{"id":2277,"date":"2026-09-04T13:29:17","date_gmt":"2026-09-04T11:29:17","guid":{"rendered":"https:\/\/www.valorisicav.com\/?page_id=2277"},"modified":"2026-09-10T16:09:45","modified_gmt":"2026-09-10T14:09:45","slug":"monthly-factsheet-subordinated-debt-fund-a-eur","status":"publish","type":"page","link":"https:\/\/www.valorisicav.com\/en\/monthly-factsheet-subordinated-debt-fund-a-eur\/","title":{"rendered":"Monthly factsheet \u2013 Subordinated Debt Fund, Class A EUR"},"content":{"rendered":"<div class=\"fsx2460215200en\">\n<style>@import url('https:\/\/fonts.googleapis.com\/css2?family=Cormorant+Garamond:wght@500;600;700&family=Archivo:wght@400;500;600;700&display=swap'); .fs-root { --bx: #802836; --bx-deep: #5D1C27; --gold: #CBA16D; --gold-text: #9A7440; --gold-soft: #EFE4D2; --olive: #555C31; --slate: #3F526F; --ink: #28221E; --mut: #6E655C; --line: #E5DCCB; --cream: #F8F4EC; --neg: #A63838; } .fs-root, .fs-root * { box-sizing: border-box; margin: 0px; padding: 0px; } .fs-root { font-family: Archivo, \"Helvetica Neue\", Arial, sans-serif; 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} .fs-root .printbar button { font-family: Archivo, sans-serif; font-size: 12px; letter-spacing: 0.08em; text-transform: uppercase; background: rgb(128, 40, 54); color: rgb(255, 255, 255); border: 1px solid rgb(93, 28, 39); padding: 9px 16px; cursor: pointer; border-radius: 3px; } .fs-root .printbar button:hover { background: rgb(93, 28, 39); } @media print { .fs-root .printbar { display: none; } .fs-root { padding: 0px; } } .fsx2460215200en{max-width:100%;margin:0 auto;font-family:Archivo,'Helvetica Neue',Arial,sans-serif} .fsx2460215200en .fs-root{background:transparent!important;padding:0!important} .fsx2460215200en .fsx-head{position:relative;border-top:2.5px solid #802836;padding-top:16px;margin:4px 0 26px;display:flex;justify-content:space-between;align-items:flex-end;gap:18px;flex-wrap:wrap} .fsx2460215200en .fsx-head::after{content:'';position:absolute;left:0;right:0;top:1.5px;border-top:1px solid #CBA16D} .fsx2460215200en .fsx-meta{font-size:11px;letter-spacing:.2em;text-transform:uppercase;color:#9A7440;line-height:1.7} .fsx2460215200en .fsx-meta b{color:#802836;font-weight:600} .fsx2460215200en .fsx-act{display:flex;gap:9px;flex-wrap:wrap} .fsx2460215200en .fsx-act a,.fsx2460215200en .fsx-act button{font-family:inherit;font-size:11px;font-weight:600;letter-spacing:.12em;text-transform:uppercase;padding:10px 16px;border:1px solid #802836;background:#802836;color:#fff;text-decoration:none;cursor:pointer;border-radius:2px;line-height:1;display:inline-block;transition:background .15s,color .15s} .fsx2460215200en .fsx-act a:hover{background:#5D1C27;border-color:#5D1C27;color:#fff} .fsx2460215200en .fsx-act .ghost{background:transparent;color:#802836} .fsx2460215200en .fsx-act .ghost:hover{background:#802836;color:#fff} .fsx2460215200en .fsx-vp{width:100%;overflow:hidden;-webkit-overflow-scrolling:touch} .fsx2460215200en .fsx-in{width:794px;transform-origin:top left} .fsx2460215200en .fs-root .page{width:794px;background:#fff;border:1px solid #E5DCCB;box-shadow:0 6px 26px rgba(40,34,30,.10);margin:0 0 22px} .fsx2460215200en .fs-root .page:last-child{margin-bottom:0} .fsx2460215200en .fsx-note{font-size:11px;letter-spacing:.02em;color:#6E655C;margin:26px 0 0;padding-top:14px;border-top:1px solid #E5DCCB} @media print{.fsx2460215200en .fsx-head,.fsx2460215200en .fsx-note{display:none!important}.fsx2460215200en .fsx-in{transform:none!important}.fsx2460215200en .fsx-vp{height:auto!important;overflow:visible!important}.fsx2460215200en .fs-root .page{box-shadow:none;border:0;margin:0}}<\/style>\n<div