Marketing Communication. Please refer to the prospectus of the fund and to the key investor information document before making any investment decision. The documents can be obtained free of charge.
Morningstar is an independent provider of investment analysis. The Morningstar rating is a quantitative assessment of the past performance of a fund taking into account the risk and the costs charged. It does not take into account qualitative elements and is calculated on the basis of a (mathematical) formula. The funds are ranked by category and compared to similar funds, based on their score and receive one to five stars. In each category, the top 10% receive 5 stars, the next 22.5% 4 stars, the following 35% 3 stars, the next 22.5% 2 stars, and the last 10% receive 1 star. The rating is calculated monthly based on historical performance over 3, 5 and 10 years and does not take into account the future.
Important information
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About this fund
Candriam GF US High Yield Corporate Bonds (a sub-fund of the Candriam GF fund, hereafter "the fund") provides investors with a flexible exposure to the US High Yield bonds market, in order to generate a high level of income over a recommended investment horizon of 3 years. The portfolio is invested primarily in a diversified range of USD denominated bonds, issued by corporate and financial companies, rated below BBB- or equivalent by at least one independent rating agency at the time of acquisition. In adverse market conditions, the fund flexible investment approach allows to hold without limit investment-grade rated bonds, including US government securities or other high quality money market instruments. The fund may use foreign exchange, interest rate, credit or volatility derivatives for efficient portfolio management purposes (hedging and/or exposure). The investment horizon is 3 years. The fund is managed actively, with reference to the index mentioned on the section "characteristics". For further information about this index and its use, please consult the fund’s key investor information document (KIID).
Principal assets traded:
Bonds, other debt securities and money market instruments denominated in USD and issued by private sector issuers rated below BBB- from one of the rating agencies at the time of acquisition, or unrated but considered of comparable quality (i.e. issuers considered as highly risky).
Investment strategy:
The fund seeks maximum current income through investment in a diversified portfolio of high-yield debt securities and to outperform the benchmark.
The Fund seeks to identify investment opportunities by analyzing individual companies and evaluating each company's competitive position, financial condition and business prospects. In times of unusual or adverse market, economic or political conditions, the sub-fund may temporarily invest mainly or entirely in investment grade debt securities and other high quality money market instruments.
The Fund does not have a sustainable investment objective and does not specifically promote environmental and/or social characteristics.
The fund may use derivative products both for investment and hedging purposes (hedging against unfavourable future financial events).
Benchmark: ICE BofA US High Yield Constrained Index (Total Return).
The fund is actively managed and the investment approach implies a reference to a benchmark.
Benchmark definition: The index measures the performance of USD-denominated corporate bonds below investment grade issued in the US domestic market with issuer exposure capped at 2%.
Use of the benchmark:
- as investment universe. In general, the majority of the issuers of the fund’s financial instruments are part of the benchmark. This said, investments outside this benchmark are admitted;
- in the determination of risk levels / parameters ;
- for performance comparison.
Deviation level of the portfolio composition from the benchmark:
The fund being managed actively, its objective is not to invest in all constituents of the benchmark, nor to invest to the same extent in the constituents of the benchmark. Under normal market conditions, the tracking error of the fund will be moderate to important this is comprised between 0.75% and 3%.
This measure is an estimation of the deviation of the fund’s performance compared to the performance of the benchmark. The more the tracking error is important, the more deviations compared to the benchmark are important. The effective tracking error depends notably on the market conditions (volatility and correlations between financial instruments) and can deviate from the expected tracking error.
NAV & Performances
Historical values graph
This graph represents the synthetic net asset value of the fund. It is provided for information and illustrative purposes only. The synthetic net asset value is obtained by a recalculation of the values of the fund’s assets by leveling out the effect of securities transactions (split, coupon, dividend distribution...) in order to reflect the real performance of the fund share or unit. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses.
Annual return over the last years (%)
This chart shows the fund’s performance as the percentage loss or gain per year over the last 8 years.
It can help you to assess how the fund has been managed in the past and compare it to its benchmark.
