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To seize the opportunities associated with subordinated debt in view of future debt issuance regulations.
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| Investment Objective |
| The fund’s objective is to produce, over a long-term period, an average annualized return superior to 7%. |
| Investment Strategy |
The investment strategy is driven by three levels of analysis which are specially tailored to its specific philosophy and investment universe.
· Top down:
The portfolio breakdown between ISSDS (Tier 1), ISDS (Tier 2) and Lower Tier 2 is determined by the economic and financial outlook defined as part of LFP 's general investment process.
· Bottom up:
o Issuers are selected based on an analysis of the returns offered compared to the level of risk for each issuer. LFP’s credit process analysis capacities are fully utilized here.
o For each issuer identified, securities are ultimately selected following a detailed study of the specific characteristics of each issue. Beyond the credit risk specific to each signature, the individual details of each issue may actually significantly change the performance of the security. |
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Portfolio Managers & Advisors
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| Paul Gurzal | Henriette le Mintier |
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| Investment Universe |
| Benefiting from the potential access to all categories of euro-denominated classic or subordinated debt, LFP Libroblig focuses its investments more specifically on I.S.S.D.S. (Tier 1), I.S.D.S. (Upper Tier 2) and Lower Tier 2 hybrid debt securities issued by financial institutions (banks and insurance companies). |
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| Management Parameters |
· Recommended investment period: 10 years
· Risk indicators:
o modified duration: from 0 to 10,
o maximum equity delta (resulting from convertible bonds): 10 |
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Performances as of 3/10/2010
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| Return Since Inception | 2010 | 2009 | 1-Year Return | 3-Year Return | 5-Year Return | 52-Week Volatility |
| LFP Libroblig | 40.76% | 3.00% | 28.87% | 36.84% | - | - | 7.41 % |
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Key Figures
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| Net Asset Value | EUR 1,407.58 |
| AUM | EUR 39,551,016.33 |
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Fund Features
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| ISIN Code | FR0010674978 |
| Category | Obligations |
| Ticker Bloomberg | - |
| Currency | EUR |
| Creation date | 20/10/2008 |
| Valuation Frequency | Hebdomadaire Vendredi |
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