Solitaire Global Bond Fund
Fixed Income · Global · USD Aggregate Bonds
Figures refer to the share class ISIN LI0364281548, currency USD.
Recent performance
The USD class returned +3.80% over one year to 2026-09-30. The benchmark (Bloomberg Global Aggregate TR Hdg USD) returned -0.65%, a difference of +4.45 percentage points. Over the final three months, the fund returned -2.19%.
Key facts
- Associated firm
- 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 (as at 22.08.2026)
- Registered in Switzerland
- Yes
Performance in context
Growth from the same starting value
Fund · Benchmark: Bloomberg Global Aggregate TR Hdg USD
Exact chart values
| Month | Fund | Benchmark: Bloomberg Global Aggregate TR Hdg USD |
|---|---|---|
| 2023-09 | 100.00 | 100.00 |
| 2023-10 | 99.26 | 99.41 |
| 2023-11 | 104.31 | 102.84 |
| 2023-12 | 108.92 | 106.12 |
| 2024-01 | 110.97 | 105.90 |
| 2024-02 | 112.88 | 105.17 |
| 2024-03 | 115.91 | 106.12 |
| 2024-04 | 115.63 | 104.38 |
| 2024-05 | 117.82 | 105.32 |
| 2024-06 | 118.62 | 106.22 |
| 2024-07 | 120.85 | 108.27 |
| 2024-08 | 123.15 | 109.47 |
| 2024-09 | 125.55 | 110.72 |
| 2024-10 | 125.54 | 109.23 |
| 2024-11 | 127.57 | 110.52 |
| 2024-12 | 127.03 | 109.64 |
| 2025-01 | 129.03 | 110.09 |
| 2025-02 | 130.78 | 111.41 |
| 2025-03 | 129.06 | 110.93 |
| 2025-04 | 127.38 | 112.02 |
| 2025-05 | 129.68 | 111.66 |
| 2025-06 | 132.75 | 112.73 |
| 2025-07 | 134.78 | 112.66 |
| 2025-08 | 136.89 | 113.25 |
| 2025-09 | 139.97 | 114.09 |
| 2025-10 | 140.02 | 115.02 |
| 2025-11 | 140.79 | 115.24 |
| 2025-12 | 141.82 | 115.02 |
| 2026-01 | 144.25 | 115.30 |
| 2026-02 | 145.30 | 116.91 |
| 2026-03 | 141.61 | 114.81 |
| 2026-04 | 146.05 | 115.20 |
| 2026-05 | 148.48 | 115.88 |
| 2026-06 | 148.54 | 116.30 |
| 2026-07 | 147.69 | 115.14 |
| 2026-08 | 149.34 | 115.24 |
| 2026-09 | 145.29 | 113.35 |
Growth of 100 · USD total returns. Monthly observations, income reinvested.
Fund valuations: 2023-09-30 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN LI0364281548, currency USD | -2.71 | -2.19 | 2.59 | 2.44 | 11.65 | 16.63 | 12.73 | 3.80 | 13.26 | 5.22 | 5.74 | 1.44 | -2.71 |
| BenchmarkBloomberg Global Aggregate TR Hdg USD | -1.65 | -2.54 | -1.27 | -1.46 | 4.91 | 3.32 | 6.93 | -0.65 | 4.26 | 0.20 | 4.07 | -0.06 | -3.05 |
| Differencefund minus benchmark, in percentage points | -1.07 | 0.35 | 3.87 | 3.90 | 6.74 | 13.31 | 5.80 | 4.45 | 8.99 | 5.03 | – | – | – |
Reporting dates by figure
- LI0364281548 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
Has the advantage depended on the entry date?
