{"id":4594,"date":"2024-02-06T10:14:19","date_gmt":"2024-02-06T09:14:19","guid":{"rendered":"https:\/\/www.swan-am.ch\/ustbucits-fund\/"},"modified":"2026-01-22T12:22:58","modified_gmt":"2026-01-22T11:22:58","slug":"ustbucits-fund","status":"publish","type":"page","link":"https:\/\/www.swan-am.ch\/en\/ustbucits-fund\/","title":{"rendered":"USTBucits Fund"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"4594\" class=\"elementor elementor-4594 elementor-669\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c34207c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c34207c\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-dc460d0\" data-id=\"dc460d0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-571de29 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"571de29\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5ce02f elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"f5ce02f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">USTBucits<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-be3cb03 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"be3cb03\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-6a1a2c4\" data-id=\"6a1a2c4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f7cd55 elementor-invisible elementor-widget elementor-widget-elementskit-heading\" data-id=\"7f7cd55\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"elementskit-heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ekit-wid-con\" ><div class=\"ekit-heading elementskit-section-title-wraper text_left   ekit_heading_tablet-   ekit_heading_mobile-\"><h3 class=\"ekit-heading--title elementskit-section-title \">Swan Ultra Short-Term Bond is a SICAV-UCITS vehicle that invests in a highly diversified buy and hold portfolio of global liquid short-term bonds, with an average maturity of around 1 year. <\/h3>\t\t\t\t<div class='ekit-heading__description'>\n\t\t\t\t\t<p>The fund has been launched in April 2009 and has been managed with the same strategy since inception. Target Return is 3 months LIBOR + 150 bps. It has daily liquidity, and it is available in different currencies: EUR, CHF and USD.<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-4a5fa75 e-flex e-con-boxed e-con e-parent\" data-id=\"4a5fa75\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-93c3b3f e-con-full e-flex e-con e-child\" data-id=\"93c3b3f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-89a3d1c elementor-widget elementor-widget-heading\" data-id=\"89a3d1c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Last Reports<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0429822 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"0429822\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInDown&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-988c69f e-con-full e-flex e-con e-child\" data-id=\"988c69f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-44878bb pa-icon-pos-after premium-lq__none elementor-widget elementor-widget-premium-addon-button\" data-id=\"44878bb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"premium-addon-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t<a class=\"premium-button premium-button-style7 premium-btn-lg premium-button-style7-right\" href=\"https:\/\/www.swan-am.ch\/data\/monthly\/Swan%20Ultra%20Short-Term%20Bond%20EUR.pdf\" target=\"_blank\">\n\t\t\t<div class=\"premium-button-text-icon-wrapper\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"premium-drawable-icon premium-svg-nodraw icon icon-down-arrow1\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<span >\n\t\t\t\t\t\tEUR\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/a>\n\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-385e23c pa-icon-pos-after premium-lq__none elementor-widget elementor-widget-premium-addon-button\" data-id=\"385e23c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"premium-addon-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t<a class=\"premium-button premium-button-style7 premium-btn-lg premium-button-style7-right\" href=\"https:\/\/www.swan-am.ch\/data\/monthly\/Swan%20Ultra%20Short-Term%20Bond%20USD.pdf\" target=\"_blank\">\n\t\t\t<div class=\"premium-button-text-icon-wrapper\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"premium-drawable-icon premium-svg-nodraw icon icon-down-arrow1\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<span >\n\t\t\t\t\t\tUSD\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/a>\n\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c989956 pa-icon-pos-after premium-lq__none elementor-widget elementor-widget-premium-addon-button\" data-id=\"c989956\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"premium-addon-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\n\t\t<a class=\"premium-button premium-button-style7 premium-btn-lg premium-button-style7-right\" href=\"https:\/\/www.swan-am.ch\/data\/monthly\/Swan%20Ultra%20Short-Term%20Bond%20CHF.pdf\" target=\"_blank\">\n\t\t\t<div class=\"premium-button-text-icon-wrapper\">\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"premium-drawable-icon