Fact sheet: GAM Star Credit Opportunities USD

Rated Fund Information
Rated Funds Group
?Money Observer has arranged all its Rated Funds into easy to understand Rated Fund Groups, comprising funds and investment trusts.
GLOBAL BONDS
Sector
FO Fixed Int - Global
Fund type
OEIC
Primary aim
INCOME
Why Money Observer Rates GAM Star Credit Opportunities USD

Rated Fund 2016-2017. Behaving like equity fund managers

GAM's Star Credit Opportunities funds scored a double whammy in Money Observer's 2016 fund awards, carrying off winners' trophies in both the sterling and global bond fund categories. Both funds are managed according to the same philosophy: focusing on bonds issued by high-quality, predominantly investment grade companies.

Both are managed jointly by Anthony Smouha and Gregoire Mivelaz. The managers believe their strength is their different view on bond investing compared to many other investors. They focus on the lower-rated bonds of 'safe companies', which have the same credit default profiles but pay more income.

According to Smouha and Mivelaz, these 'hybrid investments' offer a rich and growing opportunity set as companies increasingly use them as a lower-cost alternative to raising equity. When selecting stock, they undertake intensive bond research, combined with 'an equity mind-set' to ensure they only invest in companies with a low probability of default.

They also reduce interest rate sensitivity in the fund by investing in floating rate and 'fixed to floater' bonds, as well as mitigating against macroeconomic risk by holding strong national names or international franchises. They do not use derivatives except to hedge currency, and have many holdings in order to diversify risk.

In terms of geography, they generally stick to core Europe, North America, Australia and the UK, and global franchises within these countries, although they do have small holdings in some corporations in emerging countries. They feel there is still an 'abundance of opportunities' for delivering income and gains for some years to come.

3 Year Performance
Fund Performance24%
Average of Rated Funds Group18%
Sector Performance5.4%
Fund information
Fund name
GAM Star Credit Opportunities USD Inst
Fund manager company
GAM Fund Management Ltd
Fund type
OEIC
Fund managers
  • Gregoire Mivelazsince 31/07/2015
  • Anthony Smouhasince 18/07/2011
Accolades
Fund objective
To achieve capital gain in US Dollars. The Fund seeks to achieve this objective through investment principally on a worldwide basis (up to 25% of net assets may be in Emerging Markets) in income bearing or accruing securities with fixed principal amounts including government bonds, corporate bonds, junior debt securities, preferred shares, convertible securities and contingent capital notes.
Benchmark
  • Barclays US Aggregate Corporate
Investment style
None
Investment method
Fixed Interest
Quick stats
1 Year return
10.1%
1 Year rank in sector
17/310
Sector
FO Fixed Int - Global
Yield
-
Ongoing charge (OCF)
?A fund’s ongoing charges figure (OCF) is similar to the old-style total expense ratio. It reflects the annual charge to investors in the fund, in percentage terms, but does not include extra performance-related fees (where these are levied) or the fund’s trading expenses on its underlying investments.
1.13%
Fund size
£5,030m (£1,838m last year)
FE Risk score
?FE Risk Scores measure the riskiness of instruments relative to the FTSE 100 index of shares. Weekly volatility is measured over three years with recent behaviour counting more heavily than earlier behaviour. Cash-type investments will have scores close to zero. Funds will tend to have scores in the 0-150 range. The FTSE 100 is always scored at 100. There is no upper limit.
78
Top in this sector
Fund name1 Year
BlueBay Fin Cap Bd22.8%
H2O Multibonds22.5%
Wellington MP II GblTtlRtn18.4%
DB Platinum IV Inst FxInc16.6%
LM BdywnGlSvrnCr13.7%
...more in FO Fixed Int - Global

Performance snapshot

Holdings snapshot

  • UK36.2%
    Others22.3%
    Switzerland12.6%
    France7.3%
    Netherlands6.7%
  • No data available.
  • UK Fixed Interest36.2%
    Global Fixed Interest22.3%
    Swiss Fixed Interest12.6%
    French Fixed Interest7.3%
    Dutch Fixed Interest6.7%

