IAM BTG Pactual G10 Rates

Investment Objective

The fund aims to deliver consistent and steady returns. It currently targets 7-8% with limited volatility by investing in liquid and highly credit rated assets with an emphasis on capital preservation. The strategy looks to target consistent, uncorrelated alpha from a relative value fixed income portfolio in developed markets.

Latest Meeting Note

Meeting 15 Nov 2023

The BTG Pactual G10 Rates UCITS fund targets consistent, uncorrelated alpha from a relative value fixed income portfolio in developed markets and a return of 7-8% with limited volatility by investing in liquid and highly rated credit ass...

The BTG Pactual G10 Rates UCITS fund targets consistent, uncorrelated alpha from a relative value fixed income portfolio in developed markets and a return of 7-8% with limited volatility by investing in liquid and highly rated credit assets with an emphasis on capital preservation. The fund is run in a multi-PM structure with a core allocation to relative value trades (60-100% of risk) and opportunistic/tactical allocations to macro trades (0-40% of risk) across G10 countries using sovereign rates curves, currencies and their associated derivatives with no credit exposure. Portfolio construction is based on 10-15 investment themes, with strategic core positions in relative value and the ability to engage in tactical trading. The Relative Value strategy operates on a longer timeframe, targeting mean reversion in securities pricing over a 6 to 12-month horizon. In contrast, the Macro strategy is designed for a shorter timeframe, taking positions on interest rates and foreign exchange strategies with more directionality. The approach allows for flexibility across regions and asset classes, with the intent to identify and exploit opportunities that align with the fund's risk parameters, with a particular focus on sovereign rates curves and currencies in the US, Europe, and UK markets. The fund follows the risk management philosophy of the established BTG Pactual Rates fund run by John Fath and his experienced team.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2023 0.6 0.2 0.4 0.9 0.5 0.2 0.1 0.3 0.1 0.5 0.9 0.1 0.1
2022 0.1 0.9 0.4 0.8 0.7 0.3 0.2 0.2 0.0 0.9 1.0 0.5 0.5

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