Monthly factsheet – Global Flexible Bond, Class B EUR
Past performance is not a reliable indicator of future results.
Monthly factsheet · 30 September 2026
Valori SICAV Global Flexible Bond
Class B EUR
1 month
-3.76%
3 months
-6.63%
6 months
-0.89%
YTD
-3.82%
1Y
-3.24%
3Y
13.46%
5Y
–
SINCE INCEPTION
11.92%
Investment target
The Portfolio’s objective is to deliver attractive risk-adjusted returns and capital preservation, primarily through current income generation. To achieve this, the Portfolio invests in a globally diversified universe of fixed-income instruments. These include nominal and inflation-linked bonds, as well as fixed- and floating-rate debt issued or guaranteed by sovereign, supranational, and corporate entities. The Portfolio may also hold bank deposits and money market instruments
Manager comment
During the month of September, risk assets in the US once again outperformed their European counterparts, with the US equity market limiting its loss to 0.45% against -2.49% for the STOXX Europe 600 and -2.36% for the FTSE MIB; China was the worst performing market (-5.78%), while Japan was the only one to end the month in positive territory (+0.67%). The month was nonetheless characterized by a marked rise in rates across all major curves, with the US government market significantly underperforming the European one: the 10-year Treasury lost 3.62% and the 30-year 5.04%, against 1.81% and 2.04% for the corresponding Bunds, while BTPs sat in between (-3.02% on the 2035 maturity and -4.01% on the 2053). The Euro Area government index fell 2.17% and the US index 2.24%, while the short end of the curve contained the decline to 0.43% and the money market confirmed itself as the only positive segment (+0.16%). Market pricing on central banks looks very aggressive, with the money market currently discounting between three and four hikes. The USD reached its highest level against the Euro in a year. Spreads remained broadly stable, with the Investment Grade market down 1.33% in Europe while still delivering a positive relative performance versus governments, whereas a moderate widening was observed in the higher beta segments: European High Yield lost 1.80%, global credit 2.86% and global High Yield 2.96%. Hard currency emerging markets posted a negative month (-2.91%), penalised both by the rates component and by a slight widening in spreads. Financials had a weak month, with CoCo Bonds down 2.01% and, unlike in previous months, unable to confirm themselves as the best performing market in Europe. Within the fund, we sought to cushion the upward move in rates by reducing duration by around one year and by cutting exposure to France, both in govies (through a long/short Bund/OAT position) and in credit. More broadly, we increased exposure to the Core through Bunds and EIB and reduced the periphery.
NAV development (historical series)
Monthly returns (%, net of fees)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 0.00 | 1.05 | -0.27 | -2.34 | 0.05 | 2.92 | 3.56 | 4.95% | |||||
| 2024 | 0.14 | -0.67 | 1.75 | -1.60 | 1.14 | 0.30 | 1.89 | 0.51 | 1.88 | -1.27 | 2.19 | -0.38 | 5.93% |
| 2025 | 1.14 | 1.30 | -3.58 | -0.09 | 1.13 | 0.94 | 1.27 | 0.00 | 1.46 | 1.12 | -0.27 | -0.24 | 4.14% |
| 2026 | 1.18 | 1.08 | -5.11 | 2.60 | 2.40 | 1.03 | -2.93 | -0.05 | -3.76 | -3.82% |
Fund terms
ISIN CodeLU2481106271
Bloomberg TickerVASGFBE LX Equity
Minimum initial inv.100’000
AUM29,644,210 €
Launch date31.05.2023
Management fees0.65%
Performance fees8.00%
Latest NAV89.03
Share class currencyEUR
Investment managerValori Asset Management SA
Risk profile
Lower risk
Typically lower rewards
Typically lower rewards
Higher risk
Typically higher rewards
Typically higher rewards
1234567
Performance / risk metrics
Modified duration6.51
VaR2.76%
No. instruments79
Annualised volatility5.82
Sharpe ratio-0.86
Yield to maturity6.66%
Sustainability rating
Valori Asset Management SA · Valori Asset Management SA · Viale Alessandro Volta 16, Chiasso (CH-6830) · T +41 91 695 80 80
Valori SICAV Global Flexible Bond
30 September 2026
Asset allocation
Currency exposure
Country allocation
Payment rank
Rating breakdown
Top 10 holdings
This information has been prepared by Valori Asset Management SA (Switzerland), authorized and regulated by the Swiss Financial Market Supervisory Authority FINMA. This material is provided by Valori Asset Management SA (Switzerland) for informational purposes only, is intended exclusively for your use, and does not constitute an offer or a commitment, a solicitation of an offer or a commitment, or any advice or recommendation to enter into or conclude any transaction (on the indicative terms specified or otherwise). This material has been prepared by Valori Asset Management SA (Switzerland) based on assumptions and parameters determined in good faith. The assumptions and parameters used are not the only ones that might be utilized, and therefore no guarantee is given as to the accuracy, completeness, or reasonableness of any such quotations, disclosures, or analyses. A variety of additional assumptions or parameters, or other market factors and considerations, could lead to different good faith analyses or valuations of the transactions described above. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. Opinions and estimates are subject to change without notice. The information set forth above has been obtained from or based upon sources believed by Valori Asset Management SA (Switzerland) to be reliable, but Valori Asset Management SA (Switzerland) makes no representation or warranty as to its accuracy or completeness. This material does not purport to contain all of the information that an interested party may desire. In any event, interested parties should conduct their own investigation and analysis of the transactions described in this material and the data set forth in it. Valori Asset Management SA (Switzerland) may, from time to time, participate or invest in other financing transactions with the issuers of the securities referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or their derivatives.
Valori Asset Management SA · Valori Asset Management SA · Viale Alessandro Volta 16, Chiasso (CH-6830) · T +41 91 695 80 80
For information purposes only. This does not constitute an offer, recommendation or solicitation to invest. Data as at 30 September 2026.