The index composition may change over time. The performance reported may therefore differ from the performance of the relevant index before its change. Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change. If for one year, there is no performance information, it is because there is no data or the data is insufficient to provide investors with useful or reliable indications on this performance.
| 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Share class | 14.70 % | 6.34 % | -1.75 % | 13.46 % | 6.20 % | 4.86 % | -8.26 % | 11.45 % |
Excluding fees/taxes: taxes are not part of the performance calculation
Additional information
The returns listed above are provided on the basis of the Net Asset Value (NAV), net of commissions and reinvested income. All management fees and commissions are included in the calculation of past performance except for any entry and exit charges. Taxes are not included in the calculation of returns. The value or price converted into euros may be reduced or increased depending on fluctuations in the exchange rate. The fund is not a guaranteed investment. The NAVs are net of fees and are provided by the accounting department and the benchmark by the official providers.
Market developments (currency conversion, coupon, split, …) have an influence on the chart. This graph is provided for information purposes only and does not precisely illustrate the evolution of the fund's net assets. Data may be rounded for convenience. Data expressed in a currency other than that of the investor's country of residence is subject to exchange rate fluctuations, with a positive or negative impact. Gross performance may be impacted by commissions, fees and other expenses
Characteristics
Fund Characteristics
- Fund name
- NYLIM GF US High Yield Corporate Bonds
- Benchmark
- ICE BofA US High Yield Constrained Index (Total Return)
- SICAV Name
- Candriam GF
- Currency
- USD
- Legal Form
- Sub-fund of a SICAV under Luxembourg law
- Fund type
- UCITS
- Creation Date
- Term of the fund
- The fund has no limited term
- Domicile Country
- Luxembourg
- Management Company, having its registered office in Luxembourg
- CANDRIAM, management Company having its registered office in Luxembourg.
- Delegated Management Company
- MacKay Shields LLC
- Depository Bank
- CACEIS Bank, Luxembourg Branch
- Transfer Agent
- CACEIS Bank, Luxembourg Branch
- Recommended investment horizon
- 3 years
- Swing Pricing System
- no
- Swing Pricing Description
-
Swing Pricing is a mechanism by which the net asset value is adjusted upwards (or downwards) if the change in liabilities is positive (or negative) in such a way as to reduce for existing investors the portfolio restructuring costs linked to subscription/ redemption movements in the fund. On valuation days where the difference between the amount of subscriptions and the amount of redemptions of a sub-fund (i.e. net transactions) exceeds a threshold set beforehand by the Board of Directors, the latter shall be entitled to:
- value the net asset value by adding to the assets (in the case of net subscriptions) or deducting from assets (at net redemptions) a fixed percentage of the fees corresponding to market practices and reflecting the fees and/or conditions of liquidity when buying or selling securities; - value the securities portfolio on the basis of bid or ask prices;
- assess the net asset value by setting a level of spreads representative of the relevant market;
- The dilution mechanism must not exceed 2% of the net asset value, except in exceptional circumstances, as in the event of a sharp decrease in liquidity, which would then be detailed for the sub-fund concerned in the annual (semi-) annual report of the SICAV.
Tax, Charges & Fees
- Management fees (max)
- 0.70 %
- Subscription
- 0.00 %
- Redemption
- 0.00 %
- Ongoing charges Date
-
Ongoing charges
Ongoing charges represent all operating and management costs invoiced to the UCI net of retrocessions.
- 0.48 %
Instrument
- Name
- R - Cap
- Benchmark
- ICE BofA US High Yield Constrained Index (Total Return)
- Currency
- USD
- ISIN
- LU1220232067
- Bloomberg Ticker
- CGUHYRU LX Equity
- Morningstar Ticker
- N/A
- First NAV Date
- 28/7/15
Orders
- NAV Date
- D
- NAV Calculation Day
- D+1
- Frequency valuation
- daily
- Subscription Cut off
- D 12:00
- Redemption Cut off
- D 12:00
The corresponding time zone is the one associated with the fund's domicile.
Risks
- SRI Date
- SRI Value
- 3
- Definition
-
The summary risk indicator ("SRI") is an indicator with a rating ranging from 1 to 7 and corresponds to increasing levels of risk and return. The methodology for calculating this regulatory indicator is available in the KID.