class=\"fsx-head\">\n<div class=\"fsx-meta\"><b>Class A EUR<\/b> &middot; ISIN LU2460215200 &middot; Data as at 31 August 2026<\/div>\n<div class=\"fsx-act\"><a href=\"\/wp-content\/uploads\/2026\/09\/VALORI-SUBORDINATED-DEBT-FUND-CLASS-A-EUR-ENG-082026.pdf\" target=\"_blank\" rel=\"noopener\">Download the PDF<\/a><button type=\"button\" class=\"ghost\" id=\"fsx2460215200en_z\" style=\"display:none\">Enlarge<\/button><a class=\"ghost\" href=\"\/en\/fund\/valori-sicav-subordinated-debt-fund-lu2460215200\/\">Back to the fund<\/a><\/div>\n<\/div>\n<p class=\"fsx-warn\" style=\"font-family:Archivo,Arial,sans-serif;font-size:12.5px;font-weight:600;letter-spacing:.02em;color:#802836;margin:0 0 14px\">Past performance is not a reliable indicator of future results.<\/p>\n<div class=\"fsx-vp\" id=\"fsx2460215200en_vp\">\n<div class=\"fsx-in\" id=\"fsx2460215200en_in\">\n<div class=\"fs-root\">\n<div class=\"page\">\n<div class=\"mast\">\n<div>\n<div class=\"eyebrow\">Monthly factsheet \u00b7 31 August 2026<\/div>\n<h1 class=\"fund\">Valori SICAV Subordinated Debt Fund<\/h1>\n<div class=\"fund-sub\">Class A EUR<\/div>\n<\/p><\/div>\n<div class=\"brand\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2026\/09\/valori-logo-factsheet-scaled.png\" alt=\"logo\"><\/div>\n<\/p><\/div>\n<div class=\"ruleset\"><\/div>\n<div class=\"kpis\">\n<div class=\"kpi\">\n<div class=\"kl\">1 month<\/div>\n<div class=\"kv\">0.02%<\/div>\n<\/div>\n<div class=\"kpi\">\n<div class=\"kl\">3 months<\/div>\n<div class=\"kv neg\">-0.61%<\/div>\n<\/div>\n<div class=\"kpi\">\n<div class=\"kl\">6 months<\/div>\n<div class=\"kv neg\">-1.03%<\/div>\n<\/div>\n<div class=\"kpi\">\n<div class=\"kl\">YTD<\/div>\n<div class=\"kv\">0.60%<\/div>\n<\/div>\n<div class=\"kpi split\">\n<div class=\"kl\">1Y<\/div>\n<div class=\"kv\">2.41%<\/div>\n<\/div>\n<div class=\"kpi\">\n<div class=\"kl\">3Y<\/div>\n<div class=\"kv\">25.87%<\/div>\n<\/div>\n<div class=\"kpi\">\n<div class=\"kl\">5Y<\/div>\n<div class=\"kv\">\u2013<\/div>\n<\/div>\n<div class=\"kpi\">\n<div class=\"kl\">SINCE INCEPTION<\/div>\n<div class=\"kv\">28.07%<\/div>\n<\/div><\/div>\n<div class=\"cols\">\n<div class=\"col-main\">\n<div class=\"blk\">\n<h2 class=\"sec\">Investment target<\/h2>\n<div class=\"body-text small\">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.<\/div>\n<\/p><\/div>\n<div class=\"blk\">\n<h2 class=\"sec\">Manager comment<\/h2>\n<div class=\"body-text\">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.<\/div>\n<\/p><\/div>\n<div class=\"blk\">\n<h2 class=\"sec\">NAV development <span style=\"font-weight:400;letter-spacing:.04em;color:var(--mut);text-transform:none;font-size:6.6pt\">(historical series)<\/span><\/h2>\n<p> <svg viewBox=\"0 0 690 252\" style=\"width:100%;height:auto;display:block\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"> <defs><linearGradient id=\"navArea\" x1=\"0\" y1=\"0\" x2=\"0\" y2=\"1\"> <stop offset=\"0%\" stop-color=\"#CBA16D\" stop-opacity=\"0.34\"><\/stop><stop offset=\"100%\" stop-color=\"#CBA16D\" stop-opacity=\"0.02\"><\/stop> <\/linearGradient><\/defs> <line x1=\"38\" y1=\"226\" x2=\"638\" y2=\"226\" stroke=\"#E5DCCB\" stroke-width=\"1\"><\/line><line x1=\"38\" y1=\"199.75\" x2=\"638\" y2=\"199.75\" stroke=\"#E5DCCB\" stroke-width=\"1\"><\/line><line x1=\"38\" y1=\"173.5\" x2=\"638\" y2=\"173.5\" stroke=\"#E5DCCB\" stroke-width=\"1\"><\/line><line x1=\"38\" y1=\"147.25\" x2=\"638\" 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L611.7,44.2 L612.9,46.2 L614.2,47.9 L615.5,47.7 L616.7,48.9 L618.0,52.9 L619.2,50.9 L620.5,50.9 L621.7,53.1 L623.0,49.4 L624.2,46.2 L625.5,45.8 L626.7,46.7 L628.0,46.6 L629.2,45.5 L630.5,48.2 