{"id":12549,"date":"2018-03-15T17:55:47","date_gmt":"2018-03-15T17:55:47","guid":{"rendered":"https:\/\/www.algebris.com\/fund\/algebris-global-credit-opportunities-fund-2\/"},"modified":"2026-03-18T15:26:13","modified_gmt":"2026-03-18T15:26:13","slug":"algebris-global-credit-opportunities-fund","status":"publish","type":"fund","link":"https:\/\/www.algebris.com\/de\/fund\/algebris-global-credit-opportunities-fund\/","title":{"rendered":"Algebris Global Credit Opportunities Fund"},"content":{"rendered":"\n    <div class=\"fund-nav-link\">\n        <div id=\"der-fonds\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Der Fonds<\/h2>\n\n\n\n<div class=\"large-text\">\n    <div class=\"sidebar__innerblock\">\n\n<p style=\"text-transform:none\">Der&nbsp;<strong>Algebris Global Credit Opportunities Fund&nbsp;<\/strong>strebt an, unabh\u00e4ngig von der Entwicklung der Anleihenm\u00e4rkte attraktive risikobereinigte Renditen zu erzielen, Makrorisiken abzusichern und die Diversifizierung und Liquidit\u00e4t zu optimieren.<\/p>\n\n<\/div>\n<\/div>\n\n\n<p>Der Fonds verfolgt einen flexiblen Anlageansatz mit direktionaler, Relative-Value- und Hedging-Positionierung und konzentriert sich auf die&nbsp;<strong>globalen Anleihenm\u00e4rkte&nbsp;<\/strong>(von Staatsanleihen bis hin zu Unternehmensanleihen, Investment-Grade und&nbsp;<strong>Sub-Investment-Grade, Bankanleihen und Wandelanleihen&nbsp;<\/strong>in Industrie- und Schwellenl\u00e4ndern). Die Investments werden taktisch verwaltet und sind global nicht eingeschr\u00e4nkt. Top-Down-Makroansichten und Bottom-Up-Anleihenanalysen werden in der Gesamtportfoliokonstruktion kombiniert.<\/p>\n\n\n\n<p>Der&nbsp;Algebris Global Credit Opportunities Fund&nbsp;ist in der Lage, Long- und Short-Positionen einzugehen, einen moderaten Hebel einzusetzen und gegebenenfalls Derivate zu verwenden.<\/p>\n\n\n\n<p>Der Fonds kann gem\u00e4\u00df MIFID II als nicht komplexes Finanzinstrument eingestuft und behandelt werden.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Fund clips | Algebris Global Credit Opportunities Fund\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/cvaxa6kBwsY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The Fund can be classified and treated as a non-complex financial instrument within the meaning of MiFID II.<\/p>\n\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"produktdaten\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-terms\">\n\n            <h2 class=\"title\">Fondsdaten<\/h2>\n    \n    <div class=\"terms\">\n        <div class=\"term\">\n            <span class=\"label\">Inception date<\/span>\n            <span class=\"value\">19. Juli 2016<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">W\u00e4hrung<\/span>\n            <span class=\"value\">Euro<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Mindestanlagebetrag <\/span>\n            <span class=\"value\" data-fundclass=\"minimum_investment\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Domicile<\/span>\n            <span class=\"value\">Irland<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Verwaltungsgeb\u00fchren<\/span>\n            <span class=\"value\" data-fundclass=\"management_fee\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">BBG ticker<\/span>\n            <span class=\"value\" data-fundclass=\"bbg\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Liquidit\u00e4t<\/span>\n            <span class=\"value\">T\u00e4glich<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">Erfolgsgeb\u00fchren<\/span>\n            <span class=\"value\" data-fundclass=\"incentive_fee\">&#8211;<\/span>\n        <\/div>\n        <div class=\"term\">\n            <span class=\"label\">ISIN<\/span>\n            <span class=\"value\" data-fundclass=\"isin\">&#8211;<\/span>\n        <\/div>\n    <\/div>\n<\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"investment-team\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"contact-team\">\n            <h3 class=\"title\">\n            Investment Team        <\/h3>\n        <div class=\"teams-content-wrapper\">\n        <div class=\"teams-content\">\n\n        \n\n        \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/james-friedman\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/PREFERRED-James-0205-square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>James Friedman<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Lead Portfolio Manager, Global Credit                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/gabriele-foa\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/Gabriele-Foa-Preferred-square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Gabriele Fo\u00e0<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Global Credit Portfolio Manager                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/craig-carlozzi\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/craig-carlozzi.