“Following expressions of interest from investors, the Management Company has decided to extend the subscription period of the fund: initially ending on 30.09.2018, it will now end on 31.12.2018. Given the market conditions and in particular the increase in yields on the High Yield Euro segment this year, this extension does not call into question the achievement of the fund’s management objective for the period (absence or negligible dilution for actual holders of the fund). Prior to any subscription, the investor is invited to consult the regulatory documents to the fund (KIID and prospectus), which are available on the TWENTY FIRST CAPITAL website or upon request from the Management Company. “

 

The investment objective is to obtain a 4%-plus annualised return after fees over an eight-year investment horizon, i.e., from the Fund’s launch date to 31 December 2025.

The portfolio will be invested primarily in euro-denominated bonds, other debt securities and money market instruments issued by governments or private or public entities of OECD countries. The fund may invest up to 20% of its assets in securities from non-OECD countries (Asia ex-Japan, Eastern Europe and Latin America). A minimum of 51% of the securities comprising the portfolio will be denominated in euros. The manager may invest up to 100% of the fund’s assets in fixed-income securities in the form of traditional bonds and up to 10% in convertible bonds.

The rating-based allocation among various issuers shall be as follows:

– from 0% to 100% of net assets in speculative high-yield bonds (i.e., with ratings below BBB- (Standard & Poor’s and Fitch) or Baa3 (Moody’s) or the equivalent based on the investment management firm’s assessment);

– from 0% to 100% of net assets in non-rated securities.

 

 Settlement / deliveryD+3
 Notification deadline
D 12:00AM
 Domicile France
 Valuation Daily
 AMF classificationInternational bonds
 Structure
 UCITS
UCITS
Yes
 PEA Eligible No
 Inception date22.01.2016
 Recommended investment horizon
8 years
ISIN codeFR0013081700
BloombergREND20C FP
Allocation of incomeDistribution
Subscription feeAcquired – None
Not acquired – 4% maximum
Redemption fees
Acquired – None
Not acquired – None
Management fees1,00% (incl. taxes) max
Performance feesNone
Ongoing charges
1,20%

Risk level

1234567

108.45€
NAV at 22-05-2019

+6,54%
Perf. YTD

+1,97%
Perf. 3 month

-3,05%
Perf. 1 year

+6,47%
Perf. 3 years

+8,45%
Perf. since creation

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Benjamin Perray

Holds a Master’s degree in Asset Management (2008) and was accepted as a member of the French Society of Financial Analysts (SFAF) in 2013 & CFA certificate holder.

He gained experience as a portfolio manager-analyst (at MW Gestion from 2008 to 2012), before joining Kepler Cheuvreux as a credit analyst, where he specialised in high yield and hybrid bonds. Benjamin joined Twenty First Capital in 2013 to manage Rendement Euro Plus and Rendement Court Terme (fund closed in 2016) corporate bond funds.

Management strategy

“Following expressions of interest from investors, the Management Company has decided to extend the subscription period of the fund: initially ending on 30.09.2018, it will now end on 31.12.2018. Given the market conditions and in particular the increase in yields on the High Yield Euro segment this year, this extension does not call into question the achievement of the fund’s management objective for the period (absence or negligible dilution for actual holders of the fund). Prior to any subscription, the investor is invited to consult the regulatory documents to the fund (KIID and prospectus), which are available on the TWENTY FIRST CAPITAL website or upon request from the Management Company. “

 

The investment objective is to obtain a 4%-plus annualised return after fees over an eight-year investment horizon, i.e., from the Fund’s launch date to 31 December 2025.

The portfolio will be invested primarily in euro-denominated bonds, other debt securities and money market instruments issued by governments or private or public entities of OECD countries. The fund may invest up to 20% of its assets in securities from non-OECD countries (Asia ex-Japan, Eastern Europe and Latin America). A minimum of 51% of the securities comprising the portfolio will be denominated in euros. The manager may invest up to 100% of the fund’s assets in fixed-income securities in the form of traditional bonds and up to 10% in convertible bonds.

The rating-based allocation among various issuers shall be as follows:

– from 0% to 100% of net assets in speculative high-yield bonds (i.e., with ratings below BBB- (Standard & Poor’s and Fitch) or Baa3 (Moody’s) or the equivalent based on the investment management firm’s assessment);

– from 0% to 100% of net assets in non-rated securities.

 

Technical sheet
 Settlement / deliveryD+3
 Notification deadline
D 12:00AM
 Domicile France
 Valuation Daily
 AMF classificationInternational bonds
 Structure
 UCITS
UCITS
Yes
 PEA Eligible No
 Inception date22.01.2016
 Recommended investment horizon
8 years
ISIN codeFR0013081700
BloombergREND20C FP
Allocation of incomeDistribution
Subscription feeAcquired – None
Not acquired – 4% maximum
Redemption fees
Acquired – None
Not acquired – None
Management fees1,00% (incl. taxes) max
Performance feesNone
Ongoing charges
1,20%

Risk level

1234567
Performances

108.45€
NAV at 22-05-2019

+6,54%
Perf. YTD

+1,97%
Perf. 3 month

-3,05%
Perf. 1 year

+6,47%
Perf. 3 years

+8,45%
Perf. since creation

Loading
Fund manager

Benjamin Perray

Holds a Master’s degree in Asset Management (2008) and was accepted as a member of the French Society of Financial Analysts (SFAF) in 2013 & CFA certificate holder.

He gained experience as a portfolio manager-analyst (at MW Gestion from 2008 to 2012), before joining Kepler Cheuvreux as a credit analyst, where he specialised in high yield and hybrid bonds. Benjamin joined Twenty First Capital in 2013 to manage Rendement Euro Plus and Rendement Court Terme (fund closed in 2016) corporate bond funds.

Past performance does not guarantee future performance. They are not constant in time.

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