Price and Performance (End of Month)

For accredited, professional, institutional and/or qualified persons only.

Past performance is not indicative of future performance. Performance is provided net of fees.

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Valuation date: 29 Oct 2021

GAM Star Credit Opportunities (USD)
Accumulation USD 19.2509 ↓ -0.54
Income USD 12.6079 ↓ -0.54
Institutional (Acc) USD 17.4250 ↓ -0.51
GAM Star Credit Opportunities USD Inst Inc 10.0633 ↓ -0.51
GAM Star Credit Opportunities (EUR)
Accumulation EUR 19.3050 ↓ -0.95
Income EUR 16.0181 ↓ -0.95
Institutional (Acc) EUR 16.6409 ↓ -0.92
Institutional (Inc) EUR 13.7681 ↓ -0.92
GAM Star Credit Opportunities (GBP)
Accumulation GBP 21.9313 ↓ -0.94
Income GBP 13.8250 ↓ -0.94
Institutional (Acc) GBP 18.9731 ↓ -0.90
Institutional (Inc) GBP 13.3029 ↓ -0.90
GAM Star Credit Opportunities (CHF)
Accumulation CHF 17.9722 ↓ -0.98
Income CHF 12.6056 ↓ -0.98
Institutional (Acc) CHF 14.6508 ↓ -0.95
GAM Star Credit Opportunities (EUR) CHF Inst Inc 10.2043 ↓ -0.95

Key characteristics


Fixed Income – Specialist.


Mainly corporate bonds, with limited exposure to convertibles, derivatives (mainly currency forwards) and cash.


The fund seeks to achieve high income generation with capital appreciation from investing in bonds of high quality companies.


Able to use currency forward contracts to hedge the currency risk of non-base currency assets. Derivatives have not been used to hedge interest rate risk as inclusion of fixed rate and floating rate bonds provides natural hedge.


Publicly quoted corporate bonds of any credit quality issued predominantly by investment grade companies, with a particular focus on the financial sector and niche areas such as undated, floating rate and fixed-to-floater debt instruments


The fund does not borrow to invest and does not leverage its positions to generate a notional exposure in excess of its NAV.

Meet our award winning credit investment specialists

Anthony Smouha

CEO, Fund Manager

Anthony Smouha is Chief Executive Officer, a member of Management Committee and Fund Manager managing GAM funds since joining in 1992.

Prior to joining Atlanti S.A., Mr Smouha was senior vice president, head of bond trading and sales at Soditic SA/SG Warburg Soditic SA, Geneva. Prior to this, he was at Credit Suisse First Boston in London.

Mr Smouha was educated at Harrow School and holds an MA Cantab Hons in Economics from the University of Cambridge. He is based in Geneva.

Grégoire Mivelaz

Fund Manager

Gregoire Mivelaz is a Fund Manager and a member of Management Committee.

Prior to joining Atlanti S.A. in 2009, Mr Mivelaz held positions both as a buy-side and as a sell-side credit analyst.

Mr Mivelaz graduated from the University of St Gallen and holds a BA in Finance and Capital Markets, an MA in Economics and is a CAIA charterholder.

Patrick Smouha

Fund Manager

Patrick Smouha, who joined Atlanticomnium S.A in 2012, is co-managing the GAM’s credit opportunities strategies alongside Anthony Smouha and Gregoire Mivelaz

Prior to this Patrick was assistant fund manager, responsible for dealing and execution. He has been a member of Atlanti’s Investment Committee since 2016. From 2012 to 2016, he performed a wide variety of tasks including bond research and assisting with the management and administration of the funds.

Patrick holds a BSc in management from the University of Lausanne (HEC) and an MSc in finance from the University of Geneva (HEC).

Romain Miginiac


Prior to joining Atlanticomnium S.A in September 2018, Romain Miginiac was a Credit Analyst at Aberdeen Standard Investments in Edinburgh from 2016.

He was a lead analyst covering a wide range of banks and insurers. He also worked at KPMG and UBS in Geneva. Romain is a CFA® charterholder.

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