L631.7,50.0 L633.0,50.3 L634.2,50.5 L635.5,49.5 L636.7,49.8 L638.0,52.4\" fill=\"none\" stroke=\"#802836\" stroke-width=\"2.2\" stroke-linejoin=\"round\" stroke-linecap=\"round\"><\/path> <circle cx=\"638\" cy=\"52.38250000000003\" r=\"3.4\" fill=\"#802836\" stroke=\"#fff\" stroke-width=\"1.4\"><\/circle> <rect x=\"645\" y=\"42.38250000000003\" rx=\"3\" width=\"44\" height=\"18\" fill=\"#802836\"><\/rect> <text x=\"667\" y=\"55.38250000000003\" text-anchor=\"middle\" font-size=\"9.5\" font-weight=\"700\" fill=\"#F3E4CB\">128.07<\/text> <\/svg> <\/div>\n<div class=\"blk\">\n<h2 class=\"sec\">Monthly returns <span style=\"font-weight:400;letter-spacing:.04em;color:var(--mut);text-transform:none;font-size:6.6pt\">(%, net of fees)<\/span><\/h2>\n<table class=\"mret\">\n<thead>\n<tr>\n<th><\/th>\n<th>Jan<\/th>\n<th>Feb<\/th>\n<th>Mar<\/th>\n<th>Apr<\/th>\n<th>May<\/th>\n<th>Jun<\/th>\n<th>Jul<\/th>\n<th>Aug<\/th>\n<th>Sep<\/th>\n<th>Oct<\/th>\n<th>Nov<\/th>\n<th>Dec<\/th>\n<th class=\"ytd\">YTD<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2023<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td class=\"\">0.00<\/td>\n<td class=\"\">0.23<\/td>\n<td class=\"\">1.60<\/td>\n<td class=\"neg\">-0.57<\/td>\n<td class=\"neg\">-0.59<\/td>\n<td class=\"\">0.26<\/td>\n<td class=\"\">3.11<\/td>\n<td class=\"\">3.28<\/td>\n<td class=\"ytd\">7.46%<\/td>\n<\/tr>\n<tr>\n<td>2024<\/td>\n<td class=\"\">0.70<\/td>\n<td class=\"neg\">-0.13<\/td>\n<td class=\"\">1.95<\/td>\n<td class=\"neg\">-0.62<\/td>\n<td class=\"\">1.57<\/td>\n<td class=\"\">0.02<\/td>\n<td class=\"\">1.99<\/td>\n<td class=\"\">1.09<\/td>\n<td class=\"\">1.79<\/td>\n<td class=\"\">0.20<\/td>\n<td class=\"\">1.28<\/td>\n<td class=\"\">0.71<\/td>\n<td class=\"ytd\">11.04%<\/td>\n<\/tr>\n<tr>\n<td>2025<\/td>\n<td class=\"\">1.32<\/td>\n<td class=\"\">1.02<\/td>\n<td class=\"neg\">-2.46<\/td>\n<td class=\"neg\">-0.21<\/td>\n<td class=\"\">1.77<\/td>\n<td class=\"\">1.25<\/td>\n<td class=\"\">1.31<\/td>\n<td class=\"\">0.26<\/td>\n<td class=\"\">1.30<\/td>\n<td class=\"\">0.70<\/td>\n<td class=\"neg\">-0.24<\/td>\n<td class=\"\">0.03<\/td>\n<td class=\"ytd\">6.15%<\/td>\n<\/tr>\n<tr>\n<td>2026<\/td>\n<td class=\"\">1.20<\/td>\n<td class=\"\">0.43<\/td>\n<td class=\"neg\">-4.47<\/td>\n<td class=\"\">2.48<\/td>\n<td class=\"\">1.71<\/td>\n<td class=\"\">1.01<\/td>\n<td class=\"neg\">-1.63<\/td>\n<td class=\"\">0.02<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td class=\"ytd\">0.60%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/p><\/div>\n<div class=\"col-side\">\n<div class=\"card tinted\">\n<h3>Fund terms<\/h3>\n<div class=\"kvrow\"><span class=\"k\">ISIN Code<\/span><span class=\"v\">LU2460215200<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Bloomberg Ticker<\/span><span class=\"v\">VALSICD LX Equity<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Minimum initial inv.<\/span><span class=\"v\">1&#8217;000<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">AUM<\/span><span class=\"v\">56,684,430 \u20ac<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Launch date<\/span><span class=\"v\">26.05.2023<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Management fees<\/span><span class=\"v\">0.95%<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Performance fees<\/span><span class=\"v\">12%<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Latest NAV<\/span><span class=\"v\">128.07<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Share class currency<\/span><span class=\"v\">EUR<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Investment manager<\/span><span class=\"v\">Valori Asset Management