Mandate Profile:
- Client Type: German Pension Scheme
- Initial Investment Volume: 80 m. EUR, additional future inflows planned
- Investment Universe: Primarily US High Yield Bonds, opportunistic exposure in investment grade rated bonds possible
- Investment Restrictions: Market risk potential limited to a maximum of 130% using the qualified approach under MaRisk (BA); VAG requirements are mandatory, forced selling due to rating downgrades should be avoided; Minimum rating acceptable is B- (issues downgraded below B- have to be sold within six months after downgrade); Client-specific ESG exclusion list will be provided and must be applied (exclusion criteria include for example unconventional oil and gas, weapons, tobacco, nuclear energy, coal, adult entertainment, violations of UN Global Compact)
- Benchmark: e.g. ICE BofA BB-B US High Yield Constrained Total Return Index or comparable
- Target Tracking Error: not restricted
- Currency Hedging: All exposure hedged in EUR
- Derivatives: allowed
- Investment Style: active, long-only
- Investment Vehicle: Segregated Mandate (German "Spezialfonds")
Deadline: Friday, May 10th, 2024 (COB)
