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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
265,876.02 EUR 04/12/2019
29.72 % 9.41 % 03/12/2019

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I (C) USD - FR0010930735 Fixed Income
235,676.23 USD 04/12/2019
27.38 % --- 03/12/2019

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R (C) EUR - FR0010923375 Fixed Income
518.67 EUR 04/12/2019
29.07 % 9.41 % 03/12/2019

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R (D) EUR - FR0011981851 Fixed Income
222.88 EUR 04/12/2019
28.84 % 9.41 % 03/12/2019

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R (C) USD - FR0011981836 Fixed Income
258.54 USD 04/12/2019
26.61 % --- 03/12/2019

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H-S (C) CHF - FR0013393352 Fixed Income
123.21 CHF 04/12/2019
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H-S (C) USD - FR0013393345 Fixed Income
129.67 USD 04/12/2019
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SR (C) EUR - FR0013393329 Fixed Income
130.40 EUR 04/12/2019
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H-I (C) USD - FR0011973684 Fixed Income
160,817.48 USD 04/12/2019
32.53 % --- 03/12/2019

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H-R (C) USD - FR0011973676 Fixed Income
339.84 USD 04/12/2019
31.76 % --- 03/12/2019

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H-R (C) CHF - FR0011061795 Fixed Income
552.21 CHF 04/12/2019
28.86 % --- 03/12/2019

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