SA<\/span><\/div>\n<\/div>\n<div class=\"card\">\n<h3>Risk profile<\/h3>\n<div class=\"risk-ends\">\n<div>Lower risk<br \/>Typically lower rewards<\/div>\n<div>Higher risk<br \/>Typically higher rewards<\/div>\n<\/div>\n<div class=\"risk\"><span class=\"\">1<\/span><span class=\"on\">2<\/span><span class=\"\">3<\/span><span class=\"\">4<\/span><span class=\"\">5<\/span><span class=\"\">6<\/span><span class=\"\">7<\/span><\/div>\n<\/div>\n<div class=\"card\">\n<h3>Performance \/ risk metrics<\/h3>\n<div class=\"kvrow\"><span class=\"k\">Modified duration<\/span><span class=\"v\">5.75<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">VaR<\/span><span class=\"v\">2.19%<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">No. instruments<\/span><span class=\"v\">114<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Annualised volatility<\/span><span class=\"v\">4.616<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Sharpe ratio<\/span><span class=\"v\">0.07<\/span><\/div>\n<div class=\"kvrow\"><span class=\"k\">Yield to maturity<\/span><span class=\"v\">5.72%<\/span><\/div>\n<\/div>\n<div class=\"card\">\n<h3>Sustainability rating<\/h3>\n<div class=\"globes\"><svg viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"10\" fill=\"#555C31\"><\/circle><path d=\"M2 12h20 M12 2a16 16 0 0 1 0 20 M12 2a16 16 0 0 0 0 20 M4 6.5c4.5 2.4 11.5 2.4 16 0 M4 17.5c4.5-2.4 11.5-2.4 16 0\" stroke=\"#fff\" stroke-width=\"1.1\" fill=\"none\"><\/path><\/svg><svg viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"10\" fill=\"#555C31\"><\/circle><path d=\"M2 12h20 M12 2a16 16 0 0 1 0 20 M12 2a16 16 0 0 0 0 20 M4 6.5c4.5 2.4 11.5 2.4 16 0 M4 17.5c4.5-2.4 11.5-2.4 16 0\" stroke=\"#fff\" stroke-width=\"1.1\" fill=\"none\"><\/path><\/svg><svg viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"10\" fill=\"#555C31\"><\/circle><path d=\"M2 12h20 M12 2a16 16 0 0 1 0 20 M12 2a16 16 0 0 0 0 20 M4 6.5c4.5 2.4 11.5 2.4 16 0 M4 17.5c4.5-2.4 11.5-2.4 16 0\" stroke=\"#fff\" stroke-width=\"1.1\" fill=\"none\"><\/path><\/svg><svg viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"10\" fill=\"#555C31\"><\/circle><path d=\"M2 12h20 M12 2a16 16 0 0 1 0 20 M12 2a16 16 0 0 0 0 20 M4 6.5c4.5 2.4 11.5 2.4 16 0 M4 17.5c4.5-2.4 11.5-2.4 16 0\" stroke=\"#fff\" stroke-width=\"1.1\" fill=\"none\"><\/path><\/svg><svg viewBox=\"0 0 24 24\"><circle cx=\"12\" cy=\"12\" r=\"10\" fill=\"#DDD5C6\"><\/circle><path d=\"M2 12h20 M12 2a16 16 0 0 1 0 20 M12 2a16 16 0 0 0 0 20 M4 6.5c4.5 2.4 11.5 2.4 16 0 M4 17.5c4.5-2.4 11.5-2.4 16 0\" stroke=\"#fff\" stroke-width=\"1.1\" fill=\"none\"><\/path><\/svg><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<div class=\"pfoot\"><b>Valori Asset Management SA<\/b> \u00b7 Valori Asset Management SA \u00b7 Viale Alessandro Volta 16, Chiasso (CH-6830) \u00b7 T +41 91 695 80 80<\/div>\n<\/p><\/div>\n<div class=\"page\">\n<div class=\"mast-slim\">\n<div class=\"msf\">Valori SICAV Subordinated Debt Fund<\/div>\n<div class=\"msd\">31 August 2026<\/div>\n<\/p><\/div>\n<div class=\"ruleset\" style=\"margin-top:2.2mm\"><\/div>\n<div class=\"duo\">\n<div>\n<h3>Asset allocation<\/h3>\n<div class=\"bars gold\">\n<div class=\"brow\">\n<div class=\"blabel\" title=\"Bonds\">Bonds<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:100.00%\"><\/div>\n<\/div>\n<div class=\"bval\">93.28%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"Futures \u2013 Options\">Futures \u2013 Options<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:18.82%\"><\/div>\n<\/div>\n<div class=\"bval\">17.56%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"Cash\">Cash<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:7.31%\"><\/div>\n<\/div>\n<div