Performance vs Sector

Cumulative performance
 1 mth3 mth6 mth1 yr3 yr5 yr
Fund-0.8%0.5%2.7%10.1%24%52.5%
Sector-0.6%-0.2%-0.1%2.5%5.4%8.8%
Rank within sector201 / 346113 / 33926 / 33017 / 3103 / 2392 / 184
Quartile3rd2nd1st1st1st1st
Calendar performance
 YTD - 20182017201620152014
Fund-0.1%13.1%8.9%2.4%8.5%
Sector-0.4%3.7%4.6%-1.6%3.7%
Rank within sector122 / 3446 / 30230 / 26630 / 23739 / 205
Quartile2nd1st1st1st1st
Risk statistics
Alpha
?Alpha is a measure of a fund's over- or under-performance by comparison to its benchmark. If the Alpha is 5, the fund has outperformed its benchmark by 5%; so the greater the Alpha, the greater the outperformance.
6.19
Beta
?Beta estimates a fund's volatility by comparison to that of its benchmark. A fund with a beta close to 1 means that the fund will move generally in line with the benchmark. Higher than 1 and the fund is more volatile than the benchmark and vice versa.
1.07
Sharpe
?This commonly-used measure calculates the level of return over and above the return of a notional risk-free investment, such as cash. The difference in returns is then divided by the fund's volatility. The resulting ratio is an indication of the amount of excess return generated per unit of risk.
1.14
Volatility
?Volatility (or standard deviation), when applied to an investment fund, expresses its risk. It shows how widely a range of returns varied from the fund's average return over a particular period. For example, if a fund had an average return of 5%, and its volatility was 15, this would mean that the range of its returns over the period had swung between +20% and -10%.
4.09
Tracking error
?This measures the standard deviation of a fund's excess returns over the returns of an index or benchmark portfolio. As such, it can be an indication of 'riskiness' in the manager's investment style. A Tracking Error below 2 suggests a passive approach. At 3 and above the the manager will be deploying a more active investment style.
3.03
Information ratio
?This is a useful risk-adjusted measure of actively managed fund performance. It is calculated by deducting the returns of the fund's benchmark from the fund's overall returns, then dividing the result by its tracking error. The higher the Information Ratio the better. It is generally considered that a figure of 0.5 reflects a good performance, 0.75 very good, and 1.00 outstanding.
2.07
R-Squared
?An indication of how closely correlated a fund is to an index or a benchmark. Values for R-Squared range between 0 and 1, with 0 indicating no correlation at all and 1 showing a perfect match. Values upwards of 0.7 suggest that the fund's behaviour is increasingly linked to its benchmark.
0.45
Price movement
52 week high15.22
52 week low13.69
Current bid price-
Current offer price-
Current mid price15.05
Region
1UK36.22%
2Others22.27%
3Switzerland12.6%
4France7.3%
5Netherlands6.67%
6USA5.31%
7Belgium5%
8Australia4.63%
Industry sector
No data available.
Asset type
1UK Fixed Interest36.22%
2Global Fixed Interest22.27%
3Swiss Fixed Interest12.6%
4French Fixed Interest7.3%
5Dutch Fixed Interest6.67%
6US Fixed Interest5.31%
7Belgian Fixed Interest5%
8Australian Fixed Interest4.63%
Individual holdings
1HSBC HOLDINGS FRN PERP 7.5%
2STICHTING AK RABOBANK CERTIFICATEN 6.5% PERP3.5%
3SOCIETE GENERALE FRN PERP3.2%
4CREDIT SUISSE GROUP FRN PERP2.1%
5BNP PARIBAS FORTIS FRN CNV PERP2%
6BARCLAYS FRN PERP1.8%
7PERSHING SQUARE HLDGS LTD 5.5% BDS 15/07/22 USD2500001.7%
8RELIANCE INDUSTRIES 5.875% PERPETUAL1.7%
9TESCO 6.15% SNR NTS 15/11/37 USD100000 `144A`1.7%
Management
Fund manager group
GAM
Fund manager company
GAM Fund Management Ltd
Fund type
OEIC
Fund objective
To achieve capital gain in US Dollars. The Fund seeks to achieve this objective through investment principally on a worldwide basis (up to 25% of net assets may be in Emerging Markets) in income bearing or accruing securities with fixed principal amounts including government bonds, corporate bonds, junior debt securities, preferred shares, convertible securities and contingent capital notes.
Benchmark
  • Barclays US Aggregate Corporate
Investment style
None
Investment method
Fixed Interest
Fund managers
NameSinceBiography
Gregoire Mivelaz31/07/2015Gregoire Mivelaz is a Fund Manager at Atlanticomnium S.A. and a member of Atlanticomnium’s Management Committee. Atlanticomnium S.A. specialises in bond portfolio management. Prior to joining Atlanticomnium S.A. in 2009, Mr Mivelaz held positions both as a buy-side and as a sell-side credit analyst. Mr Mivelaz graduated from the University of St Gallen and holds a BA in Finance and Capital Markets, an MA in Economics and is a CAIA charterholder. He is based in Geneva.
Anthony Smouha18/07/2011Anthony Smouha is Chief Executive Officer of ATLANTICOMNIUM S.A. and is adviser to multiple GAM bond funds. ATLANTICOMNIUM S.A. specialises in bond portfolio management. Prior to joining ATLANTICOMNIUM S.A. in 1992, Mr Smouha was senior vice president, head of bond trading and sales at Soditic SA/SG Warburg Soditic SA, Geneva. Prior to this, he was at Credit Suisse First Boston in London. Mr Smouha was educated at Harrow School and holds an MA Cantab Hons in Economics from the University of Cambridge. He is based in Geneva.
