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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.

Global High Income Bond Fund
Seeks to maximise the value of its shares through both growth in the value of, and income from, its investments.
ISIN LU1216622560
31-Aug-2016 - Mark Vaselkiv, Chief Investment Officer, Fixed Income,
Although some key risk events have now passed, we still have concerns about China. It is also likely that upcoming political events including a referendum in Italy on constitutional reform in October and the U.S. presidential election in November will gain more focus. These developments could potentially hurt sentiment toward risk assets, which in turn could lead to issuers being more cautious on bringing new deals to the market.

Fund Summary
Actively managed and invests mainly in a diversified portfolio of high yield corporate debt securities from issuers around the world, including emerging markets. The Fund may invest up to 40% of its net asset value in 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.

31-Oct-2023 - Mike Della Vedova, Co-Portfolio Manager,
High yield bonds across the globe produced negative results in October, although the European market outperformed those in other regions. Rising geopolitical tensions, interest rate expectations, as well as some corporate earnings reports and financial projections that were less favourable than anticipated, weighed on sentiment in the US and Europe. The broad risk-adverse tone and signs of further weakness in China’s property sector impeded the performance of emerging markets high yield corporate bonds. Within the portfolio, credit selection and our underweight allocation in the information technology segment were beneficial. Selection and our overweight position in the automotive industry added further value. Conversely, security selection in the financials and health care segment detracted from relative results.
31-Oct-2023 - Mike Della Vedova, Co-Portfolio Manager,
We have maintained our overweight allocation to the cable operators segment as these issuers typically provide stability during times of market volatility. We are overweight broadcasting as it appears attractive on valuation grounds, although we are selective on picking credits. We continue to hold an overweight exposure to automotives but have moved away from credits susceptible to the strikes by United Auto Workers into more global parts manufacturers.
31-Oct-2023 - Mike Della Vedova, Co-Portfolio Manager,
We have increased our allocation to Europe as it is a better rated market with a yield pickup compared with the US. We have also maintained an underweight exposure to the US as it appears expensive on a currency hedged basis. We remain slightly underweight to emerging markets and continue to have no exposure to China.
31-Oct-2023 - Mike Della Vedova, Co-Portfolio Manager,
We do not expect to add value via currency management; we typically hedge our non-US dollar exposure back to US dollars in order to limit volatility, keeping the focus on credit selection.