class=\"bval\">6.82%<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<h3>Currency exposure<\/h3>\n<div class=\"bars \">\n<div class=\"brow\">\n<div class=\"blabel\" title=\"EUR\">EUR<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:100.00%\"><\/div>\n<\/div>\n<div class=\"bval\">97.90%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"USD\">USD<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:1.26%\"><\/div>\n<\/div>\n<div class=\"bval\">1.24%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"GBP\">GBP<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:0.53%\"><\/div>\n<\/div>\n<div class=\"bval\">0.52%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"Altre\">Altre<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:0.03%\"><\/div>\n<\/div>\n<div class=\"bval\">0.03%<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"duo\">\n<div>\n<h3>Country allocation<\/h3>\n<p><svg viewBox=\"0 0 340 184.5\" style=\"width:100%;height:auto;display:block\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Archivo,Arial,sans-serif\"><path d=\"M72,92.25 L72.00,30.25 A62,62 0 0 1 132.31,106.63 Z\" fill=\"#802836\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L132.31,106.63 A62,62 0 0 1 101.98,146.52 Z\" fill=\"#CBA16D\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L101.98,146.52 A62,62 0 0 1 64.70,153.82 Z\" fill=\"#555C31\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L64.70,153.82 A62,62 0 0 1 30.97,138.73 Z\" fill=\"#3F526F\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L30.97,138.73 A62,62 0 0 1 12.21,108.66 Z\" fill=\"#5D1C27\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L12.21,108.66 A62,62 0 0 1 12.40,75.16 Z\" fill=\"#9A7440\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L12.40,75.16 A62,62 0 0 1 15.69,66.31 Z\" fill=\"#8A93A8\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L15.69,66.31 A62,62 0 0 1 20.08,58.36 Z\" fill=\"#B4BA8F\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L20.08,58.36 A62,62 0 0 1 24.97,51.85 Z\" fill=\"#C98B95\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L24.97,51.85 A62,62 0 0 1 30.60,46.10 Z\" fill=\"#E3D2B4\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,92.25 L30.60,46.10 A62,62 0 0 1 72.00,30.25 Z\" fill=\"#6E655C\" stroke=\"#fff\" stroke-width=\"1\"><\/path><circle cx=\"72\" cy=\"92.25\" r=\"34.1\" fill=\"#fff\"><\/circle><rect x=\"150\" y=\"9.0\" width=\"9\" height=\"9\" fill=\"#802836\"><\/rect> <text x=\"164\" y=\"17.0\" font-size=\"8.6\" fill=\"#28221E\">France<\/text> <text x=\"336\" y=\"17.0\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">28.72%<\/text><rect x=\"150\" y=\"24.5\" width=\"9\" height=\"9\" fill=\"#CBA16D\"><\/rect> <text x=\"164\" y=\"32.5\" font-size=\"8.6\" fill=\"#28221E\">Italy<\/text> <text x=\"336\" y=\"32.5\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">13.24%<\/text><rect x=\"150\" y=\"40.0\" width=\"9\" height=\"9\" fill=\"#555C31\"><\/rect> <text x=\"164\" y=\"48.0\" font-size=\"8.6\" fill=\"#28221E\">United Kingdom<\/text> <text x=\"336\" y=\"48.0\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">9.91%<\/text><rect x=\"150\" y=\"55.5\" width=\"9\" height=\"9\" fill=\"#3F526F\"><\/rect> <text x=\"164\" y=\"63.5\" font-size=\"8.6\" fill=\"#28221E\">Netherlands<\/text> <text x=\"336\" y=\"63.5\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">9.63%<\/text><rect x=\"150\" y=\"71.0\" width=\"9\" height=\"9\" fill=\"#5D1C27\"><\/rect> <text x=\"164\" y=\"79.0\" font-size=\"8.6\" fill=\"#28221E\">Germany<\/text> <text x=\"336\" y=\"79.0\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">9.23%<\/text><rect