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Ostrum Euro Bonds Opportunities 12 Months

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Ostrum Euro Bonds Opportunities 12 Months Ostrum Euro Bonds Opportunities 12 Months Quarterly portfolio commentary 31-Mar-2021 Strategy performance Over the first quarter the Euro Bond Opportunities 12 Months strategy outperformed capitalized Eonia by +6bps, a return of - 0.06% (net of fees, I/C shareclass), versus -0.12% for capitalized Eonia. Over the period, interest rate spreads on Italian, Portuguese and Spanish debts widened. The 2-year Spread Italy went from a level of 27 to 30. Spanish and Portuguese spread levels moved from 6 to 19 bps and from -4 to 12 bps in the quarter. Only the spread of the Greece 2023 tighten by 3 bps.In the euro zone, German rates rose sharply upwards in a context of reflation and resumption of economic growth. The German 10-year rate retreated 50% from its level to end the quarter at -0.28%. The steepening of the German 2-10 curve is steepened from 11bps to 40 bps, partly driven by the steepening in the US.We reduced our exposure in the quarter by short near 90 cts of duration on futures (bobl, bund and buxl).We also slightly increased our position in Italians debt on maturity 2022 and 2023 in january and Spanish debts 2022 in march.We are maintaining our positioning on breakeven inflation rates. Although new health restriction measures have been taken, expectations of economic recovery and the theme of reflation will continue to push this widening upwards. Market environment The recovery of the world economy continued in the first quarter and was accompanied by an accelerated acceleration of international trade, driven mainly by Asia and China. Differences between countries increased at the start of the year. In the United States, growth benefited from the gradual lifting of restrictive measures, the acceleration of the vaccination campaign and the $ 900 billion support plan, ratified at the end of December by Joe Biden, then the recovery plan of $ 1,900 billion, ratified on March 11. On the other hand, the euro zone was penalized by the tightening and prolongation of restrictive measures and by a too slow vaccination campaign which delays the reopening of the economy. GDP should therefore contract in the first quarter. In terms of sectors, the manufacturing sector in the Euro zone is benefiting fully from the acceleration in world trade, while that of services remains penalized by the restrictive measures. Central banks have insisted on the need to maintain very accommodating monetary policies over time due to a labor market still far from having returned to its pre-crisis level and an inflation rate below their average target. term. The Fed does not anticipate a rate hike before 2024 and continues to purchase assets to the tune of $ 120 billion per month. In response to the contagion of rising US rates on euro area rates, the ECB announced a significant acceleration in the pace of its asset purchases over the coming quarter as part of its Pandemic Emergency Programme (PEPP). Its weekly net purchases under this program increased sharply the week following its meeting: 21.1 billion euros against 13.9 billion on average since the beginning of the year. The TLTRO 3 transaction in March also met strong demand from banks wishing to benefit from very attractive refinancing conditions: €330.5 billion. In the United States, the marked improvement in growth prospects linked to the announcement of the $ 1,900 billion stimulus plan has generated strong pressures on long-term bond rates. The US 10-year rate thus rose 83 basis points (bps) over the quarter to close at 1.74% and return to the level that prevailed in January 2020, before the crisis. This was reflected by a contagion effect on European long rates but the increase was much smaller due in particular to the presence of the ECB on the bond market and the acceleration of its purchases from mid-March. The German 10-year rate rose 28bp to close at - 0.29%. On peripherals, the quarter was marked by a sharp drop in the Italian 10-year spread due to the arrival of Mario Draghi as head of government. Strategy outlook the Fed remain extremely accommodating even though the Fed is increasingly tested by the market. The $1,900 billion Biden plan is focused on U.S. households to create the conditions for faster demand and a return to full employment. Attention is now focused on the next program, which is expected to reach $3,000 billion and include investments in infrastructure, for energy transition and education. It should be partly financed by tax increases, particularly on the wealthiest businesses and households. The discussions promise to be intense between the Republicans and the Democrats. Faced with the worsening health situation, governments are extending support measures to address the crisis. The Italian government has announced new measures, between 20 and 30 billion euros, after a budget extension of