premium-svg-nodraw icon icon-down-arrow1\"><\/i>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<span >\n\t\t\t\t\t\tCHF\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t<\/a>\n\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-983aced e-con-full e-flex e-con e-child\" data-id=\"983aced\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2a2978f premium-modal-dismissible-yes elementor-widget elementor-widget-premium-addon-modal-box\" data-id=\"2a2978f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;premium_modal_box_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"premium-addon-modal-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n\t\t<div class=\"premium-modal-box-container\" data-settings=\"{&quot;trigger&quot;:&quot;button&quot;,&quot;show_on_exit&quot;:false}\">\n\t\t\t<div class=\"premium-modal-trigger-container\">\n\t\t\t\t\t\t\t\t\t<button data-toggle=\"premium-modal\" data-target=\"#premium-modal-2a2978f\" type=\"button\" class=\"premium-modal-trigger-btn premium-btn-lg premium-button-none \" data-text=\"Download the Prospectus\">\n\n\t\t\t\t\t\t\n\t\t\t\t\t\t<div class=\"premium-button-text-icon-wrapper\">\n\t\t\t\t\t\t\t<span>Download the Prospectus<\/span>\n\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"premium-svg-nodraw icon icon-download1\"><\/i>\n\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t<\/button>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t<div id=\"premium-modal-2a2978f\" class=\"premium-modal-box-modal\"\n\t\t\trole=\"dialog\"\n\t\t\tstyle=\"display: none\"\n\t\t\t>\n\t\t\t\t<div class=\"premium-modal-box-modal-dialog\" data-delay-animation=\"\" data-modal-animation=\"fadeInUp animated-fast\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"premium-modal-box-modal-header\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"premium-modal-box-modal-title\">\n\t\t\t\t\t\t\t\t\tDownload the brochure  \t\t\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<div class=\"premium-modal-box-modal-body\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p><a href=\"https:\/\/www.swan-am.ch\/wp-content\/uploads\/2026\/01\/CB-Accent-Lux-CH-PC-IT-11-25.pdf\">Prospectus ITA<\/a><\/p><p><a href=\"https:\/\/www.swan-am.ch\/wp-content\/uploads\/2026\/01\/CB-Accent-Lux-CH-PC-EN-11-25.pdf\">Prospectus ENG<\/a><\/p>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-cf98905\" data-id=\"cf98905\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-49a5063 elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"49a5063\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-f32966e elementor-invisible\" data-id=\"f32966e\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:240}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-13512b5 ekit-equal-height-disable elementor-widget elementor-widget-elementskit-icon-box\" data-id=\"13512b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"elementskit-icon-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ekit-wid-con\" >        <!-- link opening -->\n                <!-- end link opening -->\n\n        <div class=\"elementskit-infobox text-left text-left icon-top-align elementor-animation-   \">\n                            <div class=\"elementskit-box-header\">\n                <div class=\"elementskit-info-box-icon \">\n                    <img fetchpriority=\"high\" decoding=\"async\" width=\"500\" height=\"200\" src=\"https:\/\/www.swan-am.ch\/wp-content\/uploads\/2024\/03\/uu-500-x-200-px-1.png\" class=\"attachment- size-\" alt=\"\" \/>                <\/div>\n          <\/div>\n                <div class=\"box-body\">\n                            <h3 class=\"elementskit-info-box-title\">\n                    Swan Ultra Short-term Bond                <\/h3>\n                                            <\/div>\n        \n        \n                <\/div>\n        <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-02019dc elementor-invisible\" data-id=\"02019dc\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;animation&quot;:&quot;fadeInRight&quot;,&quot;animation_delay&quot;:240}\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-98374cb e-flex e-con-boxed e-con e-parent\" data-id=\"98374cb\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-425cb07 elementor-widget__width-auto elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"425cb07\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInRight&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Performance<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9104e32 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"9104e32\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-63d98f8 elementor-widget elementor-widget-premium-chart\" data-id=\"63d98f8\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;data_source&quot;:&quot;csv&quot;,&quot;type&quot;:&quot;line&quot;,&quot;x_axis_label&quot;:&quot;From launch to