x=\"150\" y=\"86.5\" width=\"9\" height=\"9\" fill=\"#9A7440\"><\/rect> <text x=\"164\" y=\"94.5\" font-size=\"8.6\" fill=\"#28221E\">Spain<\/text> <text x=\"336\" y=\"94.5\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">8.71%<\/text><rect x=\"150\" y=\"102.0\" width=\"9\" height=\"9\" fill=\"#8A93A8\"><\/rect> <text x=\"164\" y=\"110.0\" font-size=\"8.6\" fill=\"#28221E\">Portugal<\/text> <text x=\"336\" y=\"110.0\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">2.43%<\/text><rect x=\"150\" y=\"117.5\" width=\"9\" height=\"9\" fill=\"#B4BA8F\"><\/rect> <text x=\"164\" y=\"125.5\" font-size=\"8.6\" fill=\"#28221E\">Austria<\/text> <text x=\"336\" y=\"125.5\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">2.33%<\/text><rect x=\"150\" y=\"133.0\" width=\"9\" height=\"9\" fill=\"#C98B95\"><\/rect> <text x=\"164\" y=\"141.0\" font-size=\"8.6\" fill=\"#28221E\">Switzerland<\/text> <text x=\"336\" y=\"141.0\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">2.09%<\/text><rect x=\"150\" y=\"148.5\" width=\"9\" height=\"9\" fill=\"#E3D2B4\"><\/rect> <text x=\"164\" y=\"156.5\" font-size=\"8.6\" fill=\"#28221E\">Bermuda<\/text> <text x=\"336\" y=\"156.5\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">2.07%<\/text><rect x=\"150\" y=\"164.0\" width=\"9\" height=\"9\" fill=\"#6E655C\"><\/rect> <text x=\"164\" y=\"172.0\" font-size=\"8.6\" fill=\"#28221E\">Altri<\/text> <text x=\"336\" y=\"172.0\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">11.64%<\/text><\/svg><\/div>\n<div>\n<h3>Payment rank<\/h3>\n<p><svg viewBox=\"0 0 340 150\" style=\"width:100%;height:auto;display:block\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Archivo,Arial,sans-serif\"><path d=\"M72,75 L72.00,13.00 A62,62 0 0 1 129.78,97.49 Z\" fill=\"#802836\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,75 L129.78,97.49 A62,62 0 0 1 32.78,123.01 Z\" fill=\"#CBA16D\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,75 L32.78,123.01 A62,62 0 0 1 28.40,30.92 Z\" fill=\"#555C31\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,75 L28.40,30.92 A62,62 0 0 1 62.24,13.77 Z\" fill=\"#3F526F\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,75 L62.24,13.77 A62,62 0 0 1 66.63,13.23 Z\" fill=\"#5D1C27\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,75 L66.63,13.23 A62,62 0 0 1 70.40,13.02 Z\" fill=\"#9A7440\" stroke=\"#fff\" stroke-width=\"1\"><\/path><path d=\"M72,75 L70.40,13.02 A62,62 0 0 1 72.00,13.00 Z\" fill=\"#8A93A8\" stroke=\"#fff\" stroke-width=\"1\"><\/path><rect x=\"150\" y=\"22.8\" width=\"9\" height=\"9\" fill=\"#802836\"><\/rect> <text x=\"164\" y=\"30.8\" font-size=\"8.6\" fill=\"#28221E\">CoCo \u2013 AT1<\/text> <text x=\"336\" y=\"30.8\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">30.91%<\/text><rect x=\"150\" y=\"38.3\" width=\"9\" height=\"9\" fill=\"#CBA16D\"><\/rect> <text x=\"164\" y=\"46.3\" font-size=\"8.6\" fill=\"#28221E\">Tier 2<\/text> <text x=\"336\" y=\"46.3\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">29.99%<\/text><rect x=\"150\" y=\"53.8\" width=\"9\" height=\"9\" fill=\"#555C31\"><\/rect> <text x=\"164\" y=\"61.8\" font-size=\"8.6\" fill=\"#28221E\">Hybrids<\/text> <text x=\"336\" y=\"61.8\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">26.69%<\/text><rect x=\"150\" y=\"69.3\" width=\"9\" height=\"9\" fill=\"#3F526F\"><\/rect> <text x=\"164\" y=\"77.3\" font-size=\"8.6\" fill=\"#28221E\">RT1<\/text> <text x=\"336\" y=\"77.3\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">9.90%<\/text><rect x=\"150\" y=\"84.8\" width=\"9\" height=\"9\" fill=\"#5D1C27\"><\/rect> <text x=\"164\" y=\"92.8\" font-size=\"8.6\" fill=\"#28221E\">Supranational<\/text> <text