Buy & Hold, the manager founded by Rafael Valera, Julián Pascual and Antonio Aspas, has registered the version of its short-term debt fund in Luxembourg B&H Debtthereby completing the range of its products in the Grand Duchy available to institutional investors, investment platforms and private banks, which prefer to use these vehicles when it comes to products from third parties. In fact, the new fund will maintain a structure master-feeder with respect to the Spanish fund, like all funds domiciled in Luxembourg, that is, The B&H Debt will be subordinated to its Luxembourg version, the B&H Debt.
This vehicle maintains a capital preservation strategy, with the objective of obtaining returns higher than those of 12-month Treasury bills, so it only invests in short-term investment grade corporate issues. In this way, the fund’s portfolio has 50 issues, with a net duration of 2.3.
Among the main positions are bonds from UBS, Cajamar, NY Life, Air France-KLM and Volkswagen. It will have a management cost of 0.40% in its clean class and 0.89% in the distribution class.
B&H Debt was launched in early 2020 and has achieved a 3% annualized return with a volatility of 4.4. Last year it achieved a profitability of 7%, while in 2024 it accumulates a revaluation of 5.6% until the end of November.
“With the launch of B&H Debt we make available to a greater number of institutional investors and investment platforms our 0.0 strategy, as I like to call it because it has zero high yield bonds, zero promissory notes, zero subordinated debt, zero illiquid assets and zero bonds in currencies other than the euro,” explains Rafael Valera, fixed income manager and CEO of Buy & Hold.
The manager is heading to close the year close to 700 million euros of equity volume.
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