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Craig Carlozzi<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Global Credit Portfolio Manager                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/samuel-sibony\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/SamuelSibony-0185-square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Samuel Sibony<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Global Credit Portfolio Manager                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/lennart-lengeling-2\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/PREFERRED-LennartLengeling-0395-square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Lennart Lengeling<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Associate Portfolio Manager                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/jacopo-fioravanti\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/PREF-JacopoFioravanti-0285-square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Jacopo Fioravanti<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Global Credit Analyst                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n            <div class=\"each-item-wrap\">\n                <div class=\"each-item\">\n                    <a href=\"https:\/\/www.algebris.com\/de\/algebris-team\/vincent-faradji\/\">\n                        <div class=\"container_wrap\">\n                            <div class=\"img_wrap\">\n                                <img decoding=\"async\" src=\"https:\/\/media.algebris.com\/content\/2025_Vincent-Faradji_square.jpg\" \/>\n                            <\/div>\n                            <div class=\"content\">\n                                <div class=\"top-name\">\n                                    <h3>Vincent Faradji<\/h3>\n                                    \n                                    \n                                    \n                                <\/div>\n                                <div class=\"designation\">\n                                    Global Credit Analyst                                <\/div>\n                            <\/div>\n                        <\/div>\n                    <\/a>\n                <\/div>\n            <\/div>\n\n\n            \n        <\/div>\n    <\/div>\n<\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"commentary\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-commentary\">\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading main-title\">Commentary<\/h2>\n\n<\/div>\n            <select name=\"monthly-commentary-select\" class=\"fund-commentary__select\">\n                            <option value=\"1739862345\">Februar 2025<\/option>\n                            <option value=\"1736952024\">Januar 2025<\/option>\n                            <option value=\"1734340140\">Dezember 2024<\/option>\n                            <option value=\"1731749580\">November 2024<\/option>\n                    <\/select>\n    \n    <div class=\"fund-commentary__container\">\n                                    <div class=\"commentary\" data-time=\"1739862345\">\n                    \n<p><strong>How we did in&nbsp;February:<\/strong>&nbsp;The fund returned between 0.9% and&nbsp;1.6% across different share classes, compared to EUR HY (BAML HE00 Index) 1.0%, US HY (BAML H0A0 Index) 0.7% and EM sovereign credit (BAML EMGB Index) 1.3%. Performance in September, gross of fees in EUR, was: (i) Credit: 1.24%, with 21.27% from cash bonds and -3bps from CDS; (ii) Rates: -5bps; (iii) FX: 1bps, (iv)&nbsp;Equity: 13bps and (v) Other: 0bps.<\/p>\n\n\n\n<p><strong>What we are doing now:<\/strong>&nbsp;February was&nbsp;an eventful month, marked by significant macroeconomic data, elections, and geopolitical headlines.&nbsp;Credit markets performed well, anchored by strong flow creating a &#8216;structural bid&#8217; for credit. A lack of sellers and tepid issuance in HY continue to push secondary stronger.<\/p>\n\n\n\n<p>However, we believe uncertainty and macro risks are becoming harder to ignore. Mixed macro data and policy uncertainties are weighing on sentiment. Citi&#8217;s economic surprise index fell from +40 in November to -16 recently, with consumer sentiment, ISM, PMIs, housing starts, and factory orders missing expectations. Tariff headlines are likely to continue, with markets&#8217; interpretation of said tariffs shifting from inflationary concerns to growth concerns. US Inflation remains sticky, but despite this&nbsp;USTs kept on rallying aggressively.