The fund finished ahead in 25 of 25 overlapping one-year windows ending 2024-09 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Rolling one-year relative wealth
Exact chart values
| Month | Rolling one-year relative wealth |
|---|---|
| 2024-09 | 13.40 |
| 2024-10 | 15.11 |
| 2024-11 | 13.80 |
| 2024-12 | 12.89 |
| 2025-01 | 11.85 |
| 2025-02 | 9.38 |
| 2025-03 | 6.52 |
| 2025-04 | 2.65 |
| 2025-05 | 3.82 |
| 2025-06 | 5.45 |
| 2025-07 | 7.18 |
| 2025-08 | 7.44 |
| 2025-09 | 8.18 |
| 2025-10 | 5.93 |
| 2025-11 | 5.86 |
| 2025-12 | 6.42 |
| 2026-01 | 6.74 |
| 2026-02 | 5.87 |
| 2026-03 | 6.02 |
| 2026-04 | 11.49 |
| 2026-05 | 10.33 |
| 2026-06 | 8.45 |
| 2026-07 | 7.21 |
| 2026-08 | 7.21 |
| 2026-09 | 4.48 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 165.4% across 23 rising benchmark months; down-market capture was 9.7% across 13 falling months. Window: 2023-09-30 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · Benchmark: Bloomberg Global Aggregate TR Hdg USD
Exact chart values
| Month | Fund | Benchmark: Bloomberg Global Aggregate TR Hdg USD |
|---|---|---|
| 2023-09 | 0.00 | 0.00 |
| 2023-10 | -0.74 | -0.59 |
| 2023-11 | 0.00 | 0.00 |
| 2023-12 | 0.00 | 0.00 |
| 2024-01 | 0.00 | -0.21 |
| 2024-02 | 0.00 | -0.89 |
| 2024-03 | 0.00 | 0.00 |
| 2024-04 | -0.25 | -1.64 |
| 2024-05 | 0.00 | -0.76 |
| 2024-06 | 0.00 | 0.00 |
| 2024-07 | 0.00 | 0.00 |
| 2024-08 | 0.00 | 0.00 |
| 2024-09 | 0.00 | 0.00 |
| 2024-10 | -0.01 | -1.34 |
| 2024-11 | 0.00 | -0.17 |
| 2024-12 | -0.42 | -0.97 |
| 2025-01 | 0.00 | -0.57 |
| 2025-02 | 0.00 | 0.00 |
| 2025-03 | -1.32 | -0.43 |
| 2025-04 | -2.60 | 0.00 |
| 2025-05 | -0.84 | -0.32 |
| 2025-06 | 0.00 | 0.00 |
| 2025-07 | 0.00 | -0.06 |
| 2025-08 | 0.00 | 0.00 |
| 2025-09 | 0.00 | 0.00 |
| 2025-10 | 0.00 | 0.00 |
| 2025-11 | 0.00 | 0.00 |
| 2025-12 | 0.00 | -0.18 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | 0.00 |
| 2026-03 | -2.54 | -1.80 |
| 2026-04 | 0.00 | -1.46 |
| 2026-05 | 0.00 | -0.88 |
| 2026-06 | 0.00 | -0.52 |
| 2026-07 | -0.57 | -1.51 |
| 2026-08 | 0.00 | -1.43 |
| 2026-09 | -2.71 | -3.05 |
Deepest month-end decline for this class: -2.71%.