Compliance
Transparent for Austrian Tax, Transparent for Swiss Tax, IA Recognised, Reporting Fund Status, UCITS IV Compliant, UCITS V Compliant
Domicile
No data available.
Fund for sale in
Austria, Bulgaria, Bahrain, Switzerland, Chile, Germany, Denmark, Spain, Finland, France, United Kingdom, Hong Kong, Ireland, Italy, Luxembourg, Netherlands, Norway, Offshore, Portugal, Singapore, Sweden, United Arab Emirates
GAM Star Credit Opportunities USD A USD
Initial charge5%
Annual charge1.15%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.83%
Total expense ratio (TER)1.83%
Bid price-
Offer price-
Mid price12.83
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeKPKW
GAM Star Credit Opportunities USD AQ USD
Initial charge5%
Annual charge1.15%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.83%
Total expense ratio (TER)1.83%
Bid price-
Offer price-
Mid price10.14
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeMGOB
GAM Star Credit Opportunities USD Acc
Initial charge5%
Annual charge1.35%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)1.53%
Bid price-
Offer price-
Mid price16.8729
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi code05ZP
GAM Star Credit Opportunities USD C USD
Initial charge5%
Annual charge1.15%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)2.28%
Total expense ratio (TER)2.28%
Bid price-
Offer price-
Mid price12.62
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeKPKU
GAM Star Credit Opportunities USD Inc
Initial charge5%
Annual charge1.35%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)1.53%
Bid price-
Offer price-
Mid price12.7729
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi code0NHP
GAM Star Credit Opportunities USD Inst
Initial charge5%
Annual charge0.95%
Min single investment£20,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.13%
Total expense ratio (TER)1.13%
Bid price-
Offer price-
Mid price15.0487
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeJ72Q
GAM Star Credit Opportunities USD Inst Hedged Acc ILS
Initial charge5%
Annual charge0.95%
Min single investment£75,000,000
Min regular saving£0
Available in ISAYes
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price40.549
CurrencyILS
Price updated19/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeO70P
GAM Star Credit Opportunities USD Inst I
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.0174
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeOCHB
GAM Star Credit Opportunities USD Institutional M II SGD
Initial charge5%
Annual charge0.95%
Min single investment£20,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price9.9313
CurrencySGD
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeO9AC
GAM Star Credit Opportunities USD MCO II Inc SGD
Initial charge5%
Annual charge1.35%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)1.53%
Bid price-
Offer price-
Mid price10.9198
CurrencySGD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeN50W
GAM Star Credit Opportunities USD MO USD
Initial charge5%
Annual charge1.35%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)1.53%
Bid price-
Offer price-
Mid price11.0861
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeK1VF
GAM Star Credit Opportunities USD Non UK RFS
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.0174
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classInstitutional
Domicile-
Citi codeOCHA
GAM Star Credit Opportunities USD PMCO II Inc USD
Initial charge5%
Annual charge1.35%
Min single investment£65,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)1.53%
Bid price-
Offer price-
Mid price10.3747
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeNU2G
GAM Star Credit Opportunities USD QZ Inc
Initial charge5%
Annual charge0.75%
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price10.1041
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeO4DQ
GAM Star Credit Opportunities USD R USD
Initial charge-
Annual charge-
Min single investment£0
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)-
Total expense ratio (TER)-
Bid price-
Offer price-
Mid price9.9566
CurrencyUSD
Price updated19/02/2018
TypeAccumulation
Institutional or retail classRetail
Domicile-
Citi codeOFZC
GAM Star Credit Opportunities USD S Inst Inc USD
Initial charge5%
Annual charge0.95%
Min single investment£20,000,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.13%
Total expense ratio (TER)1.13%
Bid price-
Offer price-
Mid price11.085
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classInstitutional
Domicile-
Citi codeKPKV
GAM Star Credit Opportunities USD SO Inc USD
Initial charge5%
Annual charge1.35%
Min single investment£10,000
Min regular saving£0
Available in ISANo
Ongoing charge (OCF)1.53%
Total expense ratio (TER)1.53%
Bid price-
Offer price-
Mid price12.3738
CurrencyUSD
Price updated19/02/2018
TypeIncome
Institutional or retail classRetail
Domicile-
Citi codeJKDH
Data provided by

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