&nbsp;In Europe, fiscal remains a growing risk, with leaders under pressure to increase defense spending to at least 2.5% of GDP, with some advocating for 3%. Post-German elections, potential infrastructure spending could put additional pressure on duration with impacts on growth uncertain.<\/p>\n\n\n\n<p>We think there is a general feeling of complacency with most risk assets priced for perfection.&nbsp;In the current context of tight valuations, high uncertainty, and rising volatility, we continue to remain cautiously positioned. Our net exposure remains low at ~40%. Our yield to call is 6.4%.&nbsp; In credit, spreads remain tight, and we don&#8217;t find credit beta attractive. However, certain pockets offer value, and we focus on company-specific situations with tightening potential.<\/p>\n\n\n\n<p>Our current positioning means we are well placed if a risk correction materialises and have space to add risk in our cash book in this instance.<\/p>\n\n\n\n<p><em>*Note indices are used to illustrate the relevant asset class<\/em><\/p>\n\n\n\n<p><strong>More in\u00a0detail:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Net EM exposure (incl. cash short and single name CDS) represents 12% of the book. EM local is currently 5% of the Fund.<\/li>\n\n\n\n<li>The Fund blended YTC is 6.4%.<\/li>\n\n\n\n<li>The Fund duration is now 2.9y.<br>We hold 36% protection on tight global CDS indexes and single name CDS.<\/li>\n\n\n\n<li>Net exposure in financials (incl. cash short and single name CDS) represents 32% of the book. The asset class outperformed strongly over the past twelve months.\u00a0<\/li>\n\n\n\n<li>Net corporates exposure (incl. cash short and single name CDS) represents 34% of the book. We focus on high yielding bonds with limited exposure to market risk and a strong emphasis on catalysts. As a result, GCO corporate exposure has lower beta than corporate indexes and the rest of GCO book.<\/li>\n\n\n\n<li>Net EM exposure (incl. cash short and single name CDS) represents 12% of the book. EM local is currently 5% of the Fund.<\/li>\n<\/ul>\n                <\/div>\n                            <div class=\"commentary hidden\" data-time=\"1736952024\">\n                    \n<p><strong>How we did in&nbsp;January<\/strong>:&nbsp;The fund returned between&nbsp;0.4% and 0.8%&nbsp;across different share classes, compared to EUR HY (BAML HE00 Index) 0.6%, US HY (BAML H0A0 Index) 1.4% and EM sovereign credit (BAML EMGB Index) 1.1%. Performance in January, gross of fees in EUR, was: (i) Credit: 93bps, with 113bps from cash bonds and -20bps from CDS; (ii) Rates: 7bps; (iii) FX: -2bps, (iv)&nbsp;Equity: -16bps and (v) Other: 0bps.<\/p>\n\n\n\n<p><strong>What we are doing now:&nbsp;<\/strong>Overall, risk markets performed well in January, buoyed by the positive market sentiment in the US where data continues to remain strong, and CPI surprised to the downside. Hopes for a no landing of the global economy continue rising. The Fed kept policy unchanged with Powell stating that the FOMC is in no rush to cut, and the ECB cut rates by 25bp, as expected.<\/p>\n\n\n\n<p>The end of January saw a pickup in volatility fuelled by increasing concerns over US Tariffs.&nbsp;Talk turned to action, with President Trump imposing tariffs on Canada (25%), Mexico (25%) and China (10%), only to then be postponed for Canada and Mexico on the back of &#8216;constructive&#8217; talks. Retaliatory measures from China and potential tariffs looming over Europe and the UK will likely support higher volatility across risk assets.<\/p>\n\n\n\n<p>In the current context of tight valuations, high uncertainty, and rising volatility, we continue to remain cautiously positioned. Rates have repriced since December and we used this to gradually increase our rates duration to 3.3y, however our net exposure remains low at ~49%. Our current yield to call is 6.3%.&nbsp; In credit, spreads remain tight, and we don&#8217;t find credit beta attractive. However, certain pockets offer value, and we focus on company-specific situations with tightening potential.<\/p>\n\n\n\n<p>Our current positioning means&nbsp;we are well placed&nbsp;if a risk correction in 1Q25 materialises and have space to add risk in our cash book in this instance.<\/p>\n\n\n\n<p><strong>More in&nbsp;detail:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Fund blended YTC is 6.3%.