Monthly factsheet – Subordinated Debt Fund, Class A EUR
Past performance is not a reliable indicator of future results.
Monthly factsheet · 31 August 2026
Valori SICAV Subordinated Debt Fund
Class A EUR
1 month
0.02%
3 months
-0.61%
6 months
-1.03%
YTD
0.60%
1Y
2.41%
3Y
25.87%
5Y
–
SINCE INCEPTION
28.07%
Investment target
The investment objective of the Valori Subordinated Debt Fund is to generate capital appreciation over the medium term by primarily investing in subordinated debt instruments issued by banks, insurance companies and hybrids of non-financial issuers. The fund offers a diversified exposure in terms of sectors, while maintaining sufficient flexibility to invest across the capital structure of issuers. Currency exposures are mainly hedged against currency risk.
Manager comment
During August, we saw US risky assets outperform European ones, influenced by the performance of the technology sector. Spreads remained relatively stable, while geopolitical tensions generated strong volatility in oil. Credit recorded losses ranging between 1% and 2.5%. Financials had a weak month, with CoCo bonds still remaining the best performing market in Europe. The fund maintained a balance between AT1 and RT1 bonds, confirming existing positions after the reductions in previous months in the names most sensitive to private debt. Within hybrids, the preference for the BB segment was maintained, which remains the most discounted segment compared to IGs. We remain constructive on banking CoCos and insurance RT1s, which continue to offer an adequate risk premium relative to their credit quality. As was the case last month, we maintain an overweight stance on LT2s: in terms of relative value, they are relatively discounted compared to AT1s and RT1s. Spreads remained stable and there were no significant movements, while subordinated yields remain very attractive and range between the 65th and 80th percentiles. Finally, we maintain a substantially neutral/positive view on hybrids.
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 | 0.23 | 1.60 | -0.57 | -0.59 | 0.26 | 3.11 | 3.28 | 7.46% | ||||
| 2024 | 0.70 | -0.13 | 1.95 | -0.62 | 1.57 | 0.02 | 1.99 | 1.09 | 1.79 | 0.20 | 1.28 | 0.71 | 11.04% |
| 2025 | 1.32 | 1.02 | -2.46 | -0.21 | 1.77 | 1.25 | 1.31 | 0.26 | 1.30 | 0.70 | -0.24 | 0.03 | 6.15% |
| 2026 | 1.20 | 0.43 | -4.47 | 2.48 | 1.71 | 1.01 | -1.63 | 0.02 | 0.60% |
Fund terms
ISIN CodeLU2460215200
Bloomberg TickerVALSICD LX Equity
Minimum initial inv.1’000
AUM56,684,430 €
Launch date26.05.2023
Management fees0.95%
Performance fees12%
Latest NAV128.07
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 duration5.75
VaR2.19%
No. instruments114
Annualised volatility4.616
Sharpe ratio0.07
Yield to maturity5.72%
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 Subordinated Debt Fund
31 August 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 31 August 2026.