GLOCAL PROFIX USD FUND Objective
The fund’s objective is to provide investors with the opportunity to gain exposure to actively managed portfolio invested exclusively in Armenian fixed income securities denominated in USD.
The fund has access to reasonable borrowing rates and operates under the favorable tax legislation governing the investment and asset management activity in Armenia.
Fund performance chart
| MTD | 2020 | 2021 | 2022 | 2023 |
| -1.57% | 7.82% | 17.57% | 11.80% | 11.96% |
| YTD | 3 months | 12 months | Since Inception* | Inception Annualized |
| 0.10% | 0.73% | 9.69% | 107.10% | 11.58% |
*Effective cumulative performance since inception – 1 September 2017
| YEAR | JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC |
| 2024 | 0.05% | 0.8% | 0.9% | |||||||||
| 2023 | 0.8% | 0.1% | 0.4% | 0.7% | 0.3% | 0.8% | 1.4% | 0.4% | -1.3% | -0.2% | 4.4% | 3.7% |
| 2022 | 1.8% | 0.8% | -2.1% | 0.3% | 0.5% | 0.2% | 2.1% | 2.3% | -2.4% | 1.0% | 4.2% | 2.8% |
| 2021 | 1.3% | 1.1% | 1.7% | 1.8% | 1.1% | 1.2% | 1.1% | 2.5% | 2.6% | 0.7% | 0.6% | 0.7% |
| 2020 | 0.5% | 4.0% | -1.5% | -0.4% | -0.4% | 1.8% | 0.9% | 0.0% | 1.5% | -0.1% | 0.9% | 0.5% |
| 2019 | 1.3% | 0.8% | 0.9% | 0.8% | 1.3% | 0.6% | 0.8% | 1.2% | 0.5% | 0.8% | 0.9% | 1.4% |
| 2018 | 1.4% | 0.9% | 1.4% | -1.2% | 2.9% | 0.9% | 1.2% | 0.7% | 1.0% | 1.3% | 0.9% | 0.3% |
| 2017 | - | - | - | - | - | - | - | - | 0.6% | 1.4% | 0.4% | 1.6% |
Published issue (buyback) price applies to the unit purchase (buyback) requests submitted on the previous day.
The performance data featured represents past performance, which is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your units.
Fund facts
How it works
The fund’s strategy boils down to leveraging portfolio’s assets through short-term borrowings at relatively lower rates and investing the proceeds in high yield medium/long-term Armenian government and corporate bonds denominated in USD. To borrow funds, bonds held in the portfolio are pledged as collateral under repurchase agreements or under short term secured loans, and the proceeds from repo/loan are reinvested in USD bonds.
The fund also invests in Armenian government bonds denominated in USD (Eurobond) that are listed in Irish Stock Exchange.
Approach
When managing the investment portfolio the fund uses a multi-faceted approach that relies on proprietary analytical and simulation models, observations to predict future events, as well as a dynamic risk assessment framework. Our analysis encompasses historical data on repo rates, government bond yields, and spreads between borrowing and lending rates.