<\/li>\n\n\n\n<li>The Fund duration is now 3.3y, as we gradually add to US duration post curve repricing.<\/li>\n\n\n\n<li>We hold ~37% protection on tight global CDS indexes and single name CDS.<\/li>\n\n\n\n<li>Net exposure in financials (incl. cash short and single name CDS) represents 31% of the book. The asset class outperformed strongly over the past twelve months. We remain constructive and have added to some longer duration positions in the US.<\/li>\n\n\n\n<li>Net corporates exposure (incl. cash short and single name CDS) represents 37% of the book. We focus on high yielding bonds with limited exposure to market risk and a strong emphasis on catalysts. As a result,&nbsp;GCO&nbsp;corporate exposure has lower beta than corporate indexes and the rest of&nbsp;GCO&nbsp;book.<\/li>\n<\/ul>\n\n\n\n<p>Net EM exposure (incl. cash short and single name CDS) represents 12% of the book. EM local is currently 4% of the Fund<\/p>\n\n\n\n<p><\/p>\n                <\/div>\n                            <div class=\"commentary hidden\" data-time=\"1734340140\">\n                    \n<p><strong>How we did in&nbsp;December:&nbsp;<\/strong>The fund returned between&nbsp;1.03% and&nbsp;0.62% across different share classes, while EUR HY (BAML HE00 Index) returned 0.6%, US HY (BAML H0A0 Index) -0.4% and EM sovereign credit (BAML EMGB Index) -1.7%. Performance in December, gross of fees in EUR, was: (i) Credit: 48bps, with 40bps from cash bonds and 8bps from CDS; (ii) Rates: 19bps; (iii) FX: 6bps, (iv)&nbsp;Equity: 46bps and (v) Other: 0bps.<\/p>\n\n\n\n<p><strong>What we are doing now<\/strong>: Global risk enters 2025 with tight valuations and long positioning across asset classes. Credit spreads are close to 2021 tights and cash levels are low despite sustained inflows. A pickup in rates volatility or an equity market correction may thus hurt credit, particularly given the negatively asymmetric starting point.<\/p>\n\n\n\n<p>The risk-reward in US rates is more balanced than a month ago as the hawkish December FOMC removed the bulk of 2025 cuts from the curve. However, the US curve is still flat by historical standards and is gradually steepening out the five-year point. &nbsp;US policy noise around the new administration inauguration has potential to re-ignite volatility.<\/p>\n\n\n\n<p>Tight valuations and high uncertainty usually mean trouble, and we suspect 2025 will make no exception.<\/p>\n\n\n\n<p>We enter the year with lowest net exposure since 2022, off a combination of low net exposure and reduced weight in higher beta segments, such as financials and emerging markets. Our duration is 2.3y. Our yield to call is 5.6%. Our current positioning means we are well placed if a risk correction in 1Q25 materializes and have space to add risk in our cash book in this instance.<\/p>\n\n\n\n<p>More in detail:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Fund blended YTC is 5.6%.<\/li>\n\n\n\n<li>The Fund duration is now 2.3y, on the low side of our historical range.<\/li>\n\n\n\n<li>We currently run ~14% cash allocation, the highest in the past three years. We hold 43% protection on tight global CDS indexes and single name CDS.<\/li>\n\n\n\n<li>Net exposure in financials (incl. cash short and single name CDS) represents 27% of the book. The asset class outperformed strongly over the past twelve months. We remain constructive but reduce some of the winners.<\/li>\n\n\n\n<li>Net corporates exposure (incl. cash short and single name CDS) represents 34% of the book. We focus on high yielding bonds with limited exposure to market risk and a strong emphasis on catalysts. As a result, corporate exposure has lower beta than corporate indexes and the rest of GCO book.<\/li>\n\n\n\n<li>Net EM exposure (incl. cash short and single name CDS) represents 11% of the book. EM local is currently 4% of the Fund.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n                <\/div>\n                            <div class=\"commentary hidden\" data-time=\"1731749580\">\n                    \n<p><strong>How we did in&nbsp;November:&nbsp;<\/strong>The fund returned between&nbsp;-0.33% and&nbsp;-0.12% across different share classes, while EUR HY (BAML HE00 Index) returned 0.5%, US HY (BAML H0A0 Index) 1.1% and EM sovereign credit (BAML EMGB Index) 0.8%. Performance in November, gross of fees in EUR, was: (i) Credit: 84bp, with 1.1% from cash bonds and -29bps from CDS; (ii) Rates: -7bps; (iii) FX: -2bps, (iv)&nbsp;Equity: -95bps and (v) Other: 0bps.<\/p>\n\n\n\n<p><strong>What we are doing now:&nbsp;<\/strong>We maintain a cautious approach to both global duration and credit markets. In November, global rates tightened, and credit spreads kept hovering around tightest levels of the year. We see limited value in both areas and see scope for volatility to pick up as we enter 2025.