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H2O MultiBonds

H2O MultiBonds is the flagship fund of H2O’s total return (alpha + beta) global fixed income multi-currency strategies.

H2O MultiBonds is managed with an annual ex-post volatility target comprised between 8% and 15% over a minimum 3-year investment horizon.

As a total return fund, H2O MultiBonds provides a directional (beta) exposure to global sovereign bond and currency markets, and an access to H2O’s global fixed income and currency strategies (alpha).

Indeed, the fund is structurally long the government bonds of the four main OECD markets (US, UK, Germany and Japan) and their respective currencies.

The team adds up active (long / short) positions to either neutralise or emphasize the directional exposure to sovereign bond markets and currencies, as well as exogenous positions to generate additional alpha.

The fund may be exposed to fixed income (sovereign debt, investment grade credit, high yield), and currency markets.

The main characteristics of H2O MultiBonds are:

  • FCP governed by French law – UCITS IV approved of by AMF
  • Daily marked-to-market valuation & liquidity
  • Modified duration bracket: -0 to +10
  • OECD Government bonds (max % of NAV on purchase): 100%
  • OECD Investment Grade non-government bonds: 60% inc. collateralised bonds (ABS & MBS) with minimum AA/Aa2 rating: 20%
  • Non-OECD government bonds & OECD Speculative Grade non-government bonds & Non-OECD non-government bonds (idem): 30%
  • Maximum OECD & non-OECD currency gross commitment: 500%
Fund name
Benchmark
   
Share - ISIN     Asset class     Net Asset Value (NAV)     Performance     Documents
H2O Multibonds JPM GBI BROAD TR € I (C) EUR - FR0010930438 Fixed Income
232,636.89 EUR 14/08/2019
15.69 % 10.19 % 14/08/2019

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I (C) USD - FR0010930735 Fixed Income
206,788.65 USD 14/08/2019
13.96 % --- 14/08/2019

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R (C) EUR - FR0010923375 Fixed Income
454.41 EUR 14/08/2019
15.26 % 10.19 % 14/08/2019

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R (D) EUR - FR0011981851 Fixed Income
195.27 EUR 14/08/2019
15.06 % 10.19 % 14/08/2019

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R (C) USD - FR0011981836 Fixed Income
227.14 USD 14/08/2019
13.41 % --- 14/08/2019

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H-SR (C) CHF - FR0013393352 Fixed Income
108.15 CHF 14/08/2019
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H-SR (C) USD - FR0013393345 Fixed Income
113.00 USD 14/08/2019
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SR (C) EUR - FR0013393329 Fixed Income
114.40 EUR 14/08/2019
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H-I (C) USD - FR0011973684 Fixed Income
139,775.92 USD 14/08/2019
17.42 % --- 14/08/2019

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H-R (C) USD - FR0011973676 Fixed Income
295.76 USD 14/08/2019
16.89 % --- 14/08/2019

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H-R (C) CHF - FR0011061795 Fixed Income
483.96 CHF 14/08/2019
15.12 % --- 14/08/2019

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