Strategy
Investment Objective
To maximise the value of its shares through both growth in the value of, and income from, its investments. The fund invests mainly in a diversified portfolio of high yield corporate bonds that are denominated in European currencies.Investment Approach
- The fund focuses primarily on European currency-denominated corporate debt issued by below investment-grade companies.
- Invests mainly in BB and B rated bonds, with the ability to purchase lower-quality securities when compelling valuation and risk/reward opportunities arise.
- The fund integrates fundamental proprietary research at the corporate bond, sovereign, and equity levels. This integral collaboration provides a holistic view of a company’s capital structure and management team, as well as its position in the larger market environment unique to each country.
- Research focuses on quantitative and qualitative factors that drive an independent credit rating. Analysts look to identify long-term potential for balance sheet and external rating improvements while adhering to strict risk management practices.
- Target excess-return will be primarily driven by individual security selection and, secondarily, by relative sector and credit quality allocations.
Past performance is not a reliable indicator of future performance.
Risks
Typical Investor
Investors who plan to invest for the medium to long term, and who:
• are interested in a combination of income and investment growth
• understand and can accept the risks of the fund, including the risks of investing in high yield bonds and in derivatives