Green Ash – Global High Yield 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
  • Retail and Institutional
  • USD 57mm AuM
 Fee Structure & Min. Orders
Institutional 0.80% ($100)
Retail 1.50% ($10K)
 Category Max. Exposure
Emerging Market 30%
CoCo AT1 20%
Non Rated 20%
ABS/MBS 10%
Issuer Exposure 5%
Non Base Currency 10%
Portfolio Duration 10
CCC Rated or Below 10%

Portfolio Characteristics

Key Fund Metrics

 Portfolio Metrics Jun 2021
Currency USD
Duration 3.4
Credit Spread 329
Yield to Worst (local) 3.68%
Yield to Worst (EUR Hedge) 3.22%
Average Ratings Ba3/BB-
No. of Positions 85
Cash 3.0%

Key Fund Metrics

 Currency Hedged Yields by Share Class

 Once currency hedged the adjusted yields to maturity are currently:

  • USD 3.95%
  • GBP 3.85%
  • EUR 3.22%
  • CHF 3.00%

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 2021 Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 2021 YTD
GA HY Fund (USD I) -0.02% 0.53% 0.12% 0.90% 0.41% 0.62% 2.58%
GA HY Fund (EUR I) -0.08% 0.46% 0.04% 0.82% 0.33% 0.55% 2.13%
GA HY Fund (GBP I) -0.04% 0.48% 0.10% 0.88% 0.38% 0.59% 2.40%
 Period (2018 – 2020) 2018 2019 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020
GA HY Fund (USD I) -7.24% 14.9% 3.56% -15.00% 10.44% 3.92% 6.18%
GA HY Fund (EUR I) -9.73% 11.93% 1.49% -15.81% 9.87% 3.67% 5.84%
GA HY Fund (GBP I) -8.77% 13.11% 1.61% -16.09% 10.04% 3.83% 5.99%

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%