Capital at 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.
- Focus primarily on corporate bonds denominated in euros.
- Integrate proprietary credit and capital markets research to identify market inefficiencies.
- Add value primarily through individual security selection, sector rotation and term-structure positioning.
- Credit research is the most important element of our corporate bond process and includes credit analysis and relative value assessment.
- Risk management is central to our process with diversification by issuer and industry the most important elements in our approach to risk management.
- Fully hedged back to euro
- Duration is maintained within a range of +/- 0.25 of a year from the benchmark
- Diversified sector exposure
- Maximum 3% overweight per issuer
- Maximum of 20% of the portfolio can be invested in non-investment grade issues
- Average tracking error expected to range between 100 and 150 bps per annum
Past performance does not predict future returns.