Assets and capacity

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  • 1. Please list portfolios managed by the investment team
    Investment vehicles Value USD millions
    GAM Star Credit Opportunities – USD 3,340
    GAM Star Credit Opportunities – EUR 3,992
    GAM Star Credit Opportunities – GBP 1,274
    Total Size* 8,606

    Source: GAM, as at 30 April 2019. *Totals may not sum due to rounding.

    The team also manages GAM Star Interest Trend valued at 54.6 million as at 30 April 2019.

  • 2. Are there any special terms given to certain investors in relation to fees or redemption?

    GAM has not entered into any side letters which provide for preferential liquidity terms. All shareholders
    are subject to the liquidity terms applicable to the class in which they invest, as disclosed in the
    prospectus.

  • 3. What happens after capacity is reached?

    Should capacity be reached, subscriptions may still be possible for new investors, subject to restrictions
    and availability through redemptions. A list of interested parties will be established and maintained. As
    shares become available through redemptions, they will be offered to those parties whose names have
    been entered on this list.

  • 4. Are there any side letter agreements that can negatively impact the fund? If so please give details.

    From time to time GAM entities may enter into agreements that entitle certain shareholders in the funds to
    the provision of more information about the underlying investments than is disclosed to all investors, or
    providing for different fees or comfort regarding expenses. Typically, additional disclosure of underlying
    investments has been provided to substantial institutional shareholders with separate risk control
    departments for the purposes of risk management. Information issued on holdings within the funds is
    typically released with a 30-day delay. The information is provided under strict terms of confidentiality, and
    the recipient agrees not to disclose it to third parties or internally for investment decision-making
    purposes. Such agreements have been entered into on a strictly limited basis in circumstances particular
    to the shareholders concerned. We believe that any such side letter agreements would not negatively
    impact the funds.

  • 5. What is the maximum capacity of your fund?

    The team reviews capacity regularly and takes into consideration several factors to see if they still feel
    comfortable managing the funds at their current sizes.
    First they look at the size of the subordinated market in each currency to see how much market share
    they have. Then they factor in that they also invest in senior bonds and in addition that they also buy nonbase
    currency debt and hedge back, which significantly increases the depth of our universe beyond just
    the local subordinated debt market. On top of this, capacity in bonds is always a moving target as the
    market expands and new issues can have quite a big impact.
    The size of subordinated debt outstanding in each market is approximately USD 700 billion, EUR 387
    billion and GBP 71.6 billion, which adds up to about USD 1.2 trillion. The funds still have a very small
    market share of this, and the investment universe is even broader than subordinated debt.
    Given their current set up as well as opportunities, the managers are mindful of the impact of capacity as
    the strategy grows and they monitor it actively.

  • 6. What percentage of the fund assets is represented by the largest investor?

    We regret that this information is not available, as the majority of assets are held through third-party
    intermediaries.

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