The summary risk indicator ("SRI") 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. - Main Risks
-
Credit risk: It constitutes the risk that an issuer or a counterparty default. This risk includes the risk of changes in credit spreads and default risk. The level of credit risk is usually evaluated by using “ratings” representing a comparative assessment of the credit quality (solvency level) of an issuer, issuer or portfolio. “High Yield” investments present the lowest rating levels and therefore a high credit risk.
Interest rate risk: A change in interest rates, resulting notably from inflation, may cause a risk of losses and reduce the net asset value of the fund.
Liquidity risk: lt occurs when a portfolio position cannot be sold, liquidated or closed at a limited cost and within a sufficiently short time, which jeopardizing the fund's ability to comply at any time with its obligations to redeem the shares of investors at their request.
Risk of loss of capital: Investors are advised that any capital they invest is not guaranteed and that they may therefore not receive back the full amount invested. They may thus suffer a loss.
Sustainability Risk: The sustainability risk refers to any environmental, social or governance event or condition that could affect the performance and / or the reputation of issuers in the portfolio. It may be issuer specific, in line with their activities and practices, but may also be due to external factors.
- Other Risks
-
Concentration riskThis risk is related to a significant concentration of investments in a specific asset class or certain markets. The greater the diversification of the fund is, the lesser the concentration risk will be.Conservation riskThe insolvency, negligence or fraudulent acts of a custodian or a sub-custodian may result in the loss of assets. This risk is mitigated by the regulatory obligations of the depositaries.Counterparty RiskWhen the fund carry out over-the-counter transactions (i.e. involving instruments not listed on the markets), they are exposed to a risk of default by the counterparty to the transaction.Currency riskFunds may hold exposure to a currency different from its valuation currency. Changes in the exchange rate of this currency may negatively affect the value of assets in the portfolio.Delivery riskIn case of liquidation of assets that are subject to a transaction with a counterparty, this last, although contractually obliged, may not be able in operational terms to return the assets quickly enough to allow the fund to honour the sale of these instruments on the market..Derivative riskDerivatives are investments whose value depends on (or is derived from) the value of an underlying instrument, such as a security, asset, reference rate or index. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Sub-Fund to lose more money than it would have lost had it invested in the underlying instrument. Using derivatives may result in a higher portfolio volatility related to this underlying asset and an increase of the counterparty risk.Equity RiskSome funds may be exposed to equity market risk through direct investment (through transferable securities and/or derivative products), meaning submitted to the positive or negative evolution of stock exchanges. These evolutions can be huge and be mainly driven by expectations relative to macro-economy and company results, speculation and irrational factors (including trends, opinions or rumours).ESG Investment RiskESG investment risk refers to the risks arising from the inclusion of ESG factors in the management process, such as the exclusion of activities or issuers and the inclusion of sustainability risks in the selection and/or allocation of issuers in the portfolio.Legal riskLitigations of all kinds can occur with a counterparty or a third party. The Management Company aims to reduce these risks by putting in place controls and procedures.Operational riskOperational risk encompasses the risks of direct or indirect loss related to a number of factors (eg human errors, fraud and malicious acts, information system failures and external events, etc.) that could have an impact on the fund and / or the investors. The Management Company aims to reduce this risk through the implementation of controls and procedures.Risk of conflict of interestThe selection of a counterparty based on reasons other than the sole interest of the fund and/or unequal treatment in the management of similar portfolios can result in conflicts of interest.
Risk and reward indicators 31/3/23
-
Fund
-
Sharpe Ratio
The Sharpe Ratio measures the level of compensation an investment in the fund offered for the risk taken. It is calculated by subtracting the risk-free rate from the return of the fund and dividing that result by the volatility. The higher the Sharpe ratio the better, a negative ratio has no significance other than that the fund underperformed the risk-free rate. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
-0.10
-
Tracking error
The Tracking Error is a statistical measure of dispersion of the excess returns of the fund around the mean, making it the volatility of the difference between the fund's return and its reference index return. A higher tracking error indicates a higher deviation from the reference index. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
1.72 %
-
Volatility
The Volatility is the statistical measure of dispersion of returns for a fund around the mean. A higher volatility means that a fund's value can potentially be spread out over a larger range of values and makes the fund a riskier investment. This indicator is based on weekly data over 3 Years (1 year if too little history).
