Category: Coolabah Global Active Credit

Global Active Credit: April Monthly Commentary

2 minutes read timeThe Iran conflict remained at the forefront of market attention in April. Fears around the trajectory of the conflict persisted into the start of the month, but risk rallied as April progressed – first on news of a two-week ceasefire, and subsequently after Trump posted that an agreement with Iran had largely been negotiated, including a commitment from Iran to never close the Strait of Hormuz again.

Global Active Credit: March Monthly Commentary

2 minutes read timeMarch was dominated by the escalating US-Iran conflict, which sent shockwaves across global asset markets. The effective closure of the Strait of Hormuz drove Brent crude and natural gas up 63% and 59% respectively over the month.

Global Active Credit: December Monthly Commentary

2 minutes read timeIn the month of December, there was a secular shift in interest rate expectations marked by a bull steepening in many global yield curves, whereby short-term interest rates declined while long-term rates climbed.

Global Active Credit: November Monthly Commentary

2 minutes read timeMany market indices showed limited month-on-month movement; however, this masked significant intra-month volatility across numerous markets. The S&P 500 ended the month up 0.25%, despite having been down more than 4.5% at its intra-month low, or 5.75% off its 29th October local peak.

Global Active Credit: October Monthly Commentary

2 minutes read timeOctober saw strong equity market performance globally, accompanied by a rally in global risk-free rates. The S&P 500 gained 2.3%, while the Nasdaq rose 4.8%. In Europe, major indices also finished higher, with the Eurostox 50 up 2.5% and the FTSE100 advancing 4.1%. Gold ended the month up 3.7% at $4,000, though this remained about 10% below intra-month highs of $4,400. Equity gains were led by technology stocks, with the tech component of the S&P 500 up 6.2% for the month.

Global Active Credit: July Monthly Commentary

2 minutes read timeIn July, the PCGA USD share class outperformed its benchmark, the Bloomberg Global Aggregate Corporate Index, by 0.39% net of fees. The GBP share class delivered similar outperformance of 0.42% versus the GBP-hedged Bloomberg index.

Global Active Credit: June Monthly Commentary

2 minutes read timeIn May, the PCGA USD share class delivered outperformance of +0.74% over its benchmark Bloomberg Global Aggregate Corporate Index’s 0.21% return. The GBP share class delivered similar outperformance of +0.72% compared to the respective GBP-hedged index.

Global Active Credit: May Monthly Commentary

2 minutes read timeIn May, the PCGA USD share class delivered outperformance of +0.74% over its benchmark Bloomberg Global Aggregate Corporate Index’s 0.21% return. The GBP share class delivered similar outperformance of +0.72% compared to the respective GBP-hedged index.