VanEck Bentham Global Capital Securities Active ETF (Managed Fund) GCAP
Fund description: GCAP aims to provide investors with a professionally managed active strategy in global Capital Securities. The fund aims to provide total investment returns, measured over the long term in excess of the Benchmark.
Benchmark: RBA Cash Rate + 3% per annum
Country of domicile: Australia
as at 18-Jan-22
-
Exchange
ASX -
ASX code
GCAP -
NAV
$9.86 -
Units outstanding
2,200,239 -
Net assets
$21.7M -
Number of holdings
51 -
Inception date1
03-Aug-21 -
ASX commencement
05-Aug-21
1The date the fund was seeded prior to quotation on ASX.
as at 18-Jan-22
-
Dividend frequency
Monthly -
Management costs p.a.2
0.59% - Investment management team »
- Market Announcements
- GCAP Fact Sheet
- GCAP Fund Flyer
- GCAP Commentary
2Other fees and costs apply, including a fee of 15.5% of outperformance above a benchmark. Please see the PDS for more details.
*The NAV is generally calculated daily after all markets are closed for that day based on the closing price of the securities on the relevant foreign exchange. The NAV is then converted to AUD based on the relevant London WM Reuters 4pm exchange rate. This means, due to Australia’s time zone, that the NAV will generally not be updated until around 1pm next business day.
Key benefits
Capital securities offers an opportunity for investors to diversify their income away from Australian exposures by harnessing a deep and sizeable global universe including AT1 and Contingent Convertibles (CoCos) bonds.
Actively managed by leading global credit specialists
Professionally managed by Bentham Asset Management, a leading and award-winning global credit specialist with a deep track record and strong pedigree of investing.
Fundamental high conviction exposure
A high conviction portfolio selected on the basis of top-down and fundamental credit analysis.
Yields as of 21-Sep-21
-
Yield to worst
4.43% -
Yield to call
4.43% -
Running yield
5.37%
Fundamentals as of 14-Jan-22
-
Credit rating
BB+ -
Credit spread duration (years)
4.65 -
Interest rate duration (years)
0.12
Trading information
-
ASX code
GCAP -
IRESS code
GCAP.AXW -
Units outstanding
2,200,151 -
ISIN
AU0000163230
Fees and other costs
-
Management costs p.a.
0.59%
Key risks
An investment in the Fund carries risks associated with: subordination in the capital structure, derivatives, bond markets generally, interest rate movements, currency hedging, below Investment Grade securities, country and issuer concentration, liquidity, and issuer default. See the PDS for details.
Prices as at 18-Jan-22
$-0.02 / -0.23% 
$0.01 / +0.10%Performance history (%) View all ETFs » View all indices »
| 1 Mth | 3 Mths | 6 Mths | 1 Yr | 3 Yrs p.a. | 5 Yrs p.a. | 10 Yrs p.a. | ETF Inception p.a. | |
|---|---|---|---|---|---|---|---|---|
| Price return | 1.79 | -1.04 | -- | -- | -- | -- | -- | -1.02 |
| Income return | 0.00 | 0.50 | -- | -- | -- | -- | -- | 1.01 |
| Total return | 1.79 | -0.54 | -- | -- | -- | -- | -- | -0.01 |
| Benchmark | 0.26 | 0.77 | 1.55 | 3.10 | 3.53 | 3.92 | 4.74 | 1.26 |
| 1 Mth | 3 Mths | 6 Mths | 1 Yr | 3 Yrs p.a. | 5 Yrs p.a. | 10 Yrs p.a. | ETF Inception p.a. | ||
|---|---|---|---|---|---|---|---|---|---|
| Price return | 1.79 | -1.04 | -- | -- | -- | -- | -- | -1.02 | |
| Income return | 0.00 | 0.50 | -- | -- | -- | -- | -- | 1.01 | |
| Total return | 1.79 | -0.54 | -- | -- | -- | -- | -- | -0.01 | |
| Benchmark | 0.26 | 0.77 | 1.55 | 3.10 | 3.53 | 3.92 | 4.74 | 1.26 |
Top ten holdings (%) View all daily holdings » as at 31-Dec-21
| Security name |
Coupon
|
Maturity |
Composite
rating^ |
Country†
|
Currency
|
% of Fund net assets |
|
|---|---|---|---|---|---|---|---|
| COMMERZBANK AG |
6.500
|
09-Apr-69 |
BB-
|
Germany
|
EUR
|
5.19 | |
| BANK OF IRELAND GROUP PLC |
6.000
|
01-Mar-69 |
B
|
Ireland
|
EUR
|
4.80 | |
| SOCIETE GENERALE SA |
6.750
|
06-Oct-69 |
BB
|
France
|
USD
|
4.23 | |
| AIB GROUP PLC |
6.250
|
23-Dec-70 |
B
|
Ireland
|
EUR
|
3.99 | |
| HEATHROW FINANCE PLC |
4.625
|
01-Sep-29 |
B+
|
United Kingdom
|
GBP
|
3.47 | |
| COMMERZBANK AG |
6.125
|
09-Apr-69 |
BB-
|
Germany
|
EUR
|
3.27 | |
| COOPERATIEVE RABOBANK UA |
4.375
|
29-Dec-69 |
BBB-
|
Netherlands
|
EUR
|
3.17 | |
| ABN AMRO BANK NV |
4.750
|
22-Mar-69 |
BB+
|
Netherlands
|
EUR
|
3.16 | |
| NORDEA BANK ABP |
3.500
|
12-Mar-68 |
BBB
|
Finland
|
EUR
|
3.06 | |
| KBC GROUP NV |
4.250
|
24-Oct-68 |
BB+
|
Belgium
|
EUR
|
3.05 | |
| Top 10 Total (%) | 37.39 | ||||||
Source: VanEck. These are not recommendations to buy or to sell any security.
^Composite rating is an evenly weighted blend of a bond’s Moody’s, S&P and Fitch credit ratings when there are two or more. ‘NR’ means the bond has one ‘Investment Grade’ rating. The above ratings are not a credit opinion by VanEck on any bond or the Fund or a recommendation to buy any individual security.
† – country of risk
Country weightings (%) as at 31-Dec-21
-
Country
Weightings (%) -
United Kingdom
21.6 -
France
15.1 -
Germany
10.3 -
Netherlands
9.3 -
Ireland
8.9 -
United States
8.0 -
Sweden
6.2 -
Finland
4.6 -
Belgium
3.1 -
Switzerland
2.7 -
Austria
1.7 -
Other/Cash
8.6 -
Total
100.1
Sector weightings (%) as at 31-Dec-21
-
Sector
Weightings (%) -
Banking Services
68.6 -
Insurance
6.4 -
Transport Infrastructure
5.9 -
Real Estate Operations
4.8 -
Oil & Gas
2.4 -
Investment Banking & Investment Services
1.7 -
Telecommunications Services
1.7 -
Other/Cash
8.6 -
Total
100.1