Investment philosophy

ACATIS Euro High Yield invests primarily in high-yield bonds denominated in euros. The fund pursues a value strategy with a bottom-up approach, focussing on the identification of undervalued bonds through fundamental analysis. The quality of the business model, management and long-term balance sheet strength are assessed. Another key element is recognising mispricing, for example as a result of rating changes, takeovers or changes to the capital structure. Investment decisions are made with a long-term horizon. The portfolio is concentrated but diversified, with investments in 50 to 70 companies. Investments are made exclusively in hard currencies such as the euro, US dollar, Swiss franc or pound sterling. The primary objective is to maximise the risk-adjusted return over the entire investment cycle.