Global Markets I

The Global Markets Fund is a global diversified fund that invests in fixed income instruments, both government and corporate issues.
The fund is non-benchmarked, with respect for balanced sector allocation.

The fund’s objective is to invest in corporate bonds, on a global and non-benchmarked basis. The investment process is bottom-up security selection. This with respect for balanced sector allocation. Maximum 10% is allowed to be invested in non-investment grade ratings.

CapitalatWork’s in house analysts assess balance-sheet strength and provide internal estimates of free cashflow and growth on selected companies. The in-house valuation model computes relative credit valuation ratios. Free cashflow ex-interest relative to market value of capital employed is the key metric next to interest cover and leverage ratios. The manager is in charge of diversified credit selection and global asset allocation.

Special attention is paid to a detailed funding analysis. This analysis allows the manager to assess the financial stress over the next 5 years in a difficult economic and financial environment. Most important inputs are expected free cash flows, debt maturities, and dividend pay-outs.

This Fund is managed by : Christophe Pirson

Morningstar rating:

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Fact Sheets:

Global Market 1