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BIAS Short Duration Income Fund - BIAS Global Portfolios SPC- 2018 Results

Hamilton, Bermuda–:  10 June 2019 – In a filing with the Bermuda Stock Exchange BIAS Short Duration Income Fund - BIAS Global Portfolios SPC. (the "Company”; Ticker: BIASSDA.KY), announced their 2018 results.   The full filing stated:

 

INVESTMENT POLICY

 

The objective of the Segregated Portfolio (the “Fund”) is to offer a convenient and efficient vehicle for investing in high quality money market and short duration income producing instruments denominated mainly in US dollars which offer liquidity, low risk, and attractive returns consistent with prudent investment management.

 

TO THE SHAREHOLDERS

 

We are pleased to present the Annual Report and Financial Statements of the Fund for the year ended December 31, 2018. The net asset value per shares of the Fund increased from $112.34 as at December 31st 2017 to $112.45 as at December 31st 2018 representing a total return after fees of 0.10% for the 2018 calendar year. The net asset value of the Fund rose over the year to $10.2 million as at 31st December 2018 from $7.2 million at the beginning of the year. BIAS Asset Management Ltd. (the “Manager”) ensured that the Fund maintained adequate liquidity through holding a substantial portion of the Fund’s assets in highly liquid US Treasury securities.

 

ANNUAL REVIEW

 

Treasury yields rose sharply in the first three quarters of 2018 as the Federal Reserve (Fed) raised the benchmark interest rate four times, from 1.50 percent to 2.50 percent, citing solid economic data. The yield curve flattened as yields on shorter-dated bonds rose more than yields on longer-dated bonds on the back of Fed action. The Fourth Quarter painted a different picture as yields fell on all but the very shortest bonds as investors scrambled to seek the safety of government bonds on concern the global economy could be stalling, trade tensions, the US government shutdown, and a repricing of expectations around Fed interest-rate increases following dovish interpretations of comments by Fed officials. We reduced the Fund’s overall duration over the course of the year and added floating rate notes to benefit from rising interest rates. The Fund benefited from its shorter duration relative to the benchmark in the rising interest rate environment in the first three quarters. However, the Fund fell behind its benchmark in 2018 on a sharp drop in pricing on one of the Fund’s corporate bonds in Fourth Quarter 2018.

 

OUTLOOK

 

As we begin 2019, we believe the Fund is well positioned as 48 percent of the portfolio is invested in floating rate notes (FRNs) that offer a yield pick-up over Treasuries. We expect Treasury yields to be range-bound and the Fed to hold the benchmark rate unchanged in 2019 as global economic growth slows and inflation remains tepid. For this reason, we hold Treasuries maturing in one-to-three years for liquidity and FRNs for their relative yield pick-up over Treasuries. We may opportunistically invest in Treasuries maturing in four-to-five years in response to economic data.

 

 

 

 

 

 

Robert R. Pires, MBA, CFA

 

Chairman

 

BIAS Global Portfolios SPC

 

BIAS Short Duration Income Fund – US$ Segregated Portfolio

 

May 23, 2019

 

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CONTACT DETAILS

TEL: +1 (441) 292 7212
FAX: +1 (441) 292 7619
Email: info@bsx.com

LOCATION

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MAILING ADDRESS

P.O. Box HM 1369
Hamilton HMFX

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