging market bonds also posted negative returns, notably sovereign debt, while corporate credit was more resilient.
The fund did not open or increase any exposure to bonds but closed or reduced the exposure in Australia, Banco BPM Spa and Poland.
Performance
Allocation
How to invest
Italian Retail Investors
As an Italian Private Investor, in order to invest in the Valori funds, you need to contact the Authorized Distributors for distribution in Italy.
Download the PDF with the list of Authorized Distributors.
Swiss Retail Investors
In order to subscribe to the Fund you will need to contact your Banking Institution, communicating the ISIN of interest.
European Institutional Investors
As a European Institutional Investor, in order to subscribe to the Fund you can:
- Contact a Transfer Agent, by completing and faxing the subscription form provided by him/her
- Contact one of the following Intermediaries:
– All Funds Bank
Swiss Institutional Investors
As a Swiss Institutional Investor, in order to subscribe to the Fund you will need to contact your Banking Institution, communicating the ISIN of interest.
