FIXED INCOME
Portfolio positioning WAL under 1 year. [max 3 years] We will reinvest maturing bonds progressively to benefit from higher rates/wider spreads Positionning : Underweight Hybrids (TCom, Utilities), Banks (esp. Tier2) as well as refinancing risks (Maxeda, Victoria, Graanul, Auchan..)
Distribution by year of maturity
Portfolio characteristics
Chart Title Average maturity at worst : January 2029
ESG characteristics
Financial characteristics
52,2%
AMF classification
3
Total asset (M€)
9
SFDR classification
8
Modified duration
2,6
ESG rating (min. BBB)
A
Duration (years)
2,7
Coverage rate (min 50%) Sustainable Investment % (min 20%)
61%
Average maturity
4,9
34%
27,2%
Average maturity at worst
3,4
Gross yield
4,7%
Gross yield at worst
4,6%
16,0%
Average Coupon
6,0%
Number of holdings
81
4,6%
Number of issuers
81
Top 5 holdings
7,4%
2028
2029
2030
2031
Weight of the 10 largest issuers
13,7%
Asset allocation
Distribution & Average yield by rating (excluding cash & liquidity)
90,1%
54,3%
33,5%
8,6%
1,1% 0,0%
7,4%
2,5%
1
BBB
BB
B
CCC
NR
Financials
Corporate
Cash
Average yield
4.1% 4.4% 5.2% 5.8%
Public
1 – Of which 1.9% Tier 2 bonds Source: Rothschild & Co Asset Management – 31/12/2024
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