<\/p>\n\n\n\n<p>Resilient US macro will continue to be a challenge for global rates. In US, healthy labor markets and sticky service inflation means a pause in cuts is in the cards. In Europe, the economy and inflation are softer, and the ECB may step up the pace of cuts, but a sustained divergence of European rates would translate into further Euro weakness, unwelcome by the central bank. As a result, we keep cautious on both curves.<\/p>\n\n\n\n<p>In the US, the new administration takes office in January, and policy scenarios are wide open. A combination of tariffs, loose fiscal policy and a more cautious Fed could weigh on rates and risk at the same time. In this environment, we keep duration low and keep a high bar for new longs in our credit book.<\/p>\n\n\n\n<p>Our credit beta is the lowest since 2022, off a combination of low net exposure and reduced weight in higher beta segments, such as financials and emerging markets. Our duration is 2.2y. Our yield to call is 5.6%. Our current positioning means we benefit from a correction in rates and risk in 1Q25 and have space to add risk in our cash book in this instance.<\/p>\n\n\n\n<p>Macro uncertainty will remain incredibly elevated in 2025, translating into persistent volatility across rates and credit. We strongly believe a flexible and reactive approach to fixed income will continue to make a difference.&nbsp;<\/p>\n\n\n\n<p>More in detail:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Fund blended YTC is 5.6%.<\/li>\n\n\n\n<li>The Fund duration is now 2.2y, on the low side of our historical range.<\/li>\n\n\n\n<li>We currently run ~10% cash allocation, the highest in the past three years. We hold 42% protection on tight global CDS indexes.<\/li>\n\n\n\n<li>Net exposure in financials (incl. cash short and single name CDS) represents 29% of the book. The asset class outperformed strongly over the past twelve months. We remain constructive but reduce some of the winners.<\/li>\n\n\n\n<li>Net corporates exposure (incl. cash short and single name CDS) represents 35% of the book. We focus on high yielding bonds with limited exposure to market risk and a strong emphasis on catalysts. As a result, corporate exposure has lower beta than corporate indexes and the rest of the book.<\/li>\n\n\n\n<li>Net EM exposure (incl. cash short and single name CDS) represents 12% of the book. EM local is currently 4% of the Fund.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n                <\/div>\n                        <\/div>\n<\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"performance\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-performance\">\n\n    <h2 class=\"title\">Performance<\/h2>\n    <h3 class=\"sub-title\">Cumulative performance chart<\/h3>\n\n    <div class=\"fund-performance__chart\" style=\"height:400px;\"><\/div>\n\n    <\/div>\n\n\n<div class=\"featured-funds\">\n\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading main-title\">Ausgew\u00e4hlte Fonds<\/h2>\n\n<\/div>\n            <div class=\"featured-funds__container\">\n                    <\/div>\n    <\/div>\n\n\n    <div class=\"fund-nav-link\">\n        <div id=\"risiken\" class=\"nav-link\"><\/div>\n    <\/div>\n\n\n\n<div class=\"fund-risk\">\n    <div class=\"acf-innerblocks-container\">\n\n<h2 class=\"wp-block-heading main-title\">Risks<\/h2>\n\n<\/div>\n    <div class=\"fund-risk__levels\">\n                    <div class=\"level\">\n                1            <\/div>\n                    <div class=\"level\">\n                2            <\/div>\n                    <div class=\"level selected\">\n                3            <\/div>\n                    <div class=\"level\">\n                4            <\/div>\n                    <div class=\"level\">\n                5            <\/div>\n                    <div class=\"level\">\n                6            <\/div>\n                    <div class=\"level\">\n                7            <\/div>\n            <\/div>\n\n            <div class=\"fund-risk__details\">\n                            <div class=\"detail\">\n                                                                <p class=\"content\">Der Gesamtrisikoindikator hilft Ihnen, das mit diesem Produkt verbundene Risiko im Vergleich zu anderen Produkten einzusch\u00e4tzen. Er zeigt, wie hoch die Wahrscheinlichkeit ist, dass Sie bei diesem Produkt Geld verlieren, weil sich die M\u00e4rkte in einer bestimmten Weise entwickeln oder wir nicht in der Lage sind, Sie auszubezahlen.