x=\"336\" y=\"92.8\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">1.13%<\/text><rect x=\"150\" y=\"100.3\" width=\"9\" height=\"9\" fill=\"#9A7440\"><\/rect> <text x=\"164\" y=\"108.3\" font-size=\"8.6\" fill=\"#28221E\">Senior Pref<\/text> <text x=\"336\" y=\"108.3\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">0.97%<\/text><rect x=\"150\" y=\"115.8\" width=\"9\" height=\"9\" fill=\"#8A93A8\"><\/rect> <text x=\"164\" y=\"123.8\" font-size=\"8.6\" fill=\"#28221E\">High Yield Corpora\u2026<\/text> <text x=\"336\" y=\"123.8\" text-anchor=\"end\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">0.41%<\/text><\/svg><\/div>\n<\/div>\n<div class=\"duo\">\n<div>\n<h3>Rating breakdown<\/h3>\n<p><svg viewBox=\"0 0 340 196\" style=\"width:100%;height:auto;display:block\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" font-family=\"Archivo,Arial,sans-serif\"> <line x1=\"8\" y1=\"170.0\" x2=\"332\" y2=\"170.0\" stroke=\"#6E655C\" stroke-width=\"1\"><\/line> <rect x=\"18.3\" y=\"167.2\" width=\"33.5\" height=\"2.8\" fill=\"#CBA16D\"><\/rect><rect x=\"72.3\" y=\"160.1\" width=\"33.5\" height=\"9.9\" fill=\"#CBA16D\"><\/rect><rect x=\"126.3\" y=\"20.0\" width=\"33.5\" height=\"150.0\" fill=\"#CBA16D\"><\/rect><rect x=\"180.3\" y=\"93.7\" width=\"33.5\" height=\"76.3\" fill=\"#CBA16D\"><\/rect><rect x=\"234.3\" y=\"162.6\" width=\"33.5\" height=\"7.4\" fill=\"#CBA16D\"><\/rect><rect x=\"288.3\" y=\"169.0\" width=\"33.5\" height=\"1.0\" fill=\"#CBA16D\"><\/rect><text x=\"35.0\" y=\"163.2\" text-anchor=\"middle\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">1.13%<\/text><text x=\"89.0\" y=\"156.1\" text-anchor=\"middle\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">4.00%<\/text><text x=\"143.0\" y=\"16.0\" text-anchor=\"middle\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">60.66%<\/text><text x=\"197.0\" y=\"89.7\" text-anchor=\"middle\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">30.84%<\/text><text x=\"251.0\" y=\"158.6\" text-anchor=\"middle\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">2.97%<\/text><text x=\"305.0\" y=\"165.0\" text-anchor=\"middle\" font-size=\"8.6\" font-weight=\"700\" fill=\"#28221E\">0.40%<\/text><text x=\"35.0\" y=\"188\" text-anchor=\"middle\" font-size=\"7.6\" fill=\"#6E655C\">AAA<\/text><text x=\"89.0\" y=\"188\" text-anchor=\"middle\" font-size=\"7.6\" fill=\"#6E655C\">A<\/text><text x=\"143.0\" y=\"188\" text-anchor=\"middle\" font-size=\"7.6\" fill=\"#6E655C\">BBB<\/text><text x=\"197.0\" y=\"188\" text-anchor=\"middle\" font-size=\"7.6\" fill=\"#6E655C\">BB<\/text><text x=\"251.0\" y=\"188\" text-anchor=\"middle\" font-size=\"7.6\" fill=\"#6E655C\">B<\/text><text x=\"305.0\" y=\"188\" text-anchor=\"middle\" font-size=\"7.6\" fill=\"#6E655C\">Non class\u2026<\/text><\/svg><\/div>\n<div>\n<h3>Top 10 holdings<\/h3>\n<div class=\"bars \">\n<div class=\"brow\">\n<div class=\"blabel\" title=\"UCGIM 5.8 PERP\">UCGIM 5.8 PERP<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:100.00%\"><\/div>\n<\/div>\n<div class=\"bval\">3.53%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"ASR NEDERLAND NV TV 07.12.43\">ASR NEDERLAND NV TV 07.12.43<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:77.30%\"><\/div>\n<\/div>\n<div class=\"bval\">2.73%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"BACR 6 1\/8 PERP\">BACR 6 1\/8 PERP<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:75.71%\"><\/div>\n<\/div>\n<div class=\"bval\">2.67%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"CABKSM 5 7\/8 PERP\">CABKSM 5 7\/8 PERP<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:60.50%\"><\/div>\n<\/div>\n<div