Management of high-yield bonds in a UCITS Fund
Awarded
The competition has ended and a winner has been selected.
- Deadline
- Sep 11, 2025Expired
- Award
- Responsible investments 20% and 5 more
Brief
Danmarks Grundforskningsfond har inngått en avtale med Jyske Capital om forvaltning av høyrenteobligasjoner i et UCITS-fond, med en forventet initial investering på omtrent 460 millioner danske kroner. Tjenestene skal respektere ansvarlige investeringskriterier (ESG, Parisavtalen, engasjement osv.) og rapportering, med en aktiv investeringsstrategi i selskapsobligasjoner med høy avkastning, der amerikanske eller globale utviklede markedsstrategier er akseptert. Det ble lagt vekt på porteføljeforvaltningsorganisasjon og forvaltningskapital, investeringsfilosofi, prosess og porteføljekonstruksjon, historisk ytelse for strategien, ansvarlige investeringer, rapportering og kontraktsvilkår.
Bank- og finansformidlingstjenester
Result
- Jyske Bank A/SWinner
- 17Number of bids
- DKK 460,000,000Contract value
Custom Assessment Criteria
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Award Criteria
Description
• An organization where the management of high yield bonds has a high priority and there is a reasonable capacity limit (assets under management) for the strategy • A stable and skilled investment team that has access to the necessary resources and allocates a large part of their time to high-yield bond strategies • A stable and skilled ESG team that has access to the necessary resources to oversee and engage with the issuers of high yield bond in relation to ESG-matters • An independent compliance team using professional and sound risk measurement methods and systems will be assessed positively.
Source
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Description
• A policy that can comply with the foundation’s responsible investment policy (refer to section 2.1.2 in Appendix B) • Integrating responsible investments considerations rigorously into the investment process and portfolio construction • Comprehensive engagement with companies and urging companies to comply with the strategy’s responsible investment policy on topics where compliance is lacking The implementation of a more restrictive responsible investment policy in the strategy compared to the foundation’s responsible investment policy (for example excluding companies involved in the production of alcohol products) is not considered positive.
Source
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Description
The evaluation of the price criterion follows the outlined evaluation model in para 7.2 below. The price evaluation involves a weighted price for portfolios of resp. 350, 450 and 550 million DKK. The three scenarios are weighed by: 350 (25%), 450 (50%) and 550 million DKK (25%). The comparison will be made based on the fee structure provided and the Ongoing Charges Figures (OCF), for the three levels of portfolios. The cost is measured as OCF after rebate (net cost for the foundation). Note that eventual custody fees are excluded and are not considered part of the evaluation.
Source
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Description
• An investment philosophy that is linked to the investment process, a stable investment process and a logically constructed portfolio • An overall investment strategy that aligns with the investment requirements (refer to section 2.1.1 in Appendix B) and has the potential to generate excess returns within those requirements.
Source
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Description
The Foundation will calculate market-compliant performance and risk ratios based on historical data on the strategy provided (return and duration). Especially, the following elements will be considered positive: • A portfolio manager demonstrating consistently high and stable risk-adjusted excess returns • A long track record exhibiting consecutive periods of excess performance primarily attributable to security selection.
Source
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Description
Positive assessment is given when the required and optional reports, as indicated in section 2.1.3 in Appendix B, can be delivered satisfactorily and align with the contracting authority's reporting preferences. Performance attribution reports and reports on ESG-matters related to the portfolio will also be considered positive.
Source
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Description
It is weighed positively if there are none, small or few reservations to the contract. Any reservation will be priced; if it is not possible to price a reservation, it may force the contracting authority to reject the tender as non-compliant.
Source
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Previous winners
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From the notice
Management of high-yield bonds in a UCITS (Undertakings for Collective Investment in Transferable Securities) fund, respecting responsible investment criteria (ESG, Paris Agreement, engagement etc.), and reporting. The investment strategy shall be active and invest in corporate high-yield bonds, where US or global developed markets strategies are accepted. The Danish National Research Foundation expects to initially invest approximately DKK 460 million (EUR 62m) in the fund. The procurement procedure will be conducted as an open procedure (in Danish: “offentligt udbud”) pursuant to the European Procurement legal framework as implemented in national Danish legislation, see Title II of the Danish Public Procurement Act. The open procedure comprises one phase, i.e., no prequalification takes place. The tender conditions describe the procedure for the procurement and set the guidelines and conditions for the submission of tenders, communication between the tenderer and the contracting authority as well as information about the procurement procedure in general. All tenderers are urged to carefully examine not only these Tender Conditions, but all tender documents as they contain the information necessary, including mandatory conditions, for providing an acceptable tender. All communication shall be carried out via the electronic procurement system. Compensation will not be granted for the preparation or submission of tenders. Procurement documents with appendices are the contracting authority’s property and will not be returned.
Contact
DG - Bao Quoc Truongbqt@dg.dk- ResultType
- 66140000Main codePortfolio management services