OpenList — Long Only

Solitaire Global Bond Fund

Fixed Income · Global · USD Aggregate Bonds

Figures refer to the share class ISIN LI0364281548, currency USD, clean share class.

Fund documents

For the share class shown above.

Factsheet (PDF, 25.09.2026)KID (PDF, 30.04.2026)All documents on fundinfo

Key facts

Management company
VP Fund Solutions (Liechtenstein) AG
Asset class
Fixed Income
Geography
Global
Strategy
USD Aggregate Bonds
Share class currency
USD
Share class inception
02.05.2017
Fund size
1179 million (as at 14.09.2026)
Management fee
0.50%
Performance fee
No
Liquidity
Daily
UCITS
Yes
Risk grade (SRRI)
3 (WSP fund database, as at 22.08.2026)
Registered in Switzerland
Yes

Price history

Fund and benchmark rebased to 100 at 30.09.2021.

809010011012013020222023202420252026101.0129.5Fund (share class shown)Benchmark809010011012013020222023202420252026101.0129.5Fund (share class shown)Benchmark
Table view
PeriodFromFund (100 at start)Benchmark (100 at start)
1Y03.10.2025104.499.2
3Y30.09.2023145.9114.0
5Y30.09.2021129.5101.0
Since 201730.11.2017177.5115.4

Total return: distributions reinvested.
In USD, the currency of the share class shown.
The benchmark line is a tracker fund standing in for the index.
Fund history to 28.09.2026.
Benchmark history to 28.09.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.

Performance against the benchmark

016YTD: Fund 5.30%YTD: Bloomberg Global Aggregate TR Hdg USD 0.22%YTD1Y: Fund 9.10%1Y: Bloomberg Global Aggregate TR Hdg USD 1.75%1Y3Y p.a.: Fund 13.61%3Y p.a.: Bloomberg Global Aggregate TR Hdg USD 4.21%3Y p.a.5Y p.a.: Fund 5.69%5Y p.a.: Bloomberg Global Aggregate TR Hdg USD 0.48%5Y p.a.2025: Fund 11.65%2025: Bloomberg Global Aggregate TR Hdg USD 4.86%20252024: Fund 16.63%2024: Bloomberg Global Aggregate TR Hdg USD 3.40%20242023: Fund 12.73%2023: Bloomberg Global Aggregate TR Hdg USD 7.15%2023Fund (share class shown)BenchmarkYTDYTD: Fund 5.30%5.30YTD: Bloomberg Global Aggregate TR Hdg USD 0.22%0.221Y1Y: Fund 9.10%9.101Y: Bloomberg Global Aggregate TR Hdg USD 1.75%1.753Y p.a.3Y p.a.: Fund 13.61%13.613Y p.a.: Bloomberg Global Aggregate TR Hdg USD 4.21%4.215Y p.a.5Y p.a.: Fund 5.69%5.695Y p.a.: Bloomberg Global Aggregate TR Hdg USD 0.48%0.4820252025: Fund 11.65%11.652025: Bloomberg Global Aggregate TR Hdg USD 4.86%4.8620242024: Fund 16.63%16.632024: Bloomberg Global Aggregate TR Hdg USD 3.40%3.4020232023: Fund 12.73%12.732023: Bloomberg Global Aggregate TR Hdg USD 7.15%7.15Fund (share class shown)Benchmark
1M3M6MYTD2025202420231Y3Y5YVolatilitySharpe R.Max DD
FundISIN LI0364281548, currency USD, clean share class1.120.572.785.3011.6516.6312.739.1013.615.695.561.53-2.60
BenchmarkBloomberg Global Aggregate TR Hdg USD0.10-0.54-1.430.224.863.407.151.754.210.484.11-0.09-1.80
Differencefund minus benchmark, in percentage points1.011.124.205.076.7813.235.587.349.405.21–––

Within the list: OpenList — Long Only

Compared with the fixed income funds on OpenList — Long Only (15 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.

This fundGroup medianPosition
Return 1Y9.105.184 of 15
Return 3Y p.a.13.618.492 of 15
3Y p.a. over its own benchmark9.402.091 of 15
Volatility 3Y5.564.8311 of 15
Sharpe ratio 3Y1.530.861 of 15
Max drawdown 3Y-2.60-2.608 of 15
Management fee0.50%0.60%5 of 15

Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall.