\r\n\r\nDer Risikoindikator beruht auf der Annahme, dass Sie das Produkt 5 Jahre lang halten. Wenn Sie die Anlage fr\u00fchzeitig aufl\u00f6sen, kann das tats\u00e4chliche Risiko erheblich davon abweichen und Sie erhalten unter Umst\u00e4nden weniger zur\u00fcck. Eine vorzeitige Aufl\u00f6sung\r\nist unter Umst\u00e4nden nicht m\u00f6glich. Es kann sein, dass Sie Ihr Produkt nicht ohne Weiteres ver\u00e4u\u00dfern k\u00f6nnen oder dass Sie es zu einem Preis ver\u00e4u\u00dfern m\u00fcssen, der den Betrag, den Sie zur\u00fcckerhalten, erheblich schm\u00e4lert.  \r\n\r\nWir haben dieses Produkt auf einer Skala von 1 bis 7 in die Risikoklasse 3 eingestuft, wobei 3 einer mittelniedrigen Risikoklasse entspricht. <\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\"> Bonit\u00e4t und Zinsen<\/h3>\n                                                                <p class=\"content\">Da der Fonds in Schuldtitel (z. B. Anleihen) investiert, unterliegt er dem Kreditrisiko (das Risiko eines Zahlungsausfalls eines Anleiheemittenten) und dem Zinsrisiko (das Risiko von \u00c4nderungen der Zinss\u00e4tze<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Schwellenm\u00e4rkte<\/h3>\n                                                                <p class=\"content\">Der Fonds kann in Schwellenm\u00e4rkte investieren. Auf diesen M\u00e4rkten bestehen zus\u00e4tzliche Risiken wie politische Instabilit\u00e4t, schw\u00e4chere Pr\u00fcfungs- und Rechnungslegungsstandards und geringere Aufsicht und Regulierung durch die Regierung.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Derivate<\/h3>\n                                                                <p class=\"content\">The Fund can invest in FDI. These instruments have additional risks such as legal risk or liquidity risk (the inability to sell the contract due to lack of buyers in the market). These risks can have adverse impacts on the overall value of the Fund.\r\n\r\nDer Fonds kann in Derivative Finanzinstrumente (DFI) investieren. Diese Instrumente weisen zus\u00e4tzliche Risiken wie Rechtsrisiken oder Liquidit\u00e4tsrisiken auf (die Unm\u00f6glichkeit, den Kontrakt aufgrund fehlender\r\nK\u00e4ufer am Markt zu verkaufen). Diese Risiken k\u00f6nnen sich negativ auf den Gesamtwert des Fonds und seine Volatilit\u00e4t auswirken<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Commodity risk<\/h3>\n                                                                <p class=\"content\">Der Fonds kann in Derivative Finanzinstrumente (DFI) investieren. Diese Instrumente weisen zus\u00e4tzliche Risiken wie Rechtsrisiken oder Liquidit\u00e4tsrisiken auf (die Unm\u00f6glichkeit, den Kontrakt aufgrund fehlender K\u00e4ufer am Markt zu verkaufen). Diese Risiken k\u00f6nnen sich negativ auf den Gesamtwert des Fonds und seine Volatilit\u00e4t auswirken.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">Sustainabilty risk<\/h3>\n                                                                <p class=\"content\">Nachhaltigkeitsrisiken k\u00f6nnen sich nachteilig auf die Renditen des Fonds auswirken. Ein Nachhaltigkeitsrisiko ist ein Ereignis in Bezug auf Umwelt-, Sozial- oder Governance-Aspekte (ESG), das bei seinem Eintreten tats\u00e4chlich oder potenziell erhebliche negative Auswirkungen auf den Wert der Anlage des Fonds verursachen k\u00f6nnte. Die Anlagen des Fonds sind dar\u00fcber hinaus dem Risiko von Verlusten infolge des Reputationsschadens ausgesetzt, den ein Emittent im Zusammenhang mit einem ESG-Ereignis erleiden k\u00f6nnte.\r\n<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                            <h3 class=\"title\">W\u00e4hrung<\/h3>\n                                                                <p class=\"content\"> Die Anlagen des Fonds k\u00f6nnen auf andere W\u00e4hrungen als Euro lauten. Dies kann bei steigendem oder fallendem Wert einer W\u00e4hrung eine positive oder negative Auswirkung auf den Wert der Fondsanlagen haben.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                                                <p class=\"content\">Dieses Produkt beinhaltet keinen Schutz vor k\u00fcnftigen Marktentwicklungen, sodass Sie das angelegte Kapital ganz oder teilweise verlieren k\u00f6nnten.