Green Ash Global High Yield Strategy and UCITS Fund

Green Ash Global High Yield Strategy and UCITS Fund

The Green Ash Global High Yield Strategy has been managed in a segregated account format since January 2011. The Green Ash Global High Yield UCITS Fund was launched in October 2017 and offers daily liquidity.

Fund Objectives

  • Global portfolio of liquid high yield credits including subordinated financials
  • Dynamically adjust exposure to regions and sectors in the search for value
  • Avoid poor risk-reward situations and take advantage of cases of extreme mispricing
  • Preserve capital and achieve solid risk-adjusted returns with a low volatility
  • Size positions appropriately (1-3%) to reduce idiosyncratic risk but allow differentiation vs. highly diversified funds
  • Remain flexible and avoid major benchmark constraints

Our Research Approach

  • Bottom-up credit and top down macro economic analysis
  • Qualitative in-house analysis on 100+ global credits, combined with dedicated external research from independent providers
  • Detailed credit analysis to maximize returns and avoid defaults at all costs

Investment Parameters

Strategy Characteristics

  • Global, flexible, high yield credit focus
  • Fundamentally driven by bottom up analysis
  • Differentiated by global approach, concentration of issuers and inclusion of subordinated financials
  • Up in quality with a low allocation to CCC rated corporate issuers
  • Providing exposure to the most compelling credit opportunities

Fund Characteristics

  • Daily liquidity
  • Luxembourg UCITS IV regulated fund structure
  • Hedged Share classes in EUR, USD, GBP, CHF
  • Institutional
  • Launch date – 2nd Nov 2017
Fee Structure & Min. Orders
Institutional 0.80% ($100)
Retail 1.50% ($10K)
Category Max. Exposure
Emerging Market 30%
CoCo AT1 20%
Non Rated 20%
Issuer Exposure 5%
Non Base Currency 10%
Portfolio Duration 10
CCC Rated or Below 10%

Portfolio Characteristics

Key Fund Metrics

Portfolio Metrics Jan 2022
Currency USD
Duration 4.2
Credit Spread 360
Yield to Worst 5.28%
Yield to Worst (EUR Hedge) 4.34%
Average Ratings B1/BB-
No. of Positions 83
Cash 1.2%
Currency Hedged Yields by Share Class
Once currency hedged the adjusted yields to maturity are currently:

  • USD 5.28%
  • GBP 5.57%
  • EUR 4.34%
  • CHF 4.17%

Strategy Performance

Cumulative Returns (Net of Fees)

The 7 year track record generated an annualised net return (EUR hedged) of +6.22% with a volatility of 5.33% to December 2017. From January 2018, we have included the USD I share class (GAGHICU LX) for the GA Global High Yield fund performance.

Green Ash Global High Yield UCITS Fund Performance

Period 2022 Jan YTD
GA HY Fund (USD I) -1.65% -1.65%
GA HY Fund (EUR I) -2.41% -2.41%
GA HY Fund (GBP I) -2.34% -2.34%
Period (2018 – 2021) 2018 2019 2020 2021
GA HY Fund (USD I) -7.24% 14.9% 3.56% 2.20%
GA HY Fund (EUR I) -9.73% 11.93% 1.49% 1.29%
GA HY Fund (GBP I) -8.77% 13.11% 1.61% 1.89%

GA Global High Yield Credit Strategy – Dec 2010 to Dec 2017 (EUR Hedged)

Year 2011 2012 2013 2014 2015 2016 2017 Annualized
GA Strategy (EUR) 1.61% 18.28% 8.70% 5.00% 1.03% 5.33% 4.60% 6.22%

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