2023-09-30 to 2026-09-30 · USD total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -0.74 | +5.09 | +4.42 |
| 2024 | +1.89 | +1.72 | +2.69 | -0.25 | +1.89 | +0.68 | +1.89 | +1.90 | +1.95 | -0.01 | +1.61 | -0.42 |
| 2025 | +1.57 | +1.36 | -1.32 | -1.30 | +1.80 | +2.37 | +1.53 | +1.56 | +2.25 | +0.04 | +0.55 | +0.73 |
| 2026 | +1.71 | +0.73 | -2.54 | +3.13 | +1.67 | +0.04 | -0.57 | +1.12 | -2.71 | — | — | — |
Benchmark return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -0.59 | +3.45 | +3.19 |
| 2024 | -0.21 | -0.69 | +0.90 | -1.64 | +0.90 | +0.85 | +1.93 | +1.11 | +1.14 | -1.34 | +1.18 | -0.80 |
| 2025 | +0.41 | +1.20 | -0.43 | +0.99 | -0.32 | +0.96 | -0.06 | +0.53 | +0.74 | +0.81 | +0.19 | -0.18 |
| 2026 | +0.24 | +1.40 | -1.80 | +0.34 | +0.59 | +0.36 | -1.00 | +0.09 | -1.65 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -0.16 | +1.64 | +1.23 |
| 2024 | +2.09 | +2.40 | +1.79 | +1.39 | +1.00 | -0.17 | -0.05 | +0.79 | +0.81 | +1.33 | +0.43 | +0.38 |
| 2025 | +1.17 | +0.16 | -0.89 | -2.28 | +2.12 | +1.41 | +1.59 | +1.03 | +1.51 | -0.77 | +0.36 | +0.92 |
| 2026 | +1.47 | -0.67 | -0.74 | +2.79 | +1.07 | -0.32 | +0.42 | +1.03 | -1.07 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-09-30 to 2026-09-30. Comparison valuations: 2023-09-29 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
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.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 3.80 | 2.08 | 5 of 15 |
| Return 3Y p.a. | 13.26 | 8.05 | 2 of 15 |
| 3Y p.a. over its own benchmark | 8.99 | 1.83 | 1 of 15 |
| Volatility 3Y | 5.74 | 4.94 | 11 of 15 |
| Sharpe ratio 3Y | 1.44 | 0.77 | 1 of 15 |
| Max drawdown 3Y | -2.71 | -2.75 | 5 of 15 |
| Management fee | 0.50% | 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. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund and benchmark rebased to 100 at 29.10.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 27.10.2025 | 103.3 | 27.10.2025 | 99.8 |
| 3Y | 31.10.2023 | 146.0 | 31.10.2023 | 115.7 |
| 5Y | 29.10.2021 | 130.1 | 29.10.2021 | 102.8 |
| Since 2017 | 30.11.2017 | 176.3 | 30.11.2017 | 117.1 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Comparison: Bloomberg Global Aggregate TR Hdg USD.
The benchmark line is a tracker fund standing in for the index.
Fund history to 27.10.2026.
Benchmark history to 27.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Share classes on the OpenList
Returns as of 30.09.2026.
Scroll horizontally to see all share-class columns →
| ISIN | Currency | Mgmt fee | 1Y | 3Y |
|---|---|---|---|---|
| LI0229057109 | USD | 1.00% | 3.26 | 12.68 |
| LI0364281548 (shown above) | USD | 0.50% | 3.80 | 13.26 |
Reporting dates by figure
- LI0229057109 — 30.09.2026: 1Y, 3Y
- LI0364281548 — 30.09.2026: 1Y, 3Y
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 25.09.2026)KID (PDF, 30.04.2026)All documents on fundinfoChart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack 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.
Reporting dates are shown above the figures; exceptions are dated individually.
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
How this fund works
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 has a risk indicator of 3 out of 7, 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.
2026-09-25
How the strategy works
The 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 portfolio characteristics as of 25 September 2026 included 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 recommended holding period is 4 years.
2026-09-25
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 investments are predominantly in US dollars with a minimum 90% USD exposure; CHF and EUR tranches are fully hedged against currency risks.
• As of 25 September 2026, the portfolio included 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%.
• At 31 August 2026, sector weights included Financials 23.0%, Government 14.8%, Basic Materials 12.3% and Utilities 9.2%. Separately, regional weights included North America 30.2%, Western Europe 21.8%, South & Central America 16.0% and Africa / Middle East 10.6%.
• Portfolio limits and risk anchors 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 of 0.0% as of 31.08.2026.
2026-09-25
Distinctive features
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, The USD I share class carries a maximum portfolio management fee of 0.500% and a TER of 0.72%.
2026-09-25
Risks
The fund has a risk indicator of 3 out of 7 and does not include any protection from future market performance, so investors could lose some or all of their investment. Currency risk arises where an investor receives payments in a different currency, and 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 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 maturity of 9.67 years, duration of 5.58 and modified duration of 5.25 as of 25 September 2026, 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.
2026-09-25
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. VP Bank AG, Vaduz is the custodian and KPMG (Liechtenstein) AG, Vaduz is the auditor. The fund is domiciled in Liechtenstein and structured as a UCITS.
2026-09-25