just 32 billion. The first payments within the framework of Next Generation EU will not take place before the summer and will be conditioned to the validation of the recovery and resilience plans presented by the Member States. It is essential that governments continue to benefit from low interest rates to finance their emissions and reduce debt servicing. This is facilitated by massive bond purchases by central bank. FOR INVESTMENT PROFESSIONAL USE ONLY Strategy positioning We reduced our duration over the quarter. We will continue to reduce our duration with the outlook of economic recovery. Also we monitor spread levels and will adjust our positions based on opportunities. We will invest in securities offering the best risk return. FOR INVESTMENT PROFESSIONAL USE ONLY Ostrum Euro Bonds Opportunities 12 Months I/C (EUR) Fund performance and characteristics 31-Mar-2021 Trailing returns – net of fees 1M 3M YTD 1Y 3Y ann. 5Y ann. 10Y ann. Incep. ann. Fund, % -0.05 -0.08 -0.08 0.42 -0.21 0.04 0.77 0.83 Index, % -0.04 -0.12 -0.12 -0.47 -0.42 -0.39 -0.10 -0.03 Fund characteristics Outperform the Reference Index over its recommended minimum investment Investment objective period by more than 0.75%. Inception date 17-Dec-2013 Reference Index EONIA (compounded daily) + EONIA (compounded daily) TER, % 0.35 % Maximum sales charge, % 0.00 % Redemption charge / CDSC 0 % / - Minimum initial investment 50,000 EUR ISIN LU0935219609 Bloomberg ticker FONVALI LX Equity NAV / Share 54935.14 EUR Management company Natixis IM International Investment manager Ostrum Asset Management Please read the prospectus and Key Investor Information carefully before investing. If the fund is registered in your jurisdiction, these documents may also be obtained free of charge from the Natixis Investment Management offices (www.im.natixis.com) and the payer agents/representatives mentioned here below. Germany: Caceis Bank Deutschland GmbH, Lilienthalallee 34 - 36, D-80939 München, Germany, UK: Société Générale London Branch, Société Générale Securities Services Custody London, 9th Floor Exchange House 12 Primrose Street, EC2A 2EG London, Belgium: Caceis Belgium SA, Avenue du Port 86 C b320 B-1000 Brussels, France: Caceis Bank France, 1-3, Place Valhubert 75013 Paris, Italy: State Street Bank S.P.A., Via Ferrante Aporti, 10 20125 Milan All Funds Bank S.A, Via Santa Margherita 7, 20121 Milano, Luxembourg: Caceis Bank Luxembourg, 5, allée Scheffer L-2520 Luxembourg, Netherlands: Caceis Netherlands N.V., De Ruyterkade 6-i 1013 AA Amsterdam, Switzerland: RBC Dexia Investor Services Bank S.A., Badenerstrasse 567, CH- 8048 Zurich. PERFORMANCE DATA SHOWN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF, AND NOT INDICATIVE OF, FUTURE RESULTS. More recent performance may be lower or higher. Principal value and returns fluctuate over time (mainly as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges, taxation or paying agent charges, and assumes reinvestment of dividends. If such charges were included, returns would have been lower. Performance for other share classes will be more or less depending on differences in fees and sales charges. For further information on the performance data, including calculation of performance during periods of share class inactivity, please refer to the Fund Factsheet available under Fund Documents section. For more information about potential charges such as charges relating to excessive trading or market-timing practices please refer to the Fund’s prospectus and the KIID. FOR INVESTMENT PROFESSIONAL USE ONLY Ostrum Euro Bonds Opportunities 12 Months Fund Risks 31-Mar-2021 The Fund invests primarily in Euro-denominated fixed income securities. Fixed income investments are typically sensitive to changes in interest rates, and the Fund could lose value when European interest rates rise. The Fund is also exposed to the possibility that a debt issuer will not be able to reimburse debt holders (principal and interest payment). The Fund is subject to additional material risks including, but not limited, to: Impact of management techniques, Credit risk, & Sustainability Risk. All investing involves risk, including the risk of loss. The fund is subject to additional material risks, please see the full prospectus for a comprehensive list of risks. Impact of management techniques The risk linked to the management techniques is the risk of increased losses due to the use of financial derivatives instruments and/or securities lending and repurchase transactions. Credit risk Credit risk arises from the risk of impairment of the quality of an issuer and/or an issue, which may entail a reduction in the value of the security. It may also arise from default at maturity by an issuer in the portfolio. Sustainability Risk The Fund is subject to sustainability risks as defined in the Regulation 2019/2088 (article 2(22)) by environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of the investment.
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