Fund Manager: Oliver Gasser, Credit Suisse
Oliver Gasser of Credit Suisse is our rising star this month, having achieved a AA-rating for April. The fund contributing to his strong performance is the CS (Lux) Global Value Bond Fund EB USD, which he has run since its inception in April 2009.
Gasser has returned 7.4% over the three-year time period compared to the average manager’s 5.5% loss in global bonds. His recent outperformance is powered by his credit-overweight positions, in particular Volkswagen perpetual bonds, where strong performance from the German automaker protected against poor performance from credit hedges on CDS indices.
In his latest performance update, Gasser said the main positive contributor in terms of sector has been Investment grade corporate bonds, which comprise 35.1% of the portfolio. Meanwhile, 22% of the fund is invested in the US, while 15.2% is invested in Switzerland and 7.6% in Germany.
Looking ahead, Gasser is seeking opportunities in credits, particularly in the financial, US high yield, Latin America & Eastern European sectors. He remains sceptical about long-dated government and rate-sensitive sectors around the world but especially in Europe, given political risk and ECB tapering talk.