The Tabula monthly | Inflation

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The Tabula monthly - July 2022

Inflation - A paradigm shift

US inflation expectations have fallen to historical averages as the Federal Reserve continues to raise rates in its efforts to combat spiralling inflation
But this decade has many new inflation drivers that are anything but short term
- Trade freedom is in decline
- Greenflation is driving energy prices higher
- Food input costs have rocketed

The Tabula US Enhanced Inflation UCITS ETF (TINF) combines realised (100% US TIPS) and expected (100% US Breakevens) inflation in one product, and has outperformed TIPS since inception.

TINF performance since inception

Past performance is not a guide to future performance.

Source: Tabula, Bloomberg, 22 October 2020 to 31 July 2022. TINF represents net performance of TINF LN. TIPS represents index performance of LBUTTRUU Index.

Learn more about our unique inflation ETF

Tabula becomes a carbon negative business

At Tabula, we have been Carbon Neutral since 2020, but this year we wanted to do more, so we've doubled our offsetting to become a carbon negative business.

We work with Carbon Neutral Britain™ to calculate our Carbon Footprint (Verified to the ISO 14064 and GHG Protocol Emissions Standard). By making thoughtful choices, last year our GHG emissions per employee were 77% lower than the European average (as calculated by Sinteo/ARSEG).

To offset our emissions we have invested in the Carbon Neutral Britain Climate Fund, which supports internationally certified carbon offsetting projects.

At Tabula, we are pioneers in Paris-aligned fixed income ETF investing. Contact us to learn how you can remove carbon emissions from your fixed income portfolios.

How did our ETFs perform in July?

Tabula Haitong Asia ex-Japan HY Corp USD Bond ESG (USD) Acc*	-5.7%	Factsheet >
Tabula EUR IG Bond Paris-aligned Climate (EUR) Acc 🌳	+4.4%	Factsheet >
Tabula EUR HY Bond Paris-aligned Climate (EUR) Acc 🌳**	+4.7%	Factsheet >
Tabula US Enhanced Inflation (USD) Acc	+7.4%	Factsheet >
Tabula Global IG Credit Curve Steepener (EUR) Acc	+1.0%	Factsheet >

* Performance represents the iBoxx MSCI ESG USD Asia ex-Japan High Yield Capped Index.

** Performance represents the iBoxx MSCI ESG EUR High Yield Paris-Aligned Capped Index.

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Important information

This document is issued by Tabula Investment Management Limited (“Tabula”), authorised and regulated by the Financial Conduct Authority (“FCA”). Tabula is a private limited company registered in England and Wales (Registered no. 11286661). Registered address: 10 Norwich Street, London EC4A 1BD. Business address: 55 Strand, London WC2N 5LR.

In certain EU jurisdictions this document is issued on behalf of KBA Investments Limited (“KBA”). KBA is licensed in terms of the Investment Services Act (Cap 370) as an Investment Firm and regulated by the Malta Financial Services Authority (Authorisation ID KIL2-IF-16174). KBA Investments Limited (“KBA”) is distributor for all funds under the Tabula ICAV umbrella. Registered Office: Trident Park, Notabile Gardens, No 2 - Level 3, Zone 2, Central Business District, Birkirkara, Malta. Registered in Malta No. C97015. A list of EU jurisdictions where KBA acts as distributor is available at www.mfsa.mt/financial-services-register/. For details of the distributor for this product please contact IR@tabulagroup.com.

The ETFs referenced herein (each a “Fund”) are sub-funds of Tabula ICAV, an open-ended investment company with variable capital and segregated liability between its sub-funds, organised under the laws of Ireland and authorised by the Central Bank of Ireland.

This is a marketing communication. It is not investment advice and is not an offer to sell or solicitation of an offer to buy any investment. Any decision to invest should be based solely on the Prospectus, Key Investor Information Document (KIID) and the latest half-yearly and/or annual report, available from your broker, financial advisor or at tabulagroup.com.

This document is for Professional Clients (as defined by the FCA or EU MiFID Rules) only and should not be relied upon by any other persons. It is not for persons who are resident in the United States, Canada or any province or territory thereof, or in any other jurisdiction where the Fund is not authorised or registered for distribution. You should satisfy yourself as to the full observance of the laws of any country that might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any investment. Tabula has not considered the suitability of this investment against your individual needs and risk tolerance.

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The information in this document, especially as regards portfolio construction and parameters, reflects the thinking of Tabula as of the date of this document. It may be changed without further notice to you and should not be relied on for investment decisions.

Past performance is not a guide to future performance and should not be the sole consideration when selecting a product. The price of the investments may go up or down and you may not get back the amount invested. Your income may fluctuate. The value of investments involving exposure to foreign currencies can be affected by exchange rate movements. The levels and bases of, and reliefs from, taxation may change.

This document is for Qualified Investors only. The Fund has appointed as Swiss Representative Waystone Services (Switzerland) SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41 21 311 17 77, email: switzerland@waystone.com. The Fund’s Swiss paying agent is Banque Cantonale de Genève. The Prospectus, KIID, Instrument of Incorporation and annual and semi-annual reports may be obtained free of charge from the Swiss Representative. In respect of Fund shares distributed in or from Switzerland, the place of performance and jurisdiction is the registered office of the Swiss Representative. Issue and redemption prices are published at each issue and redemption on www.swissfunddata.ch.

Benchmark source: the indices referenced herein is the property of Markit Indices Limited and is used under licence.