Mirabaud Asset Management’s high yield bond product, launched in February last year with USD130m under management, has reached USD240m, representing an increase of 85 per cent in its first year.
The Mirabaud Global High Yield Bond fund is a UCITS IV offering structured as a Luxembourg SICAV and is managed by Andrew Lake, recruited by Mirabaud from Aviva in 2012.
The portfolio now holds approximately 100 bonds and has a 70 per cent weighting towards Europe, 30 per cent US, with an average ‘B’ rating on credits held within the fund. The fund has avoided duration-sensitive bonds by focusing on single ‘B’ credits with particular emphasis on UK retail and US cyclicals.
Over one year the fund is top decile, according to the IMA Peer Group, producing a return of 7.89 per cent.
Lake says: “We are very pleased with the excellent performance of the fund over the past 12 months which is illustrative of the robustness of the investment process and the depth of experience of the team. We are confident that this strong start will continue along with further flows into the fund.”
Since launch, Lake has been joined by a team of three:
· Fatima Luis joined Mirabaud as high yield portfolio manager and analyst in June 2013 from F&C where she spent 14 years managing high yield and credit retail funds including the F&C Strategic Bond Fund as well as helping to oversee the institutional global yield mandates totalling approximately USD1bn in assets.
· Alexander Lushnikov joined Mirabaud as a high yield analyst in January 2013. Prior to this he gained experience as a high yield credit analyst at Credit Agricole Corporate and Investment Bank.
· Al Cattermole joined Mirabaud as a senior credit analyst in November 2013. He joined from Goldbridge Capital Partners where he was responsible for corporate credit research.