<\/p>\n                                    <\/div>\n                            <div class=\"detail\">\n                                                                <p class=\"content\">Eine vollst\u00e4ndige \u00dcbersicht aller mit diesem Fonds verbundenen Risiken finden Sie im Abschnitt \u201eRisikofaktoren\u201c in der Erg\u00e4nzung des Fonds und im Prospekt der Algebris UCITS Funds plc<\/p>\n                                    <\/div>\n                    <\/div>\n    <\/div>\n\n\n<div class=\"fund-disclaimer\">\n    <div class=\"acf-innerblocks-container\">\n\n<p><br>\u00a9 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Overall rating out of 1176 Global Flexible Bond \u2013 EUR Hedged funds. Rating refers to the R EUR share class.<br><br>Der Algebris Global Credit Opportunities Fund (der \u201c<strong><em>Fonds<\/em><\/strong>\u201c) ist ein Subfonds von Algebris UCITS Funds plc (die \u201c<strong><em>Gesellschaft<\/em><\/strong>\u201c), einer irischen Gesellschaft mit beschr\u00e4nkter Haftung, registriert in Irland unter der Nummer 509801 und errichtet als Umbrellafonds mit getrennter Haftung zwischen den Subfonds gem\u00e4\u00df dem irischen Gesetz \u201c<em>European Communities (Undertakings for Collective Investment in Transferable Securities) 2011<\/em>\u201c. Algebris Investments (Ireland) Limited ist die Verwaltungsgesellschaft des Fonds. Algebris Investments (Ireland) Limited ist lizensiert durch die und reguliert von der Central Bank of Ireland. Algebris (UK) Limited ist der Investmentmanager, die Vertriebsgesellschaft und der Promoter des Fonds. Algebris (UK) Limited ist in Gro\u00dfbritannien lizensiert durch die und reguliert von der englischen Financial Conduct Authority. Der Fondsadministrator ist BNP Paribas Fund Administration Services (Ireland) Limited und die Verwahrungsgesellschaft ist BNP Paribas Dublin Branch.<br><br>Der Wert des Fondsanteils (die \u201c<strong><em>Einlage<\/em><\/strong>\u201c) ist nicht garantiert und der Wert von Einlagen kann sich verringern als auch erh\u00f6hen und daher ist eine R\u00fcckf\u00fchrung des Investments in Einlagen ungewiss. Wechselkurs\u00e4nderungen k\u00f6nnen einen negativen Einfluss auf den Preis und Wert der Einlagen haben. Die jederzeit m\u00f6gliche Differenz zwischen Kauf- und Verkaufs-\/R\u00fcckf\u00fchrungspreis der Einlagen bedeutet, dass das Investment grunds\u00e4tzlich als mittel- bis langfristig betrachtet werden sollte. Wertentwicklungen der Vergangenheit lassen keinerlei verl\u00e4sslichen R\u00fcckschl\u00fcsse auf die zuk\u00fcnftige Entwicklung des Investments zu. Weder Entwicklungen aus der Vergangenheit noch die aktuelle Situation k\u00f6nnen als Indikatoren f\u00fcr die zuk\u00fcnftige Entwicklung oder den Verkaufs-\/R\u00fcckf\u00fchrungspreis herangezogen werden. Die vom Fonds angewandte Strategie kann zu einem NAV (<em>net asset value<\/em>) von hoher Volatilit\u00e4t f\u00fchren und daher kann der NAV jederzeit erheblich an Wert verlieren, sodass die Investoren jederzeit ihr gesamtes Investment verlieren k\u00f6nnen.<br><br>Die Gesellschaft hat f\u00fcr den Fonds einen Prospekt und ein Kundeninformationsdokument (KID) in englischer Sprache emittiert; sowohl der Prospekt als auch das KID ist abrufbar unter\u00a0<a href=\"http:\/\/www.algebris.com\/de\/\">www.algebris.com<\/a>\u00a0und kann dar\u00fcber hinaus jederzeit von Algebris (UK) Limited verlangt werden. Wo es unter den jeweils nationalen Regelungen eines EWG-Mitgliedstaats erforderlich ist, wird es das KID auch in der Nationalsprache des jeweiligen EWG-Mitgliedstaats geben. Informationen \u00fcber Rechte der Investoren inklusive Informationen \u00fcber Rechtshilfem\u00f6glichkeiten sind unter\u00a0<a href=\"https:\/\/www.algebris.com\/cbdr-investor-rights\/\">https:\/\/www.algebris.com\/cbdr-investor-rights\/<\/a>\u00a0in englischer Sprache abrufbar. Jederzeit kann es zur Beschlussfassung kommen, die Marketingvertr\u00e4ge f\u00fcr das Marketing des Fonds in einem EWG-Mitgliedstaat zu beenden. Diesfalls werden Fonds-Anteilseigner im jeweils betroffenen EWG-Mitgliedstaat dar\u00fcber informiert und es wird ihnen die M\u00f6glichkeit einger\u00e4umt werden, ihren Fondsanteil innerhalb von 30 Werktagen ab Zurverf\u00fcgungstellung der Information kostenfrei und ohne Abzug von Geb\u00fchren einzul\u00f6sen.\u00a0<br><br>Der Fonds ist als aktiv verwalteter Fonds zu qualifizieren aber nicht in Bezug auf eine Benchmark. Die Performance-Daten beinhalten weder Provisionen noch Kosten\/Geb\u00fchren, welche im Zusammenhang mit der Emission und der Einl\u00f6sung der Fondsanteile entstanden sind. Der Fonds kann in bedingte Wandelschuldverschreibungen bzw Wertpapiere investieren. Diese Art von Wertpapieren haben eigene Risiken, etwa durch auf die emittierende Gesellschaft und deren regulatorisches Setup zugeschnittene Eigenkapitalumwandlungs- oder Kapitalabschreibungsm\u00f6glichkeiten, sodass der Marktpreis dieser Wertpapiere stark schwanken kann. Weitere Risiken im Zusammenhang mit solchen Wertpapieren sind im Prospekt ausgef\u00fchrt.