Die besten EUR High Yield Anleihenfonds - Seite 2

Thomas Korhammer, Fondsmanager, "Raiffeisen-Europa-High Yield R A" (ISIN: AT0000796529) (16.08.2012): "Wir unterscheiden idiosynkratische, d.h. emittenten-spezifische, und systemische, aus der Bewegung des breiten Markts resultierende, Risken. Charakteristisch für den High Yield Markt sind die niedrige Kreditqualität und das damit verbunden Ausfallsrisiko. Je niedriger die Bonität innerhalb einer Assetklasse, desto bedeutsamer ist die Einzeltitelanalyse und –selektion. Folglich ist das Management des Raiffeisen-Europa-HighYield-Fonds getrieben von der Einzeltitelselektion, sprich Bottom-up-getrieben.
Darüber hinaus steuern wir auf Portfolio-Ebene die Sensitivität des Fonds gegenüber Veränderungen der Risikoprämien. Dies geschieht im Rahmen des Top-Down-Managements indem Investitionsgrad, Ratingallokation, und Portfolio Duration verändert werden."

Philippe Igigabel, Fund Manager, "HSBC GIF Euro High Yield Bond AC EUR" (ISIN: LU0165128348) (07.08.2012): "Our investment process is primarily driven by issuer selection: our first objective is to minimise capital losses by underweighting (or avoiding alltogether) issuers whose credit quality is expected to decline. We try to further optimise returns by changing the fund market exposure depending on our assessment of macro variables."

e-fundresearch: "How do you assess the current development of the spreads vs. government bonds as well as the default rate?"

Stuart M Stanley, CFA, High Yield Portfolio Manager, "Invesco Extra Income Bond T" (ISIN: AT0000673892) (15.08.2012): "The global high yield spread according to Bank of America-Merrill Lynch indices is 620bp and the yield is 7.3%. The yield is not overly compelling on a historical basis but the spread is in line with long-term averages. Yields are held down by low government yields but we do not expect the low yield environment to change anytime soon. The high yield spread is pricing in benign outcomes to the US fiscal budget standoff and the European sovereign debt crisis but is pricing in a higher levels of defaults. Implied defaults in today’s spreads are greater than 6% while expectations are for much lower defaults – in the 3-4% area, which is below historical averages. We’d suggest that the strong demand for cash credit and high yield, supported by record high yield inflows in 2012,  is keeping spreads slightly tighter than they might normally be."