Synchrony Institutional Fund – Synchrony Finest ofTM LPP

Synchrony Institutional Fund – Synchrony Finest ofTM LPP Bonds B
July 2010
Investment universe
This mutual fund governed by Swiss law is targeted at institutional investors and is invested in components of the Swiss Bond
Index (SBI®). The fund aims to provide a return excluding fees that is equivalent to the benchmark index.
Fund manager’s report
Signs of some confidence returning as regards the
European sovereign debt market, coupled with the lack of
any inflationary expectations, contributed towards keeping
swap rates steady. The 4-year rate proved the fulcrum on
the curve as shorter-dated paper saw yields edge up by 5
basis points, but levels for longer-dated maturities were
unchanged. Bonds denominated in Swiss francs issued by
foreign
borrowers
outperformed
their
domestic
counterparts: their outperformance by 33 basis points was
delivered by a combination of both government and
corporate bonds. Although the sub-fund has aboveaverage exposure to domestic bonds, its value rose by
0.24% such as the benchmark, courtesy of a 10.85%
rebound staged by the BP Capital Markets 2013 bond.
Performance in CHF (NAV, including fees)
2007
2008
2009
Fds NAV
-0.82%
4.17%
5.86
3.27
0.24
Index*
-0.34%
4.64%
6.20
3.72
0.24
%
*Benchmark index: Swiss Bond Index (SBI®).
10
10
07
/
05
/
10
10
01
/
03
/
09
09
09
11
/
09
/
09
05
/
07
/
09
08
09
03
/
01
/
08
08
11
/
09
/
08
05
/
07
/
08
08
03
/
07
11
/
01
/
07
07
09
/
07
/
07
07
05
/
01
/
07
115
114
113
112
111
110
109
108
107
106
105
104
103
102
101
100
99
98
97
96
03
/
CHF 1086.62
CHF 45.48
1.51%
4.87 years
2.85%
0.71%
CHF 20.40
Synchrony Finest ofTM LPP Bonds B
Sources: Gérifonds
Benchmark
Composition by rating and issuer
Switzerland
BCV
J. Spichiger
07.02.2007
CHF
Weekly
June
October
0.90%
AA
CHF-denominated
bonds
Management method
Synchrony Asset Management SA uses a
quantitative method enabling fund managers to
build an optimal portfolio without having to make
specific bets on interest-rate movements.
33%
29%
34%
5%
66%
33%
Domestic Government
AAA
AA
A
Domestic Non Government
Foreign Corporate
Main debtors
Reference numbers
Security No.
ISIN
Bloomberg
Reuters
July
Historic performance
Technical information
Net asset value
Fund assets (CHFm)
Average yield to maturity
Adjusted duration
Average coupon
Tracking error (since launch)
Last distribution (gross
amount)
Fund description
Fund domicile
Custodian bank
Senior Fund Manager
Launch date
Fund currency
Redemption
Accounting year-end
Distribution
Management fee
Average rating
Type
YTD
2651733
CH0026517331
GERSFBB SW
2651733.S
Contacts
BCGE Asset Management
Telephone
058 211 21 00
Fax
022 909 75 00
www.bcge.ch
Les informations contenues dans ce document s'appuient sur des données et statistiques dignes de foi et les performances mentionnées sont communiquées à titre indicatif sans garantie pour
l'avenir; elles ne sauraient engager la responsabilité ni de Synchrony Asset Management, ni du Groupe BCGE.