Tabula Liquid Credit Income UCITS Fund

Investment Objective

TheTabula Liquid Credit Income UCITS Fund (the “Fund”) aims to generate highincome and capital appreciation, whilst maintaining low interest rate duration.The Fund seeks to achieve its investment objective by taking exposure toprimarily liquid investment grade credit indices and applying a systematictail-hedging strategy that is designed to mitigate downside risk during largemarket shocks. 

Latest Meeting Note

Meeting 15 Nov 2022

The Tabula group is an independent fixed income and credit manager headquartered in London with 30 professionals and over $700m in AUM. The firm was founded by David Peacock and John Weiss in 2018 to provide investors with passive (ETF w... Read more

The Tabula group is an independent fixed income and credit manager headquartered in London with 30 professionals and over $700m in AUM. The firm was founded by David Peacock and John Weiss in 2018 to provide investors with passive (ETF with a strong focus on sustainability) and active investing solutions. The Tabula Liquid Credit Income UCITS is an active credit fund focused on systematic strategies based on liquid credit index products (e.g. iTraxx, CDX). The fund takes directional US and European IG exposures through liquid CDS indices to maximize credit income potential, with minimal interest rate duration. This ‘income’ portfolio (7-8x leverage to 50/50 portfolio of iTraxx Main and CDX IG 5y indices) is combined with combined with a systematic tail hedging strategy (the ‘hedge’ portfolio) for the purpose of reducing drawdowns in during tail events. The unencumbered cash invested in short-term T-bills from high quality governments providing a further source of returns. The fund was launched in Decemer 2021 and has an attractive pricing structure with a TER of 0.95% with no performance fee.

Performance

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
2021 0.9 0.9 0.4 0.2 0.4 0.6 0.9 0.5 0.3 1.0 0.1 0.2 0.5
2020 0.5 0.1 0.2 0.7 0.2 0.9 0.9 0.9 0.0 0.2 0.8 0.1 0.8

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