Tramondo Credit Opportunities (UCITS)
Global Fixed Income. An almost forgotten Star returns.
Cost-efficient and simple access to the most exciting investment ideas in the bond market
Please see important disclosures further down the page.
Cumulative fund performance
Latest reporting document
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Key fund figures
We cannot direct the wind..
Fixed income valuations continue to be distorted in the wake of last decade’s supportive monetary policy.
Ex-ante-defined benchmarks place too many constraints on our daily actions, countering investors’ interests in the longer term.
.. but we can adjust the sails.
Tramondo Credit Opportunities aims to provide a cost-efficient and simple opportunistic fixed-income solution. It prefers allocations into Emerging Markets, High Yield and Hybrid Bonds.
The portfolio is broadly diversified across various investment themes, credit risks, regions and sectors.
“The four most dangerous words in investing are: ‘This time it’s different.”
– Sir John Templeton, Investor
Fund strategy and investment approach at a glance
Investment objective
- Driven by Tramondo’s benchmark-free thinking, the strategy is ideally positioned to take advantage of the most attractive investment opportunities, depending on the prevailing market conditions
- Credit and duration risks are continuously monitored as part of a disciplined investment process
- The flexibility of the strategy allows the fund to move with a credit market beta of between 0.5x and 1.0x
Investment Philosophy
- Ex-ante-defined benchmarks place too many constraints on our daily actions, which runs counter to investors’ interests in the longer term
- Tramondo combines top-down” and bottom-up elements in its investment process to obtain a holistic assessment of investment opportunities
- Special emphasis is placed on broad risk diversification in terms of issuers, countries and investment themes
Additional fund information (Liechtenstein Fund Association, LAVF)
Additional Information
The last three-year rating was out of 118 global corporate bond funds as of the latest reporting date. They are based on the USD B share class only; other classes may have different performance characteristics.
The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed- end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Tramondo UCITS SICAV – Credit Opportunities (USD) B was rated against the following numbers of global corporate bond funds over the following time periods: 118 funds in the last three years. The rating is based only on three years and is for the USD B share class only; other classes may have different performance characteristics. Past performance is no guarantee of future results.
© 2024 Morningstar, Inc. All rights reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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