Spain's Buy & Hold launches €30M high-yield bond fund, waives management fee for 2026
What's the deal? Spanish asset manager Buy & Hold has launched B&H High Yield LU, a fixed-income fund that will invest at least 50% of its portfolio in high-yield corporate bonds. The firm is offering early subscribers an inaugural share class with no management fee for the rest of 2026, followed by a 0.30% annual fee from 2027.
The fine print: The inaugural class closes at year-end or once the fund reaches €30 million in assets under management, whichever comes first. The fund carries no subscription or redemption fees, matching the firm's existing products. Its model portfolio holds more than 50 bonds with an average BB rating, a duration under three years, and a yield near 7%.
Why now? Buy & Hold says it has passed €850 million under management after growing 150% in two years, with fixed-income funds making up 84% of its assets. B&H High Yield LU is its fifth fund and what it calls its most dynamic fixed-income strategy.
What's the endgame? The firm is pitching returns similar to equities with roughly a third of the volatility. "High-yield bonds are not something new or unknown to us," said chief executive Rafael Valera, pointing to the firm's B&H Flexible mixed fund, whose high-yield portfolio gained nearly 19% in 2023.
What could go wrong? The launch lands in a European high-yield market with historically tight credit spreads; FitchDealroom has a profile for this one. Try Dealroom → warns that strong buying demand is keeping spreads low despite a gradual decline in credit quality. The 0% fee is a commercial draw, not a sign of low risk — high yield carries real default and loss potential, making issuer selection and entry price especially important.
The fund is authorised by Luxembourg's Commission de Surveillance du Secteur Financier and registered with Spain's Comisión Nacional del Mercado de Valores. Buy & Hold recommends a three-to-five-year investment horizon. "The only objective is to seek maximum returns for investors in line with their profile and strategy," said María Morales, head of fixed income and co-manager of the fund.
The signal: A fast-growing boutique is doubling down on fixed income just as retail flows chase the asset class — Spanish investors have poured roughly €91 million a day into fixed-income funds since 2023. But with spreads near record lows, the bet rests less on the market's momentum and more on which bonds Buy & Hold picks and the price it pays.
Read more: bolsamania.com
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