GRAIAN CREDIT OPPORTUNITIES FUND

A UCITS-compliant vehicle for our flagship Credit Opportunities strategy, focused on the global high-yield credit space and the opportunities in the rates market.

CURRENCY

Not all costs are displayed. For further information please refer to prospectus. Data Source: FundPartner Solutions (Europe) S.A.

Graian Credit Opportunities Fund

Fund Performance table

📊 Performance Table — ISIN: LU3209530818

Data Source: FundPartner Solutions (Europe) S.A.
Performance is net of fees. Past performance should not be taken as an indication or guarantee of future performance.

INVESTMENT OBJECTIVE

The Sub-Fund aims to maximise total return by investing primarily in cross-over (BB to BBB) and high yield bonds, while maintaining a balanced risk profile. It invests mainly in a broad range of debt securities—including government, corporate, and convertible bonds—without restrictions on geography, sector, or currency. Up to 30% may be allocated to emerging markets. The Sub-Fund may also invest in distressed debt, contingent convertible bonds, asset- and mortgage-backed securities, and structured products within set limits. For flexibility and risk management, it may hold cash, money market instruments, or funds, and can temporarily allocate up to 100% to these assets in defensive market conditions.

The Sub-Fund is actively managed. The Sub-Fund has no benchmark index and is not managed in reference to a benchmark index.

RISK LEVEL

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The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you.

ORGANIZATIONAL DATA

Fund ManagerGraian Capital Management S.A.
Management CompanyFundPartner Solutions (Europe) S.A.
AuditorsDeloitte Audit Sàrl
Custodian bankPictet & Cie (Europe) AG
Legal StatusUCITS V Luxembourg SICAV
DomicileLuxembourg
NAV calculationDaily
Contact informationinfo@graian.ch

MARKET COMMENTARY

During September, the strategy delivered negative performance. Credit spreads widened over the month, with several blockbuster new issues also underperforming in the primary market, particularly in the lower-rated segments. Rates volatility remained elevated, driven by geopolitical developments that continued to influence expectations for inflation and monetary policy. As a result, the market repriced the short end of the curve, incorporating additional rate hikes over the next 12 months, while the belly and long end also underperformed amid growing market unease. Consequently, rates positioning was the main detractor from performance during the month.

From a positioning perspective, the fund maintained a predominant exposure to the BB rating category. Approximately 80% of the portfolio was invested in securities with maturities between one and five years. Duration remained stable at around 3.8 years, with most exposure concentrated in U.S. rates. Geographical allocation was broadly unchanged, while U.S. dollar-denominated assets continued to represent a significant share of the portfolio, accounting for approximately 65% of total exposure.

Despite elevated uncertainty, particularly around inflation, recent U.S. macroeconomic data continue to point to a resilient economy. The labour market is neither overheating nor showing signs of deterioration. Second-quarter growth was revised upward, supported by a strong contribution from the AI-driven capex cycle and resilient consumer spending despite higher inflation. The Fed delivered a 25bp rate hike, a decision consistent with the Chair’s remarks at Jackson Hole. In Europe, the outlook remains more complex. The recent energy shock has had a more pronounced impact on headline inflation, while the potential for second-round effects on core inflation has yet to become evident in the data. At the same time, growth has proven more resilient than expected, leading markets to reprice a more favourable growth outlook for the remainder of the year. Following the ECB’s recent rate hike, markets continue to anticipate further tightening, supported by the more hawkish tone adopted during the press conference.

SELECTED ASSET BREAKDOWNS

Ratings Breakdown

Geographical Breakdown

Maturity Breakdown

TOP 10 Holdings

DOWNLOAD AREA

Website for documents:
https://www.fundinfo.com/
https://www.fundsquare.net/

English
Factsheet
PRIIP – Class Z2 USD
Prospectus