Monthly factsheet – Subordinated Debt Fund, Class BH CHF
Past performance is not a reliable indicator of future results.
Monthly factsheet · 30 September 2026
Valori SICAV Subordinated Debt Fund
Class BH CHF
1 month
-3.26%
3 months
-5.36%
6 months
-0.68%
YTD
-3.92%
1Y
-3.84%
3Y
–
5Y
–
SINCE INCEPTION
12.89%
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 the month of September, risk assets in the US once again outperformed their European counterparts, albeit in a context characterised by a marked rise in rates across all major curves and by a clear underperformance of the long end: the 10-year Treasury lost 3.62% and the 30-year 5.04%, against 1.81% and 2.04% for the corresponding Bunds. Spreads remained broadly stable in Investment Grade, which fell 1.33% in Europe while preserving a positive relative performance versus governments, whereas a moderate widening was recorded in the higher beta segments, with European High Yield down 1.80%. Financials had a weak month and CoCo Bonds, down 2.01%, did not confirm the leadership of previous months, although they proved more resilient than global credit. Within the fund, we reduced exposure to France, particularly on RT1. On the hybrids component, we cut exposure to Real Estate and Retail, especially French names, as they could prove a source of further volatility. We remain very constructive on bank CoCos and insurance RT1 on fundamental grounds, while on LT2 we reduced duration, given how heavily that segment was affected by the move in rates. Spreads did not widen significantly (only 15-20 bps), a sign of resilience in credit both in fundamental terms and in secondary market flows. The liquidity generated will be deployed over the coming weeks in the T2 and bank/insurance junior segments.
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 | 3.20 | 3.20% | ||||||||||
| 2024 | 0.27 | -0.22 | 1.87 | -0.77 | 1.42 | -0.14 | 1.76 | 0.97 | 1.63 | 0.03 | 1.17 | 0.57 | 8.85% |
| 2025 | 1.07 | 1.14 | -2.77 | -0.34 | 1.72 | 1.19 | 1.09 | 0.13 | 1.27 | 0.60 | -0.37 | -0.14 | 4.59% |
| 2026 | 1.16 | 0.34 | -4.70 | 2.29 | 1.67 | 0.91 | -2.00 | -0.16 | -3.26 | -3.92% |
Fund terms
ISIN CodeLU2460217917
Bloomberg TickerVALRSTN LX Equity
Minimum initial inv.50’000
AUM56,824,267 €
Launch date29.11.2023
Management fees0.60%
Performance fees8.0%
Latest NAV112.89
Share class currencyCHF
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 duration5.24
VaR2.12%
No. instruments115
Annualised volatility4.47
Sharpe ratio-0.76
Yield to maturity6.47%
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
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.