today&quot;,&quot;y_axis_min&quot;:100,&quot;tool_tips&quot;:&quot;true&quot;,&quot;x_axis_label_color&quot;:&quot;#0D0D0D&quot;,&quot;x_axis_labels_color&quot;:&quot;#03030300&quot;,&quot;x_axis_grid_color&quot;:&quot;#BDBDBD&quot;,&quot;y_axis_label_color&quot;:&quot;#030303&quot;,&quot;y_axis_labels_color&quot;:&quot;#000000&quot;,&quot;x_axis_label_size&quot;:14,&quot;x_axis_grid_width&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.5,&quot;sizes&quot;:[]},&quot;y_axis_label_size&quot;:17,&quot;y_axis_labels_size&quot;:14,&quot;y_axis_grid_color&quot;:&quot;#B7AFAF&quot;,&quot;y_axis_grid_width&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:0.5,&quot;sizes&quot;:[]},&quot;x_axis_label_switch&quot;:&quot;true&quot;,&quot;x_axis_labels_size&quot;:7,&quot;data_type&quot;:&quot;linear&quot;,&quot;y_axis_grid&quot;:&quot;true&quot;,&quot;tool_tips_mode&quot;:&quot;nearest&quot;,&quot;start_animation&quot;:&quot;easeInQuad&quot;,&quot;render_event&quot;:&quot;scroll&quot;}\" data-widget_type=\"premium-chart.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\t<div id=\"premium-chart-container-63d98f8\" class=\"premium-chart-container\" data-chart=\"{&quot;separator&quot;:&quot;;&quot;,&quot;url&quot;:&quot;https:\\\/\\\/www.swan-am.ch\\\/data\\\/grafici\\\/ultrashortterm.CSV&quot;,&quot;props&quot;:[{&quot;backgroundColor&quot;:&quot;#63636300&quot;,&quot;borderColor&quot;:&quot;#4455CE&quot;,&quot;borderWidth&quot;:1,&quot;title&quot;:&quot;&quot;}]}\" data-settings=\"{&quot;chartId&quot;:&quot;premium-chart-canvas-63d98f8&quot;,&quot;height&quot;:400}\">\r\n\t\t\t\t\t<div class=\"premium-chart-title-container\"><h4 class=\"premium-chart-title\">Swan Ultra Short-Term Bond Class A EUR (Quarterly)<\/h4><\/div>\r\n\t\t\t\t<div class=\"premium-chart-canvas-container\">\r\n\t\t\t<canvas id=\"premium-chart-canvas-63d98f8\" class=\"premium-chart-canvas\" width=\"400\" height=\"400\"><\/canvas>\r\n\t\t<\/div>\r\n\t\t\t<\/div>\r\n\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4e182c1 e-flex e-con-boxed e-con e-parent\" data-id=\"4e182c1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ec21ec elementor-widget__width-auto elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"4ec21ec\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInRight&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Investment strategy<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8876191 elementor-widget elementor-widget-text-editor\" data-id=\"8876191\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul>\n<li>Swan Ultra Short-Term Bond strategy invests in Global Ultra Short-Term Bonds, adapting geographical and sector exposure to actual markets conditions.<\/li>\n<li>Bonds\u2019 maturity up to 30 months; Callable bonds are NOT considered as Short-Term; no AT1\/Hybrids. Average Duration around 1 year.<\/li>\n<li>Buy and Hold approach: bonds are sold only when spreads become too tight or as precautionary liquidation due to credit deterioration.<\/li>\n<li>FX risk completely hedged: the bonds in portfolio are all in hard currencies, hedged back in EUR using forwards.<\/li>\n<li>High fragmentation: portfolio diversified from a sector and geographic standpoint (limitations on maximum weight for country\/sector); no single issuer higher than 3% weight.<\/li>\n<li>The investment decision is focused primarily on a fundamental analysis of default risk at the issuer\/security level focusing on liquidity\/cash flow analysis and evolution of credit metrics.<\/li>\n<\/ul>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-22d5f5a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"22d5f5a\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-31f12e8\" data-id=\"31f12e8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d09aca6 elementor-widget__width-auto elementor-widget-mobile__width-initial elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"d09aca6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInRight&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Characteristics of the fund<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a162705 elementor-widget elementor-widget-text-editor\" data-id=\"a162705\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Strong asset liquidability and cash generative profile (around 5% of bonds mature every month).<\/li><li>High diversification with 155 different bonds from 112 issuers.<\/li><li>Spread duration of 1.08 (13 months)<\/li><li>Geographical breakdown: Developed Markets 83% &#8211; Emerging Markets 17%<\/li><li>No negative return in any full calendar year since inception, the only exception being 2022.