-
5.58 %
-
Average Rating
The Average Rating is calculated using the Weighted Average Rating Factor (WARF) and is a measure to indicate the credit quality of the fund. The measure aggregates the credit ratings of the fund's holdings into a single rating.
-
NR
-
Average Spread
The Average Spread for the fund is the weighted average Option-Adjusted<br>Spread (OAS) for all underlying fixed income instruments. The OAS refers<br>to the difference or spread between the fixed income instrument's yield<br>and the swap rate with the same maturity, using a dynamic pricing model<br>that accounts for embedded options.
-
275.58
-
Credit Sensitivity
The Credit Sensitivity is a formula that expresses the measurable change in the value of a fixed income instrument in response to a change in credit spread. The credit sensitivity for the fund is calculated as the weighted average credit sensitivity of all underlying fixed income instruments.
-
2.99
-
Number of Issues
The Number of Issues represents the total number of instruments in position.
-
334
-
Number of Issuers
The Number of Issuers represents the total number of companies in position.
-
228
-
Modified Duration to Worst
The Modified Duration is a formula that expresses the measurable change in the value of a fixed income instrument in response to a change in interest rates. The Modified Duration to Worst is calculated taking into account the call date for callable bonds and the scenario that would provide the worst yield to the holders of fixed income instruments. The Modified Duration to Worst for the fund is calculated as the weighted average MDTW of all underlying fixed income instruments.
-
3.51
-
Net High Yield exposure
The Net High Yield Exposure is the percentage difference between a fund’s long and short exposures to high yield fixed income instruments, including derivatives. An instrument is considered as a high yield instrument if its credit rating is below BBB-.
-
87.46 %
-
Net Investment Grade exposure
The Net Investment Grade Exposure is the percentage difference between a fund’s long and short exposures to investment grade fixed income instruments, including derivatives. An instrument is considered as an investment grade instrument if its credit rating is above or equal to BBB-.
-
7.74 %
-
Yield to Worst
The Yield To Worst (YTW) is the lowest potential yield that can be received on all fixed income instruments in a fund without the issuers actually defaulting. It represents the lowest of all yields computed at each call date for callable bonds. The YTW for the fund is calculated as the weighted average YTW of all underlying fixed income instruments.
-
7.16
Documents
Other important information
This is a marketing communication. Please refer to the prospectus of the funds and to the key information document before making any investment decision. This marketing communication does not constitute an offer to buy or sell financial instruments, nor does it represent an investment recommendation or confirm any kind of transaction, except where expressly agreed. Although Candriam selects carefully the data and sources within this document, errors or omissions cannot be excluded a priori. Candriam cannot be held liable for any direct or indirect losses as a result of the use of this document. The intellectual property rights of Candriam must be respected at all times, contents of this document may not be reproduced without prior written approval.
Warning: Past performance of a given financial instrument or index or an investment service or strategy, or simulations of past performance, or forecasts of future performance does not predict future returns. Gross performances may be impacted by commissions, fees and other expenses. Performances expressed in a currency other than that of the investor's country of residence are subject to exchange rate fluctuations, with a negative or positive impact on gains. If the present document refers to a specific tax treatment, such information depends on the individual situation of each investor and may change.
In respect to money market funds, please be aware that an investment in a fund is different from an investment in deposits and that the investment’s principal is capable of fluctuation. The fund does not rely on external support for guaranteeing its liquidity or stabilizing its NAV per unit or share. The risk of loss of the principal is borne by the investor.
Candriam consistently recommends investors to consult via our website https://www.candriam.com the key information document, prospectus, and all other relevant information prior to investing in one of our funds, including the net asset value (“NAV) of the funds. Investor rights and complaints procedure, are accessible on Candriam’s dedicated regulatory webpages https://www.candriam.com/en/professional/legal-information/regulatory-information/. This information is available either in English or in local languages for each country where the fund’s marketing is approved.
According to the applicable laws and regulations, Candriam may decide to terminate the arrangements made for the marketing of a relevant fund at any time.
Information on sustainability-related aspects: the information on sustainability-related aspects contained in this communication are available on Candriam webpage https://www.candriam.com/en/professional/sfdr/. The decision to invest in the promoted product should take into account all the characteristics or objectives of the promoted product as described in its prospectus, or in the information documents which are to be disclosed to investors in accordance with the applicable law.