AXIOMA Leveraged Bond Fund
Performance
May 2025Period
Performance, per period
Historical volatility p.a. | 9.88 |
1M | 0.89 |
3M | 0.16 |
YTD | 2.87 |
2024 | 6.84 |
2023 | 4.04 |
2022 | -22.34 |
Since inception p.a. | 3.27 |
Investment objective
The investment objective of the Fund is to generate attractive risk-adjusted return under prudent investment management with the aim of exploiting inefficiencies in fixed income markets worldwide.
Top 5 issuers | Rating | Weight |
Cash/leverage | -0.1% | |
Western Alliance Bank |
BBB- | 3.9% |
Promigas SA ESP / Gases del Pacifico SAC |
BBB- | 2.4% |
ICTSI Treasury BV |
NR | 2.4% |
Adani Ports & Special Economic Zone Ltd |
BBB- | 2.3% |
Thaioil Treasury Center Co Ltd |
BBB- | 2.2% |
Allocation May 2025
35% Latin America
10% Developed Europe
19% Asia Pacific
4% Emerging Europe
16% Middle East / Africa
2% CIS
13% North America
0% Russia


Fund details May 2025
AuM | 116'614'896.62 |
ISIN (B1 / B2) | KYG0750S1295 / KYG0750S1378 |
Currency | USD |
Type | Fixed Income, open-ended |
Coupons | Reinvested |
Credit risk | Median (average Fund’s credit rating BBB-) |
Leverage | 0-100% |
Management fee (B1 / B2) | 0.5% p.a. / 0.75% p.a. |
Performance fee | 15%, HWM |
Launch date (B1 / B2) | November 27, 2015 / July 01, 2016 |
Incorporation | Cayman Islands |
Investment manager | AXIOMA Wealth Management AG (Switzerland) |
Custodian/prime-broker | Credit Suisse AG (BBB) (Switzerland) |
Administrator | Apex Fund Services (Malta) |
Valuation | Monthly |
Minimum subscription | $100’000 |
Subscription/Redemption | Monthly, 5 BD notice |
Target return | 4-6% p.a. |
Information at a Glance

Commentary
May 2025In May, the U.S. Treasury market exhibited considerable volatility, shaped by shifting fiscal expectations, evolving trade policy developments, and central bank signals. The 10-year yield moved within a relatively wide range (4.16%–4.6%), ultimately closing the month higher at 4.4%. Sentiment was swayed by key geopolitical developments, particularly the temporary easing of U.S.-China tariffs and renewed trade dialogue, which helped support markets. Meanwhile, the Federal Reserve reinforced its patient stance, dampening expectations for imminent rate cuts. Optimism grew following tariff de-escalation efforts and softer inflation data, though persistent concerns about the durability of trade agreements and fiscal discipline tempered the broader market tone. The Fund posted a 0.9%* return for May. Economic data for May pointed to a broadly softening backdrop. Inflation continued to ease, with CPI rising just 2.3% year-over-year, the lowest in four years, and PPI falling by 0.5%, its largest drop since 2009. Core CPI remained elevated at 2.8%, but disinflation trends were evident in other measures, including a 0.1% month-over-month rise in both headline and core PCE. Retail sales growth stagnated, and durable goods orders dropped 6.3%, while core capital goods orders fell 1.3%, signaling growing caution in business investment. Revised Q1 GDP showed a modest contraction of -0.2%. Meanwhile, the U.S. House passed a major tax bill expected to significantly widen the fiscal deficit, prompting Moody’s to downgrade the U.S. credit rating. However, the bill is likely to undergo significant changes as it moves through the Senate. We made no new trades in May, apart from processing a minor redemption. Our current investment strategy remains focused on keeping the Fund fully invested. As of the end of the month, the Fund maintained an average duration of 5.3 years and an average yield-to-maturity of 6.61%. * Net performance, B1 shares.