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Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

Dynamic Credit Fund
Seeks to have total return through a combination of income and capital appreciation.
ISIN LU2047632166
30-Nov-2019 - Arif Husain, Head of Global Fixed Income and CIO,
The global macro environment showed further signs of stabilisation in November. This has led to a number of market participants pricing in the probability of a reflation scenario whereby core bond yields and risk assets rise at the same time. While we expect this to play out, we believe it is important to stay cautious and be measured in taking risk as hard data is yet to significantly rebound.

Fund Summary
Actively managed and invests mainly in a diversified portfolio of bonds of all types from issuers around the world, including emerging markets.
Performance - Net of Fees

Past performance is not a reliable indicator of future performance. Performance returns are calculated on a NAV-NAV basis, net of fees, with distributions reinvested. Returns for the current year performance is cumulative. Benchmark returns are shown with reinvestment of dividends after the deduction of withholding taxes. The Excess Returns are shown as Fund % minus the Benchmark %. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

30-Nov-2019 - Arif Husain, Head of Global Fixed Income and CIO,
Most core government bond yields rose during November as market participants turned more positive about the outlook for the global economy. In the U.S., Treasury yields rose as better economic data cast a doubt over whether the U.S. Federal Reserve will ease monetary policy next year. Within the eurozone, optimism over U.S.-China trade talks and improving domestic data pushed core yields higher. At the portfolio level, a short U.S. duration stance and allocation to U.S. inflation-linked bonds contributed to returns, while our exposure to local currency Brazilian and Thai government bonds dragged. In foreign-exchange markets, most currencies depreciated against the U.S. dollar during the month, which resulted in losses for our long positioning in the Brazilian real, the Australian dollar, and the euro. A long position in the Chilean peso also weighed on returns as the currency continued to depreciate amid political uncertainty.
30-Nov-2019 - Arif Husain, Head of Global Fixed Income and CIO,
In sectors, we kept an overall modest positive stance in credit markets in place. Long positions in specific investment-grade and high yield issuers identified by our bottom-up research process were mostly offset by defensive short positions in synthetic credit instruments, primarily in the investment-grade space.
30-Nov-2019 - Arif Husain, Head of Global Fixed Income and CIO,
Throughout November, we held short-duration stances in high-quality core countries such as the U.S. and the eurozone markets of France and Germany. Overall, we believe global growth should start to inflect in the coming months, driving traditional haven yields, such as Treasuries and bunds, higher. Another possible side effect of growth improving is that price pressures could start to rise. As a result, we continued to hold an allocation to U.S. inflation-linked bonds.