Tabula Global High Yield Credit UCITS Fund

AuM:
US$5'822'345

Data: Assets under Management (AuM) as of 31 January 2024

A “macro” approach to active high yield credit management

The Tabula Global High Yield Credit UCITS Fund aims to outperform the ICE Global High Yield Constrained Index (USD Hedged) by replicating the credit, rates and optionality risk of the index using a combination of liquid credit index and rates instruments such as CDS indices, treasuries, futures and swaptions.

Fund information
Umbrella fund:Tabula ICAV
Investment manager:Tabula Investment Management Limited
Administrator:HSBC Securities Services (Ireland)
Fund inception:5 July 2023
DomicileIreland
Base currency: USD
Denominations:EUR, GBP, USD, CHF
Share class ISIN Bloomberg Currency NAV per share NAV date Download KIID
Class A USD (Acc) IE000G291380 THYGAAC ID USD $ 108.5007 23/02/2024
Class B GBP (Acc) IE000SMPFN93 THYGBAC ID GBP £ 107.8086 23/02/2024
Class D EUR (Acc) IE000GMXQN78 THYGDAC ID EUR € 107.1247 23/02/2024
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Key risks

No capital protection: The value of your investment may go down as well as up and you may not get back the amount you invested.

Market risk: The fund is primarily exposed to credit risk through credit indices and credit index options. Returns will suffer if there is a default, or higher perceived risk of default, among the entities referenced by the indices, or a write-down (“bail in”) of an entity’s debt by financial authorities. The fund may also be impacted by other factors affecting the value of debt securities issued by those entities, including changes in interest rates and exchange rates. When selling CDS on subordinate debt, such debt may be subordinate to senior debt.

Risk of financial derivatives and techniques: The fund invests in financial derivative instruments to gain both long and short market exposure to the underlying market with rebalancing on a monthly basis. The
performance of the Fund over periods longer than one month may not be inversely proportional or symmetrical with the returns of the reverse positions in the underlying instruments.

Foreign exchange risk: The fund invests in EUR and USD denominated assets and does not provide a hedge to currency exposure in the base class. Strengthening or weakening of currencies may impact performance.

Leverage: The fund may use leverage, so losses may be magnified.

Liquidity risk: Lower liquidity means there are insufficient buyers or sellers to allow the fund to sell or buy investments readily. Neither the Index provider nor the issuer make any representation or forecast on the
liquidity of CDS transactions.

Counterparty risk: The fund may incur losses if any institution providing services such as safekeeping of assets or acting as a derivatives counterparty becomes insolvent.

Credit Risk: The issuer of a financial asset held within the fund may not pay income or repay capital to the fund when due.