Swiss Life Funds (LUX) Bond High Yield Opportunity 2026
- Fund
- Fixed Income
- Global
- High Yield
Product details
Performance
Since 1 Year
+7.09%
Data updated on 30 April 2025
Strategy
This is an international carry fund. It is designed to exploit the potential of speculative (high yield) bonds with a maturity close to the term of the fund, 30 June 2026. Subordinated bank debt and insurance are excluded. Securities denominated in USD and GBP are hedged against exchange rate risk.
Management commentary
April 2025 saw a historic risk-off move after the announcement of reciprocal tariffs by the US. The S&P 500 experienced its fifth-worst two-day fall since World War II, 30-year Treasuries briefly surpassed 5%, and the VIX closed above 50. Calm returned towards the end of the month following a 90-day postponement of reciprocal tariffs and the start of bilateral negotiations. Ex-fin high-yield risk premiums widened (+34 bps EU, +40 bps US), but performance remained relatively stable (+0.3% EU, -0.1% US) thanks to a strong interest rate contribution.
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