Return against risk, 3 years

015Return 3Y p.a. (%)Volatility 3Y (%)017BNY Mellon Global Credit Fund: volatility 4.99%, return 5.71% p.a.BNY Mellon Global Short-Dated High Yield Bond Fund: volatility 2.47%, return 8.49% p.a.Barings Emerging Markets Local Debt Fund: volatility 9.69%, return 8.96% p.a.Barings Global High Yield Bond Fund: volatility 3.87%, return 9.06% p.a.DNCA Alpha Bonds: volatility 1.92%, return 4.53% p.a.H2O Multibonds FCP: volatility 16.10%, return 10.96% p.a.PIMCO Capital Securities Fund: volatility 4.44%, return 10.21% p.a.Robeco Corporate Hybrid bonds: volatility 3.06%, return 6.65% p.a.Robeco Global SDG Credits: volatility 5.02%, return 2.95% p.a.TCW Global Income Fund: volatility 4.83%, return 6.20% p.a.TCW Multi-Sector Fixed Income Fund: volatility 3.61%, return 6.31% p.a.Vanguard Emerging Markets Bond Fund: volatility 6.54%, return 10.45% p.a.Vontobel Emerging Markets Debt: volatility 6.85%, return 13.94% p.a.Vontobel TwentyFour Strategic Income Fund: volatility 4.32%, return 6.30% p.a.Solitaire Global Bond Fund: volatility 5.56%, return 13.61% p.a.This fund015Return 3Y p.a. (%)Volatility 3Y (%)017BNY Mellon Global Credit Fund: volatility 4.99%, return 5.71% p.a.BNY Mellon Global Short-Dated High Yield Bond Fund: volatility 2.47%, return 8.49% p.a.Barings Emerging Markets Local Debt Fund: volatility 9.69%, return 8.96% p.a.Barings Global High Yield Bond Fund: volatility 3.87%, return 9.06% p.a.DNCA Alpha Bonds: volatility 1.92%, return 4.53% p.a.H2O Multibonds FCP: volatility 16.10%, return 10.96% p.a.PIMCO Capital Securities Fund: volatility 4.44%, return 10.21% p.a.Robeco Corporate Hybrid bonds: volatility 3.06%, return 6.65% p.a.Robeco Global SDG Credits: volatility 5.02%, return 2.95% p.a.TCW Global Income Fund: volatility 4.83%, return 6.20% p.a.TCW Multi-Sector Fixed Income Fund: volatility 3.61%, return 6.31% p.a.Vanguard Emerging Markets Bond Fund: volatility 6.54%, return 10.45% p.a.Vontobel Emerging Markets Debt: volatility 6.85%, return 13.94% p.a.Vontobel TwentyFour Strategic Income Fund: volatility 4.32%, return 6.30% p.a.Solitaire Global Bond Fund: volatility 5.56%, return 13.61% p.a.This fund

Share classes on the OpenList

ISINCurrencyTypeMgmt fee1Y3Y
LI0229057109USDRetail share class1.00%8.5313.03
LI0364281548 (shown above)USDClean share class0.50%9.1013.61

WSP commentary

Draft commentary, machine-generated from the fund's monthly factsheet dated 25.09.2026; key information document (PRIIPs), not yet reviewed by WSP.

Investment rationale

The fund is a global bond UCITS designed to seek both income and capital growth through investment in bonds and other debt instruments worldwide. It is classified in the Key Information Document as risk indicator 3 out of 7, with a recommended holding period of 4 years, and is intended for professional and private investors with a medium-term investment horizon, basic experience, and the ability to bear a full financial loss. Because it invests globally without geographical or sectoral limits and is predominantly in US dollars, it can serve as a specialist fixed-income allocation rather than a narrowly defined domestic bond exposure. Its distinct feature is an actively managed, unconstrained global bond approach with a below-investment-grade bias visible in the portfolio’s average weighted rating of BB+ and meaningful exposure across emerging-market sovereign and corporate issuers.

