GCAP - Global Capital Securities Active ETF (Managed Fund)
VanEck Emerging Income Opportunities Active ETF (Managed Fund)

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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 30-Nov-21

  • Exchange

    ASX
  • ASX code

    GCAP
  • NAV

    $9.75
  • Units outstanding

    2,000,079
  • Net assets

    $19.5M
  • Number of holdings

    48
  • Inception date1

    03-Aug-21
  • ASX commencement

    05-Aug-21

1The date the fund was seeded prior to quotation on ASX.

as at 30-Nov-21

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.

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Key benefits

Global income opportunity
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

    3.49%
  • Yield to call

    3.49%
  • Running yield

    4.60%

Fundamentals as of 26-Nov-21

  • Credit rating

    BBB-
  • Credit spread duration (years)

    4.60
  • Interest rate duration (years)

    0.30

Trading information

  • ASX code

    GCAP
  • IRESS code

    GCAP.AXW
  • Units outstanding

    2,000,079
  • 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  30-Nov-21

NAV/
Last trade
Volume:
30-day avg/
Previous day
Daily change: NAV/
Last trade
YTD change:
NAV/
Last trade
Premium/
Discount
Premium/
Discount
Distribution charts
NAV &
Premium /Discount
History
NAV
Chart
GCAP $9.75
$9.69
14,312
4,720
$0.01 / +0.13%
$0.00 / +0.00%
-1.77%
--
$-0.06
-0.63%

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 -0.73 -- -- -- -- -- -- -0.71
Income return 0.25 -- -- -- -- -- -- 0.75
Total return -0.48 -- -- -- -- -- -- 0.04
Benchmark 0.26 0.78 1.55 3.11 3.61 3.97 4.81 0.75
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 0.00 -- -- -- -- -- -- 0.02
Income return 0.25 -- -- -- -- -- -- 0.50
Total return 0.25 -- -- -- -- -- -- 0.52
Benchmark 0.25 0.77 1.54 3.11 3.66 3.99 4.85 0.49

Top ten holdings (%) View all daily holdings » as at 31-Oct-21

No. of holdings: 48
Security name
Coupon
Maturity
Composite
rating^
Country
Currency
% of Fund
net assets
COMMERZBANK AG
6.500
09-Apr-69
BB-
Germany
EUR
5.51
SOCIETE GENERALE SA
6.750
06-Oct-69
BB
France
USD
4.50
AIB GROUP PLC
6.250
23-Dec-70
B
Ireland
EUR
4.41
COMMERZBANK AG
6.125
09-Apr-69
BB-
Germany
EUR
3.47
COOPERATIEVE RABOBANK UA
4.375
29-Dec-69
BBB-
Netherlands
EUR
3.45
BANK OF IRELAND GROUP PLC
6.000
01-Mar-69
B
Ireland
EUR
3.45
ABN AMRO BANK NV
4.750
22-Mar-69
BB+
Netherlands
EUR
3.38
KBC GROUP NV
4.250
24-Oct-68
BB+
Belgium
EUR
3.28
NORDEA BANK ABP
3.500
12-Mar-68
NR
Finland
EUR
3.27
CREDIT AGRICOLE SA
7.875
23-Mar-74
NR
France
USD
2.99
Top 10 Total (%) 37.71

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-Oct-21

  • Country

    Weightings (%)
  • United Kingdom

    20.2
  • France

    14.5
  • Germany

    10.5
  • Netherlands

    10.0
  • Ireland

    7.9
  • Sweden

    5.7
  • United States

    5.2
  • Finland

    4.8
  • Belgium

    3.3
  • Switzerland

    3.0
  • Austria

    1.8
  • Other/Cash

    13.1
  • Total

    100.0

Sector weightings (%) as at 31-Oct-21

  • Sector

    Weightings (%)
  • Banking Services

    67.8
  • Insurance

    5.3
  • Real Estate Operations

    4.3
  • Transport Infrastructure

    3.4
  • Oil & Gas

    2.5
  • Telecommunications Services

    1.8
  • Investment Banking & Investment Services

    1.8
  • Other/Cash

    13.1
  • Total

    100.0