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At a glance performance and information

Eligibility:

Share Dealing Account

ISA

ShareBuilder

SIPP

Investing for longer increases the likelihood of positive returns. Over a period of 5 years or more, investments usually give you a higher return compared to cash savings. But investments can go down as well as up in value. So you could get back less than you put in.

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Fund:

GAM Star Global Rates Inst Acc GBP
Sector:

IA Targeted Absolute Return
Benchmark:

Index

Discrete calendar year performance

Discrete calendar year performance
Investment	31/03/21 to 31/03/22	31/03/22 to 31/03/23	31/03/23 to 31/03/24	31/03/24 to 31/03/25	31/03/25 to 31/03/26
GAM Star Global Rates Inst Acc GBP	10.51%	15.48%	6.50%	-1.35%	9.44%
IA Targeted Absolute Return	2.50%	0.33%	6.33%	4.67%	6.54%
N/A	N/A%	N/A%	N/A%	N/A%	N/A%

Trailing returns

(*annualised)

Trailing returns
Investment	3 months	6 months	1 year	3 years*	5 years*
GAM Star Global Rates Inst Acc GBP	-0.26%	-0.12%	1.64%	4.92%	7.15%
IA Targeted Absolute Return	2.53%	3.02%	7.76%	6.98%	4.38%
N/A	N/A%	N/A%	N/A%	N/A%	N/A%

Overview

Fund Objective: The investment objective of the Fund is to achieve absolute returns. The Fund seeks to achieve this objective through a process of economic analysis in both global currency and fixed income markets. There are both medium and short term based themes involved in the Fund’s strategy.

Manager name	GAM Fund Management Ltd
Manager start date	13 November 2009
Manager Biography	Adrian Owens is the Chief Investment Officer on the Global Rates strategy at Investcorp-Tages. In 2024 GAM entered into a partnership arrangement with Investcorp-Tages (“IVCT”) which sees Adrian and the investment team of GAM’s Global Rates strategy becoming IVCT employees but continuing to manage the strategy for GAM as a delegated investment manager. Adrian joined GAM in May 2009 as an Investment Director managing the Global Rates fund. Prior to this Adrian was at Julius Baer Investments Limited and was based in its New York office from 2001 until 2002, where he oversaw the US fixed income funds. Upon his return to London, he worked as co-head of the company's fixed income investments before launching the Global Rates strategy in January 2004. Prior to that, Adrian was the European economist at Yamaichi International (Europe). He spent the early part of his career working as an economist for the UK Department of Employment and then HM Treasury. Adrian holds a Masters in Economics from McGill University, Montreal. He is based in London.

Investment style:	Macro
Region (geographical)	Global

Benchmark	N/A
Sector	IA Targeted Absolute Return
FE fundinfo Rating	N/A

Fees & charges

Fees and Charges

Fees and Charges
Charge	Who receives this?	What is it?	Amount
Initial charge:	The fund manager	Charges applied by the fund management company for investing in their fund. Please note that Investment Managers may charge each time you buy new units or shares in a fund or trust. Where Investment Managers would have an entry charge, we will negotiate to have it waived so you will not be charged.	5.00%
Ongoing Charges:	The fund manager	The annual charge paid to a fund manager to cover the costs of running the fund. It is an estimate based on the actual amount charged in the previous year.	1.24%
Performance Fee:	The fund manager	A performance fee joins up the interest of the fund manager and their investors. A performance fee is taken when the fund beats pre-set conditions.	10%
Typical transaction cost:	The fund manager	The costs of dealing within a fund, which the Investment Manager must pay to continue managing the assets. This includes where the Manager decides to sell one stock and buy another. The costs will vary from one fund to another based on how often the Investment Manager trades and the costs applied when trading.	0.188%*
Dealing commission:	Halifax	The cost of buying or selling some or all of your investment.	£9.50 (per online trade)

*This is an indication based on the market average. The fund’s actual transaction cost will be shown before you place a trade.
Account charges are not included
Key Investor Information Document (KIID)Open KIID document
Fees & Charges

Breakdown

Asset Allocation

Fund size: 286,467,376.46 GBP

Chart date: June 18, 2026

Top 10 Holdings

Top 10 Holdings
Security	Weight
U.s. treasury bills 0% 2026-08-06	9.26%
U.s. treasury bills 0% 2026-06-11	8.62%
U.s. treasury bills 0% 2026-07-09	8.60%
U.s. treasury bills 0% 2026-09-03	8.56%
U.s. treasury bills 0% 2026-10-01	8.53%
U.s. treasury bills 0% 2026-05-14	7.61%
U.s. treasury bills 0% 2026-02-19	6.97%
U.s. treasury bills 0% 2026-03-19	6.95%
U.s. treasury bills 0% 2026-04-16	6.93%
U.s. treasury bills 0% 2026-11-27	5.77%

Sectors

Sectors
Sectors	Weight
Government Bonds	83.04%
Net Current Assets	17.97%
Foreign Exchange	0.97%
Futures	0.06%
Derivatives	-2.04%

World regions

World regions
Country	Weight
United States	83.04%
Net Current Assets	17.97%
Currency Forwards	0.97%
Futures - Interest Rates	0.06%
Interest Rate Swaps	-2.04%

ESG

What is ESG?

ESG stands for Environmental, Social and Governance and is an approach for evaluating to what extent a company works towards social goals. For investors this can be used in order to understand how their funds and the assets they are made up of work towards these goals and use that information to help make sustainable investment choices.

This product is based overseas and is not subject to UK sustainable investment labelling and disclosure requirements.

The FCA website sets out further information in relation to the sustainability labelling and disclosure requirements.

Find out more about responsible investing with Halifax including ESG (Environmental, Social and Governance).

GAM Star Global Rates Inst Acc GBP