class=\"bval\">2.14%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"SOGECAP SA TV 03.04.45\">SOGECAP SA TV 03.04.45<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:55.94%\"><\/div>\n<\/div>\n<div class=\"bval\">1.98%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"LA MONDIALE 20.10.35\">LA MONDIALE 20.10.35<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:55.45%\"><\/div>\n<\/div>\n<div class=\"bval\">1.96%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"ATHORA HOLDING LTD 10.09.34\">ATHORA HOLDING LTD 10.09.34<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:54.61%\"><\/div>\n<\/div>\n<div class=\"bval\">1.93%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"DEUTSCHE BANK AG TV 15.05.41\">DEUTSCHE BANK AG TV 15.05.41<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:53.64%\"><\/div>\n<\/div>\n<div class=\"bval\">1.90%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"ADECCO INT FINANCIAL SVS TV 23.04.56\">ADECCO INT FINANCIAL SVS TV 23.04.56<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:49.33%\"><\/div>\n<\/div>\n<div class=\"bval\">1.74%<\/div>\n<\/div>\n<div class=\"brow\">\n<div class=\"blabel\" title=\"STLA 6 7\/8 PERP\">STLA 6 7\/8 PERP<\/div>\n<div class=\"btrack\">\n<div class=\"bfill\" style=\"left:0.00%;width:48.23%\"><\/div>\n<\/div>\n<div class=\"bval\">1.70%<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"disclaimer\">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.<\/div>\n<div class=\"pfoot\"><b>Valori Asset Management SA<\/b> \u00b7 Valori Asset Management SA \u00b7 Viale Alessandro Volta 16, Chiasso (CH-6830) \u00b7 T +41 91 695 80 80<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"fsx-note\">For information purposes only. This does not constitute an offer, recommendation or solicitation to invest. Data as at 31 August 2026.<\/p>\n<p><script>(function(){var vp=document.getElementById('fsx2460215200en_vp'),inn=document.getElementById('fsx2460215200en_in'),btn=document.getElementById('fsx2460215200en_z');if(!vp||!inn)return;var mode='fit';function fit(){var w=vp.clientWidth;if(!w)return;if(mode==='full'){inn.style.transform='none';vp.style.height='auto';vp.style.overflowX='auto';btn.textContent='Fit to screen';btn.style.display=(w<794)?'inline-block':'none';return;}var s=Math.min(1,w\/794);inn.style.transform='scale('+s+')';vp.style.overflowX='hidden';vp.style.height=(inn.offsetHeight*s)+'px';btn.textContent='Enlarge';btn.style.display=(s<1)?'inline-block':'none';}if(btn)btn.onclick=function(){mode=(mode==='fit')?'full':'fit';fit();};fit();window.addEventListener('resize',fit);window.addEventListener('load',fit);setTimeout(fit,300);setTimeout(fit,1200);if(window.ResizeObserver){new ResizeObserver(function(){if(mode==='fit')fit();}).observe(inn);}})();<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Class A EUR &middot; ISIN LU2460215200 &middot; Data as at 31 August 2026 Download the PDFEnlargeBack to the fund Past performance is not a reliable indicator of future results. Monthly factsheet \u00b7 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 [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-2277","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/pages\/2277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/comments?post=2277"}],"version-history":[{"count":2,"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/pages\/2277\/revisions"}],"predecessor-version":[{"id":2594,"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/pages\/2277\/revisions\/2594"}],"wp:attachment":[{"href":"https:\/\/www.valorisicav.com\/en\/wp-json\/wp\/v2\/media?parent=2277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}