Sycomore Sélection Crédit: Portfolio Manager Comment Q1 2022
In Short
Commentary for Q1 2022 on Sycomore Sélection Crédit by Stanislas de Bailliencourt, Senior Portfolio Manager, Emmanuel de Sinety, Senior Portfolio Manager, Tony Lebon, Senior Analyst and Ariane Hivert, SRI Analyst at Sycomore Asset Management
Sycomore Sélection Crédit: Portfolio Manager Comment for Q1 2022
FUND POSITIONING
The first few weeks of 2022 were dominated by a sharp increase in risk aversion with investors concerned over the prospect of monetary policy tightening. The invasion of Ukraine exacerbated this trend. Credit spreads widened as a result. The Itraxx Crossover index moved back to its September 2020 levels. Despite the a “flight to quality” due to the invasion, credit indices posted sharp losses during the trimester, overshadowing annual earnings which came in rather better-than-expected.
Download the full commentary below:
Sycomore Sélection Crédit I Comment Q1 2022
Stanislas de Bailliencourt
Senior Portfolio Manager
Emmanuel de Sinety
Senior Portfolio Manager
Tony Lebon
Senior Analyst