<br><br><strong>Dies ist eine reine Marketing-Information. Bitte legen Sie Ihrer Investment-Entscheidung den Prospekt und das KID zugrunde.<\/strong> Diese Marketing-Information ist ausschlie\u00dflich zur privaten Verwendung. Die hierin enthaltenen Informationen sind streng vertraulich und richten sich ausschlie\u00dflich an die Person, der sie zur Verf\u00fcgung gestellt wurde. Die hierin enthaltenen Informationen d\u00fcrfen \u2013 ohne vorherige schriftliche Zustimmung von Algebris Investments\u2013 nicht reproduziert, verbreitet, vertrieben oder ver\u00f6ffentlicht werden. Die hierin enthaltenen Informationen und Aussagen dienen ausschlie\u00dflich als blo\u00dfe Hintergrundinformation und erheben keinesfalls den Anspruch auf Vollst\u00e4ndigkeit und stellen keinesfalls eine Anlageberatung und\/oder Empfehlung dar.<br><br>Die hierin enthaltenen Informationen und Aussagen erheben keinesfalls den Anspruch auf Richtigkeit und Vollst\u00e4ndigkeit. Es gibt in Hinblick auf die hierin enthaltenen Informationen und Aussagen keinerlei Gew\u00e4hrleistung, Garantie oder sonstige Sicherheit von Algebris Investments, deren Mitglieder, Angestellte oder Gruppengesellschaften und keiner dieser Personen haftet f\u00fcr die Richtigkeit oder Vollst\u00e4ndigkeit in Hinblick auf die hierin enthaltenen Informationen oder Aussagen.<br><br>Der Herkunftsstaat des Fonds ist Irland. In der Schweiz ist der Vertreter ACOLIN Fund Services AG, Leutschenbachstrasse 50, CH-8050 Z\u00fcrich, wobei die Zahlstelle Vontobel Ltd, Gotthardstrasse 43, CH-8022 Z\u00fcrich, ist. Die satzungsrechtliche Dokumentation des Fonds sowie die Jahres- und, sofern existent, Halbjahresberichte k\u00f6nnen jederzeit kostenfrei vom Vertreter verlangt werden.<br><br>Die Verteilung oder der Vertrieb dieses Dokuments kann in gewissen Jurisdiktionen eingeschr\u00e4nkt sein. Die oben ausgef\u00fchrte Information kann nur als allgemeine Information verstanden werden und jede Person im Besitz dieses Dokuments oder dieser Information ist angehalten, sich selbst zu informieren und beraten zu lassen und auf die Vereinbarkeit mit allen in Frage kommenden Gesetzen und Regularien zu achten. Dieses Dokument und die hierin enthaltenen Informationen stellen keine Anlageberatung oder Anlageempfehlung dar und dienen nicht als steuerliche oder sonstige rechtliche Grundlage.\u00a0 Sie sind angehalten, Ihren Steuerberater, Rechtsanwalt, Wirtschaftspr\u00fcfer und\/oder sonstigen Berater betreffend die hierin ausgef\u00fchrten Informationen und Themen zu konsultieren. Einem potenziellen Investor, der sein Interesse an einem Investment bekundet, werden der Prospekt, das Kundeninformationsdokument (KID) und die Zeichnungsunterlagen (alle zusammen die \u201cFonds-Dokumente\u201c) zur Verf\u00fcgung gestellt. Angehende Investoren m\u00fcssen diese Fonds-Dokumente inklusive der Risikofaktoren unbedingt durchlesen und pr\u00fcfen bevor sie eine Investmententscheidung treffen; ausschlie\u00dflich die in diesen Fonds-Dokumenten enthaltenen Informationen sind ihrer Investmententscheidung zugrunde zu legen.<br><br>Die Algebris-Gruppe besteht aus Algebris (UK) Limited, Algebris Investments (Ireland) Limited, Algebris Investments (US) Inc. Algebris Investments (Asia) Pte. Limited, Algebris Investments K.K. und andere nicht regulierte Unternehmen wie Zweckgesellschaften, Komplement\u00e4rgesellschaften und Holdinggesellschaften.<br><br>\u00a9 2024 Algebris Investments. Algebris Investments ist der Handelsname der Algebris-Gruppe<br><br>Please see\u00a0<a href=\"https:\/\/www.algebris.com\/de\/rechtliche-hinweise\/\">www.algebris.com\/disclaimer<\/a>\u00a0for more important information.<br><br>\u00a9 2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Overall rating out of 1215 Global Flexible Bond &#8211; EUR Hedged funds.<\/p>\n\n<\/div>\n<\/div>","protected":false},"featured_media":0,"menu_order":4,"template":"","fund-classification":[290,296],"investor_taxonomy":[99,100],"class_list":["post-12549","fund","type-fund","status-publish","hentry","fund-classification-credit-fund-de","fund-classification-global-credit-fund-de","investor_taxonomy-private","investor_taxonomy-professional"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Algebris Global Credit Opportunities Fund<\/title>\n<meta name=\"description\" content=\"Algebris Global Credit Opportunities Fund: An unconstrained credit strategy investing globally across sovereign, corporate (Investment Grade and High-Yield) and bank debt.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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