Glendevon launches NOK share class for Global Bond Fund II
Glendevon King Asset Management (GKAM) has launched a Norwegian krone class of shares in its Global Bond Fund II, a fixed income fund that invests mainly in bonds of companies based in Norway, Sweden, Finland and Denmark.
The fund is a sub-fund to the GKAM Global Fund Sicav-Siv, and consists of long cash made up of corporate and/or government bonds.
Selection of instruments is based on a bottom-up approach, focused on fundamental balance sheet data and ratios on a spot and trend analyses.
The fund uses derivatives overlays, and manages risk bu using futures and options on bonds, interest rates and equity indices.
The NOK class exposure will be no less than 80% Nordic investments, and the fund manager believes that there is significant potential for the NOK to appreciate further against currencies such as the dollar, euro and CHF.
The minimum subscription will be NOK4m (about €0.5m)
Yannick Naud, lead manager on the fund, said: “We are delighted to launch what we believe is the first Sicav-Siv strategy in a NOK class with a focus at launch on absolute return Nordic credit opportunities. The fund was born out of strong demand from investors to separate corporate risk from country risk, and offers a very good opportunity for protection and growth against the deepening European sovereign debt crisis.”
“Nordic countries are considered among the safest in the world for investment, with stable economic climates, low sovereign risk and for some of them higher interest rates. There is also now a deep and diversified credit market in local currencies, with companies linked to attractive sectors such as oil, gas, agriculture and technology.”