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-cb61d24\" data-id=\"cb61d24\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bdad28a elementor-widget__width-initial premium-table-dir-ltr elementor-widget elementor-widget-premium-tables-addon\" data-id=\"bdad28a\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;motion_fx_motion_fx_scrolling&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_effect&quot;:&quot;yes&quot;,&quot;motion_fx_translateY_speed&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:2,&quot;sizes&quot;:[]},&quot;motion_fx_translateY_affectedRange&quot;:{&quot;unit&quot;:&quot;%&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:{&quot;start&quot;:0,&quot;end&quot;:100}},&quot;motion_fx_devices&quot;:[&quot;desktop&quot;,&quot;tablet&quot;,&quot;mobile&quot;]}\" data-widget_type=\"premium-tables-addon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\t\t<div class=\"premium-table-wrap\">\r\n\t\t\t\r\n\t\t\t<table class=\"premium-table\" data-settings=\"{&quot;sort&quot;:false,&quot;usNumbers&quot;:false,&quot;sortMob&quot;:false,&quot;search&quot;:false,&quot;records&quot;:false,&quot;dataType&quot;:&quot;custom&quot;,&quot;csvFile&quot;:null,&quot;firstRow&quot;:null,&quot;separator&quot;:null,&quot;pagination&quot;:&quot;&quot;,&quot;rows&quot;:0}\" >\r\n\r\n\t\t\t\t\t<tbody class=\"premium-table-body\">\r\n\t\t\t\t\t\t<tr class=\"premium-table-row elementor-repeater-item-941950d\"><th class=\"premium-table-cell elementor-repeater-item-299e793\"><span class=\"premium-table-text\">ANNUAL RETURN TARGET<\/span><\/th><td class=\"premium-table-cell elementor-repeater-item-cb1f7b9\"><span class=\"premium-table-text\"><span class=\"premium-table-cell-icon-before\"><i class=\"fa fa-check\" aria-hidden=\"true\"><\/i><\/span>LIBOR +1.50%<\/span><\/td><\/tr><tr class=\"premium-table-row elementor-repeater-item-1b9f527\"><th class=\"premium-table-cell elementor-repeater-item-ab34cb3\"><span class=\"premium-table-text\">STANDARD DEV. AVERAGE from start (daily 1 yr)<\/span><\/th><td class=\"premium-table-cell elementor-repeater-item-84d3006\"><span class=\"premium-table-text\"><span class=\"premium-table-cell-icon-before\"><i class=\"fa fa-check\" aria-hidden=\"true\"><\/i><\/span>1.03%<\/span><\/td><\/tr><tr class=\"premium-table-row elementor-repeater-item-e86ce46\"><th class=\"premium-table-cell elementor-repeater-item-aefa5e9\"><span class=\"premium-table-text\">EXCESS RETURN (last 1 yr)<\/span><\/th><td class=\"premium-table-cell elementor-repeater-item-f9b6477\"><span class=\"premium-table-text\"><span class=\"premium-table-cell-icon-before\"><i class=\"fa fa-check\" aria-hidden=\"true\"><\/i><\/span>1.40%<\/span><\/td><\/tr><tr class=\"premium-table-row elementor-repeater-item-dd53a78\"><th class=\"premium-table-cell elementor-repeater-item-fc1944f\"><span class=\"premium-table-text\">SHARPE RATIO from start (daily 1 yr)<\/span><\/th><td class=\"premium-table-cell elementor-repeater-item-85d0867\"><span class=\"premium-table-text\"><span class=\"premium-table-cell-icon-before\"><i class=\"fa fa-check\" aria-hidden=\"true\"><\/i><\/span>2.23<\/span><\/td>\t\t\t<\/tr>\r\n\t\t<\/tbody>\r\n\r\n\t\t\r\n\t\t\t<\/table>\r\n\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-8237859 e-flex e-con-boxed e-con e-parent\" data-id=\"8237859\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-81584d7 e-flex e-con-boxed e-con e-parent\" data-id=\"81584d7\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d0bafaa elementor-hidden-desktop elementor-widget elementor-widget-heading\" data-id=\"d0bafaa\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Scroll horizontally to view the table<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eb3f94 premium-table-dir-ltr elementor-widget elementor-widget-premium-tables-addon\" data-id=\"3eb3f94\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;premium_table_responsive&quot;:&quot;yes&quot;}\" data-widget_type=\"premium-tables-addon.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\r\n\t\t<div class=\"premium-table-wrap premium-table-responsive\">\r\n\t\t\t\r\n\t\t\t<table class=\"premium-table\" data-settings=\"{&quot;sort&quot;:false,&quot;usNumbers&quot;:false,&quot;sortMob&quot;:false,&quot;search&quot;:false,&quot;records&quot;:false,&quot;dataType&quot;:&quot;csv&quot;,&quot;csvFile&quot;:&quot;https:\\\/\\\/www.swan-am.ch\\\/data\\\/tabelle\\\/tabellaustucits.csv&quot;,&quot;firstRow&quot;:&quot;head&quot;,&quot;separator&quot;:&quot;,&quot;,&quot;pagination&quot;:&quot;&quot;,&quot;rows&quot;:0,&quot;id&quot;:&quot;3eb3f94&quot;,&quot;reload&quot;:&quot;nocache&quot;}\" >\r\n\r\n\t\t\t\r\n\t\t\t<\/table>\r\n\t\t<\/div>\r\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>USTBucits Swan Ultra Short-Term Bond is a SICAV-UCITS vehicle that invests in a highly diversified buy and hold portfolio of global liquid short-term bonds, with an average maturity of around 1 year. The fund has been launched in April 2009 and has been managed with the same strategy since inception. Target Return is 3 months [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4594","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/pages\/4594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/comments?post=4594"}],"version-history":[{"count":7,"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/pages\/4594\/revisions"}],"predecessor-version":[{"id":5538,"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/pages\/4594\/revisions\/5538"}],"wp:attachment":[{"href":"https:\/\/www.swan-am.ch\/en\/wp-json\/wp\/v2\/media?parent=4594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}