Investment strategy

The stated objective is to achieve income and capital growth. The fund invests globally in bonds and other debt instruments issued by countries or companies, with no geographical or sectoral limitations, and investments are predominantly in US dollars with a minimum of 90% in USD; the CHF and EUR tranches are fully hedged against currency risks. It is actively managed without reference to a benchmark, has an accumulating distribution policy for the USD I share class, and the reported portfolio characteristics include 9.67 years maturity, 5.58 duration, 5.25 modified duration, a BB+ average weighted rating, 7.19% average weighted coupon, 7.91% running yield in USD, and 8.27% yield to maturity in USD. The Key Information Document states a recommended holding period of 4 years.

Investment philosophy

• The investment universe consists primarily of a diversified portfolio of bonds and other debt instruments issued by countries or companies in any currency, with no geographical or sectoral limitations.

• The portfolio is managed actively without reference to a benchmark, while the marketing document states that investments are predominantly in US dollars with a minimum 90% USD exposure; CHF and EUR tranches are fully hedged against currency risks.

• Current portfolio construction shows a mix of sovereign, quasi-sovereign and corporate issuers, with top holdings including PEMEX 2050 7.69%, Sasol Financing 2033 8.75%, BOAD 2055 variable-rate debt, Worldline 2030 5.5%, United States 2026 0%, Societe Generale 2055 variable-rate debt, SBL Holdings 2034 7.2%, Boroo Invt 2032 9.5%, Democratic Republic of Congo 2037 9.5%, and Concentrix 2033 6.85%.

• Sector exposure is diversified across Financials, Western Europe-linked issuers, North America and emerging regions, with reported sector weights including Financials 23.0%, Western Europe 21.8% by region, South & Central America 16.0%, Basic Materials 12.3%, and Government 9.2%; region weights also include Africa / Middle East 10.6% and North America 30.2%.

• Portfolio limits and risk anchors disclosed in the documents include the unconstrained regional and sector remit, the strong USD orientation, daily valuation, and a credit profile that includes material BB, B, CCC and non-rated exposure, with an average weighted rating of BB+ and a cash position shown at 0.0% as of 31.08.2026.

The asset manager

The management company is VP Fund Solutions (Liechtenstein) AG, based in Vaduz, Liechtenstein. The fund manager is Aquila Asset Management AG, based in Baar. The report also names VP Bank AG, Vaduz as custodian and KPMG (Liechtenstein) AG, Vaduz as auditor. The documents identify the fund as domiciled in Liechtenstein and structured as a UCITS.

Strengths

A distinguishing feature is the fund’s unconstrained global bond mandate, allowing investments across countries and sectors without stated geographical or sector caps. The portfolio combines sovereign, quasi-sovereign, financial and corporate bonds and is predominantly USD-based, with a minimum 90% USD allocation and currency hedging for CHF and EUR share classes. The fund is structured as a daily valued UCITS and is suitable as a UCITS target fund, which may support accessibility for investors using regulated fund structures. The USD I share class carries a stated maximum portfolio management fee of 0.500% and a TER of 0.72%.

Risks

The Key Information Document classifies the fund in risk class 3 out of 7 and states that the product does not include any protection from future market performance, so investors could lose some or all of their investment. The document explicitly highlights currency risk where an investor receives payments in a different currency, noting that this exchange-rate risk is not considered in the summary risk indicator; at portfolio level, the strategy is predominantly in USD and only the CHF and EUR tranches are stated to be fully hedged against currency risks. Credit risk is a relevant driver because the portfolio’s average weighted rating is BB+ and the rating breakdown includes sizable BB, B, CCC and non-rated exposure. Market risk is also tied to the bond profile, with reported maturity of 9.67 years, duration of 5.58 and modified duration of 5.25, while the unconstrained global mandate and exposure across regions such as Africa / Middle East, South & Central America, Central Asia and Eastern Europe add country and issuer concentration risk through the portfolio’s selected holdings.

WSP report

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Back to the list: OpenList — Long Only

Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
– means not applicable. "Not available in this publication" means no value is shown here; it does not mean zero.
Period figures as of 31.08.2026.

This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative