Sycomore AM takes advantage of market conditions to launch Sycoyield 2032
8 OCT, 2025
By Joanna Piwko from RankiaPro Europe
Sycomore Asset Management (part of Generali Investments) is launching Sycoyield 2032 following the success of Sycoyield 2026 and Sycoyield 2030, its first fixed-maturity funds. The strategy will be managed by the same team: Stanislas de Bailliencourt and Emmanuel de Sinety, alongside credit analyst Nicholas Campello and sustainability analyst Anaïs Cassagnes.
The fund is being launched in a favorable market environment for fixed income investments, and particularly for carry strategies. The steepening of the yield curve is generating additional income at longer maturities and allows investors, in certain market configurations, to benefit from the roll-down effect—the capital gain that results from the natural decline in yields as bonds approach maturity. Given its long duration (until 2032), the fund will benefit from a dynamic primary market, which, according to our forecasts, will offer numerous opportunities in 2026 and 2027. A high volume of corporate refinancing transactions is expected, likely accompanied by attractive new-issue premiums.
Classified as an Article 8 fund under the SFDR, Sycoyield 2032 invests in euro-denominated corporate bonds, mostly rated BB (the upper tier of the High Yield segment). Within a broad investment universe—ranging from Investment Grade bonds to B-rated (HY) issues—the fund offers significant diversification by country and sector. The management team pays particular attention to the quality of issuances in order to reduce default risk.
Sycoyield 2032 builds on the well-established investment expertise of Sycomore AM (part of Generali Investments), leveraging the team’s 12 years of experience in managing credit strategies. This new fixed-maturity fund strengthens the company’s fixed-income range, which exceeds €2 billion and covers the entire yield curve and credit-risk spectrum. As with Sycoyield 2026 and Sycoyield 2030, no subscription period applies.
Stanislas de Bailliencourt, Deputy Chief Investment Officer and Portfolio Manager, said: "Sycoyield 2032 should allow us to take advantage of the current opportunities concentrated in bonds with maturities between 5 and 7 years, as many companies need to refinance their debt."
Emmanuel de Sinety, Portfolio Manager, added: "Our deep knowledge of the credit market enables us to select issuers offering the best risk/return balance."
Olivier Chamard, Head of Partner Relations, explained: "Thanks to the trust our partners have placed in the first two fixed-maturity funds, Sycoyield 2026 and Sycoyield 2030, these strategies already total €750 million in assets."
Fabien Madar, Head of Business Development, concluded: "With the launch of Sycoyield 2032, our goal is to offer new investment solutions that generate attractive returns with moderate risk, at a time when money market fund yields continue to lose appeal."
The fund does not offer any guarantee of return or performance and carries a risk of capital loss. The investment objective is based on Sycomore AM’s market assumptions and does not constitute a promise of performance. These assumptions take into account the risk of default or credit downgrade of one or more issuers in the portfolio. Should these risks materialize to a greater extent than anticipated, the management objective may not be achieved, and investors could suffer a loss of capital.
Opinions, estimates, or forecasts regarding the evolution of the bond market or changes in issuers’ risk profiles are based on current market conditions and are subject to change without notice. Sycomore AM makes no commitment to their realization.
