Bond Inflation Protection
- Fund
- Fixed Income
- Global
- Investment Grade
- Inflation
Product details
NAV Price
Current
Absolute Performance
Since 1 Year
Evolution in reference currency (base value 100)
Past performance is no indication of current or future performance. Fees and commissions incurred at fund level are included in the performance indicated. However, the performance data do not take account of the commissions and costs incurred on the subscription and redemption of units or shares.
Strategy
The sub-fund invests in international bonds using a « break even » strategy. It mainly consists in buying inflation linked bonds rated Investment Grade and hedging against interest rate risk. Alternatively the fund might invest in inflation swaps. The break-even exposure of the portfolio is actively managed.
Management commentary
March saw renewed inflation fears as rising oil prices, driven by Middle East conflict, pushed government bond yields higher globally and curves flattened. The Federal Reserve and ECB held rates unchanged, citing inflation risks, while US, euro area, and UK yields climbed sharply. UK gilt yields rose most, euro area spreads widened, and Japan's moves remained modest with stable policy guidance. The absolute performance of the fund was positive on the back of increased breakevens over the course of the month.
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