Swan Global Funds Ltd - Income Fund 30-Apr-20

Investment Objective Manager's Report

The Fund gained 0.1% and marginally lagged its benchmark which closed the month at +0.2%. In April, an interim dividend
The primary objective is to generate income and preserve capital. The of USD 0.12 per share was approved by the Board in respect of the Swan Global Funds Ltd - Income Fund for the financial
secondary objective is to seek opportunities for capital growth. year 2020. The dividend is payable on the 30th April 2020 to all shareholders registered at close of business on 31st March
2020 in respect of the Swan Global Funds Ltd - Income Fund. On the market, investors’ sentiment improved in April
following the announcement of additional monetary and fiscal policies from major economies to attenuate the COVID-19
General Information impact. In the US, as anticipated, real GDP for Q1 2020 witnessed a sharp contraction of 4.8% marking the end of the
longest economic expansion. The Fed extended its primary and secondary market corporate credit facility for a combined
amount USD 750bn to include purchase of securities of certain companies that were investment grade as of 22-Mar-20 and
NAV Price (USD) * 10.02 downgraded thereafter to no less than Ba3. Prevailing low interest rates coupled with the corporate credit facilities support
Total Fund Size (USD) 10,487,847 have led to the largest issuance on record of US investment grade bonds over a month with approximately USD 285bn
issued in April. In addition to the massive USD 2.2trn rescue package announced in March, the US government has passed
Yield to worst 3.5% an additional stimulus package of USD 484bn during the month. 10Yr US Treasury closed lower at 0.64% (-6bps m-o-m). In
the Eurozone, PMI composite output index fell to an all-time low of 13.5 in April confirming substantial hit to businesses.
Base Currency USD
The ECB continued its quantitative easing programme with an increased emphasis on purchase of sovereign bonds from
Additional Dealing Currencies MUR, EUR, GBP Italy and Spain. 10Yr German Bunds ended the month at -0.58% (-11bps m-o-m). Similarly, UK’s PMI composite output index
fell to an all-time low of 13.8 in April as COVID-19 containment measures paralysed large parts of the economy. 10Yr UK Gilt
Benchmark 5-Year T-Note Futures Index
ended the month lower at 0.20% (-11bps m-o-m). In Japan, the government unveiled its largest-ever stimulus package
Launch Date 15 July 2019 worth JPY 108trn (approximately USD 1trn) and being equivalent to 20% of its GDP in light of the pandemic outbreak. 10Yr
Japanese bonds closed in negative territory at -0.03% (-6bps m-o-m).
* Net of dividends paid

Other Information Graphical Performance (USD)**

Status: Public Company

Fund Benchmark
Manager: Swan Wealth Managers Ltd 106.90

Local Custodian: The Mauritius Commercial Bank Ltd 105.90

104.90
Valuation
103.90

Weekly 102.90
Valuation Frequency
Monthly 101.90

100.90
Dividends Distribution
99.90
As at Dividends per share 15-Jul-19 24-Aug-19 03-Oct-19 12-Nov-19 22-Dec-19 31-Jan-20 11-Mar-20 20-Apr-20
31 March 2020 USD 0.12

Fees Cumulative Performance (USD)**

Initial Service charges Up to 1.5% Since
Exit fees (First 2 years) Up to 3.0% 1M 3M YTD 1Y 3Y 5Y Inception
Total expense ratio (inlcusive of management fees) 0.85% p.a. Fund 0.1% 0.1% 0.3% N/A N/A N/A 1.4%
For more information, please refer to prospectus of Swan Global Funds Ltd 5-Yr T-Note Future 0.2% 4.3% 5.9% N/A N/A N/A 6.7%

Asset Mix Calendar Performance (USD)**

Non
Investment Fund Benchmark
Grade
9.0% 5.9%

Investment
Grade
79.3%
Cash
11.7% 1.1% 0.7%
0.3%

2019 YTD 2020

**Performance includes dividends paid

Sector Breakdown Geographical Allocation
Consumer, Emerging Markets
Non-cyclical 15.9%
Communications
10.5%
6.2% Technology
7.8% Pacific
10.6%

Government
11.2%

Energy Europe & Middle Supranational

5.4% East 11.2%
Financial 40.1%
Basic Material
40.4% 5.1%
Consumer, Cyclical
13.3% Americas
22.2%

Swan Global Funds Ltd.
DISCLAIMER: This document does not constitute an offer to anyone, or a solicitation by anyone to subscribe for shares of the fund.
Swan Centre T (230) 207 3500
Swan Wealth Managers Ltd accepts no liability or responsibility whatsoever for any consequential loss of any kind arising out of the
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use of this document or any part of its contents. Past performance is not a guide to future results, the price of shares and any
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income derived from them may rise as well as fall and investors may not get back the amount originally invested. All fund
BRN: C06067231 performance data are on a NaV to NaV basis.