Fitch Assigns BlueBay Global IG Corporate Bond Fund 'Strong' Fund Quality Rating－xyjufa的部落格

(The following statement was released by the rating agency)
Link to Fitch Ratings' Report: BlueBay Global Investment Grade
Corporate Bond
Fund
here
LONDON, September 22 (Fitch) Fitch Ratings has assigned BlueBay
Global
Investment Grade Corporate Bond Fund (BlueBay GIGBF) a 'Strong'
Fund Quality
Rating. The fund is managed by BlueBay Asset Management LLP.
KEY RATING DRIVERS
The 'Strong' rating reflects the fund's research-driven
investment approach,
allowing an effective exploitation of diversified sources of
fixed income
returns within a well-defined risk-control framework. The rating
is also
supported by the depth of BlueBay's dedicated fixed income
resources.
FUND PROFILE
BlueBay GIGBF is a sub-fund of a Luxembourg Part I SICAV and is
UCITS
IV-compliant. Launched in October 2012, the fund invests
predominately in global
investment grade (IG) securities, with a focus on Europe and
North America.
The fund aims to generate excess returns of 150bps per annum,
gross of fees,
over the Barclays Global Aggregate Corporates TR USD Hedged
Index with a maximum
tracking error of 3%. The fund had USD965m of assets at end-July
2014.
INVESTMENT PROCESS
The fund implements a well-balanced, research-driven investment
process
combining macro, fundamental, technical and relative valuation
inputs in a
formalised, disciplined but also flexible and reactive manner.
Fixed income alpha sources result from the implementation of
high conviction,
mainly relative value trades within well-defined risk
guidelines. Macro
exposures and overall portfolio positioning are adjusted
dynamically using a
derivatives-based overlay strategy. Credit selection has been
the main
contributor to performance.
RESOURCES
The lead portfolio manager (PM), Raphael Robelin, has 18 years
of investment
experience and is the co-CIO and co-head of IG. The co-PM,
Andrzej Skiba, is
based in the US, alongside two dedicated US IG analysts and one
US IG trader.
The fund benefits from the depth of BlueBay's IG fixed income
resources (a team
of 22 staff with an average of 12 years of experience).
TRACK RECORD
Since its launch, the fund has exceeded its objectives,
returning a cumulative
14.8% (B USD share class; net of fees) compared with the
benchmark of 7.7%, with
an annualised tracking error of 1.5% as at end-August 2014.
Fitch assessed BlueBay's track record in IG credit management
since 2002
(following the same investment process) when assigning the
fund's 'Strong'
rating. Although BlueBay has only been managing global IG
products since 2010,
its European IG products have typically contained a portion of
global IG
investments (hedged to euros). This represents sufficient track
record in the
research and management of global IG investments.
FUND MANAGER
Founded in 2001 and now owned by the Royal Bank of Canada
(AA/Stable/F1+),
BlueBay Asset Management is a specialist credit asset manager
with assets under
management of USD66.6bn as at end-June 2014 (of which USD29.9bn
were IG
credits). BlueBay has been investing in IG credit and managing
long/short funds
since 2002.
RATING SENSITIVITIES
The rating may be sensitive to material changes in the
investment or operational
processes or resources dedicated to the fund. A material adverse
deviation from
Fitch's guidelines for any key rating driver could result in a
downgrade. For
example, this may be manifested in significant structural
deterioration in the
fund's performance or excessive risk-taking relative to the
fund's investment
guidelines. Fitch sees limited key person dependency given the
depth of the IG
team.
Fitch's Fund Quality Ratings combine Fitch's experience in
qualitative fund
analysis with rankings and performance data from Lipper, a
Thomson Reuters
company. Fitch's Fund Quality Ratings offer an independent,
forward-looking
assessment of a fund's key performance and risk attributes and
consistency of
longer-term returns, relative to peer group or benchmarks. The
ratings focus on
the fund manager's investment process, key fund performance
drivers, risk
management, and the quality of the fund's operational
infrastructure.
For more information, please see
www.fundmanagement.fitchratings.com
To receive forthcoming Fund Quality Rating research, opt in here
Contacts:
Primary Analyst
Richard Woodrow, CFA
Associate Director
30 North Colonnade
London E14 5GN
+44 20 3530 1388
Secondary Analyst
Manuel Arrive, CFA
Senior Director
+33 1 44 29 91 77
Committee Chairperson
Alastair Sewell, CFA
Senior Director
+44 20 3530 1147
Media Relations: Christian Giesen, Frankfurt am Main, Tel: +49
69 768076 232,
Email: christian.giesen@fitchratings.com.
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Fund Quality Ratings Criteria', dated 16
September 2014,
are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Fund Quality Rating Criteria
here
Additional Disclosure
Solicitation Status
here
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